Gautam Adani’s group has become the biggest issuer of offshore bonds from India, with multiple group companies issuing bonds in the past five years to raise more than $9 billion from foreign investors.

The Adani group’s flagship company Adani Ports and Special Economic Zone Ltd (APSEZ) alone, has raised over $5 billion during this period across nine bond issuances and is the biggest private-sector issuer of foreign bonds from India, according to data from financial markets tracker Refinitv.

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Power Finance Corp. Ltd and Export-Import Bank of India have raised more than APSEZ, the data showed. The two have raised $7 billion and $6 billion, respectively. Other major overseas bond issuers from the Adani Group include Adani Transmission Ltd and Adani Green Energy Ltd, which raised $2.29 billion and $1.61 billion, respectively.

JSW Steel is the second-biggest private sector issuer of overseas bonds, raising $3.87 billion. APSEZ, JSW Steel and Adani Transmission Ltd are the only non-financial services and non-state-owned enterprises to feature in the list of top 10 offshore issuers from India.

“The Adani Group has been the most active and repeats issuer in the overseas bond market, and the market is now very comfortable investing in an Adani paper. Hence, we have also seen the Adani Group raising capital through very long-dated bonds such as 20 years, for which generally offshore investors are comfortable only with state-owned enterprises that have previously raised 30-year money,” said an investment banker who advises companies on offshore bond offerings.