The Adani Group is set to initiate a bond buyback programme using surplus cash and internal accruals starting with a $650m tranche at Adani Ports and Special Economic Zone. Other entities within the group will also be evaluated and a capital allocation plan could be soon finalised. The group plans to buy back the entire tranche eventually with cash on the books, according to a person involved in the matter directly. The highest exposure of the group’s total debt is represented by foreign currency bonds, which is set at 39%.