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Ports & airports, power, media: Adani’s $137.4-billion footprint across businesses, explained

Gautam Adani is now the world's third richest man. His flagship Adani Enterprises started with the commodity trading business in 1988. Here is how it turned into one of the largest conglomerates in India.

Gautam Adani in New Delhi in 2014. (Express Photo: Anil Sharma, File)

On Tuesday (August 30), Gautam Adani became the third richest person in the world with a net worth of $137.4 billion, behind only Tesla’s Elon Musk and Amazon’s Jeff Bezos.

Gautam Adani’s flagship Adani Enterprises, which started with the commodity trading business in 1988, is today one of the largest conglomerates in India with a significant presence ports, airports, roads, power, renewable energy, transmission, gas distribution, real estate, FMCG and financial services among other businesses. Recently, the group also entered the media business.

A large number of the Group’s businesses are part of the flagship company Adani Enterprises. They include natural resources (coal management), solar manufacturing, defence and aerospace, airports, water, road, metro and rail and data centre among others.

Growth of the business empire

While Adani Enterprises became the first listed entity for the Group in 1994, today it has seven listed entities that together have a market cap of Rs 19.29 lakh crore.

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* In 1995, the Group’s Mundra Port commenced operations, and since then the Group has consolidated its position in the ports business. With a presence across 13 domestic ports in seven states, Adani Ports accounts for nearly a fourth of the cargo movement in the country.

* In 1999, the Group entered into the integrated resource management business and ventured into coal management. Adani Enterprises is currently the largest coal supplier in India and the largest importer of coal from Indonesia.

* In 2001, the Group entered the gas distribution business. It has set up city gas distribution networks in Ahmedabad and Vadodara in Gujarat, Faridabad in Haryana, and Khurja in Uttar Pradesh. In addition, the consortium of Adani Total Gas and Indian Oil Corporation has won gas distribution rights for Allahabad, Chandigarh, Ernakulam, Panipat, Daman, Dharwad, and Udhamsingh Nagar.

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* In 2007 and 2009 the Group listed its Adani Ports & SEZ and Adani Power.

* In 2008, it acquired Bunyu Mine in Indonesia, and in 2010 it acquired the Carmichael mine in Australia.

* The Group entered solar photovoltaic (PV) panel manufacturing in 2017.

* In 2019, it entered the airports business, as it won the mandate to modernize and operate six airports — Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati, and Thiruvananthapuram.

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* In August 2020, the Adani Group announced that it will acquire 74 per cent stake in Mumbai International Airport Limited, and completed the acquisition by August 2021.

Currently, Adani Airports operates seven airports across the country.

* In 2021, the Group set up a data centre joint venture, “Adani Connex”, with EdgeConnex to develop and operate data centres across India. The Group plans to build data centres in the NCR, Mumbai, Chennai, and Hyderabad to begin with.

The Group’s latest stock exchange listing has been Adani Wilmar, which was listed in January 2022, and which currently has a market cap of Rs 89,931 crore.

Adani’s entry into the media business

The Adani Group, which has been eyeing entry into the mainstream media space, set up AMG Media Networks Ltd, a wholly owned subsidiary of Adani Enterprises, in April 2022.

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In May this year, the Group announced that it will acquire 49 per cent in Quintillion Business Media, which runs the digital news platform BloombergQuint.

With an aim to further boost its media investment with a television channel under its umbrella, on August 23, the Adani Group announced that it had acquired 29.18 per cent in NDTV, and also announced an open offer to acquire an additional 26 per cent in the company. The open offer will be launched on October 17 and close on November 1.

First published on: 31-08-2022 at 01:43:42 pm
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