Adani becomes 3rd Indian group to cross $100 billion in market capitalisation

Billionaire Gautam Adani’s ports-to-energy conglomerate has become India’s third group to cross USD 100 billion in market capitalisation with shares of four of its six listed companies soaring to an all-time high on Tuesday.

The total market cap of Adani Group’s six listed companies at the close of trading on Tuesday was ₹7.84 lakh crore or USD 106.8 billion, according to stock exchange data. Adani Group is the third Indian conglomerate to cross the USD 100 billion market cap mark after Tata Group and Reliance Industries Ltd.

After starting out as a commodities trader in the late 1980s, Gautam Adani has over two decades built an empire that now spans from mines, ports and power plants to airports, data centre, city gas and defence.

In the last two years, his group has gained control of seven airports and almost a quarter of India’s air traffic, made rapid strides in renewable energy capacity addition, won a contract to co-develop a port terminal in Sri Lanka and bought ports in India.

In recent weeks, the group has acquired a stake in Gangavaram port, commissioned wind power plant in Gujarat, discovered natural gas reserves off the Mumbai coast, acquired solar projects, bought a power transmission project from Essel Infraprojects and signed a pact to develop 1 gigawatt of data centre capacity in India.

Adani Ports controls 30 per cent of the nation’s port industry and has French energy giant Total as a partner in its renewable energy and city gas distribution business.

hindustan times
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