New Delhi, July 22 -- India's biggest conglomerates are changing how they finance mega projects, with a series of recent deals showing they are increasingly bringing in foreign equity partners before assets are built and de-risked, instead of relying largely on debt and internal cash.

The approach helps companies pursue multiple capital-intensive expansions, while limiting the strain on their balance sheets, experts said.

The strategy is showing up across sectors, including renewable energy, metals, data centres and infrastructure, as conglomerates race to expand in businesses that require billions of dollars in upfront investment.

For instance, the Adani Group on 2 July signed up a partnership with the United Arab Emirates' IHC Group ...