While Gautam Adani received a vote of confidence from investors in its latest $2.5 public offering Tuesday, Wall Street is still sizing up his exposure to the global financial sector.
Indian banks with exposure to the Adani Group include the State Bank of India, Life Insurance, Union Bank of India, ICICI and Axis, according to analysts.
As Adani's empire has grown, his group has established new relationships with foreign banks. At the same time, it's reduced the share of Indian banks in its borrowing figures — from 86% in fiscal 2016 to 33% in 2022, according to analysts.Indeed, Indian banks make up 0.6% of the group's sector loans, according to JPMorgan. This may seem low but the total exposure to the Adani Group is still around $9 billion, wrote Saurabh Kumar, an analyst at JPMorgan.
Jefferies analyst Prakhar Sharma writes that, for now, the risk to Indian banks is low, saying, "we don't see material risk to the Indian banking sector."
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