Adani Power Ltd. is preparing to issue up to 75 billion rupees ($820 million) in local-currency bonds, its largest-ever fundraising via debt securities. The move, reported by people familiar with the matter, signals the power producer's aggressive capital expenditure plans.

The planned sale underscores the Adani Group's continued reliance on domestic debt markets to fund its expansion, even as its parent conglomerate faces heightened scrutiny from global investors and regulators. For Adani Power, this capital is crucial for executing new projects and upgrading existing thermal power plants.

Investors will watch the bond's pricing and demand closely, as it will serve as a key gauge of market confidence in the group's creditworthiness. A successful issuance could pave the way for further capital raises, while any pricing pressure may reflect broader concerns about leverage and governance within Adani's sprawling empire.