History of Adani Group: Timeline, Business and Subsidiaries

calendar 27 Apr, 2025
clock 6 mins read
history of adani group

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The Adani Group has emerged as one of India's most influential conglomerates, with interests spanning ports, logistics, energy, and infrastructure. From humble beginnings as a trading firm, the group has transformed into a global business empire under the leadership of Gautam Adani. This article explores the fascinating journey of the Adani Group, its evolution over the decades, and its vision for the future.

About Adani Group

Particulars

Details

Founded

1988

Founder

Gautam Adani

Headquarters

Ahmedabad, Gujarat, India

Group Chairman

Gautam Adani

Key Business Sectors

Ports, Logistics, Energy, Resources, Agro, Real Estate, Defence, Financial Services, Data Centres

Number of Companies

10+ listed entities, numerous subsidiaries

Employee Strength

23,000+ (approximately)

Global Presence

Operations in more than 50 countries

Market Capitalisation

Approximately ₹ 15,58,000 crore (as of early 2022)

Annual Revenue

Over Rs 3,09,000 crore (FY 2023-24)

The History of Adani Group 

The story of the Adani Group begins with a young man's ambition and foresight. In 1988, Gautam Adani, a college dropout in his mid-20s, established Adani Enterprises (originally Adani Exports) as a commodity trading business. The company initially focused on agricultural products and power, but Gautam's vision extended far beyond trading.

A pivotal moment for the Adani Group occurred in 1994 when the Gujarat government invited private companies to develop the Mundra Port. Gautam Adani seized this opportunity, laying the groundwork for India's largest commercial port. The 1990s and early 2000s were transformative as the group capitalised on India's economic liberalisation, expanding into power generation and coal mining to address energy shortages.

By the mid-2000s, the Adani Group had become a major player in infrastructure, with Mundra Port evolving into a world-class facility and significant thermal power plants established nationwide. In the 2010s, the group aggressively diversified into renewable energy, defence, aerospace, data centres, and airport management, aiming for a strong presence across critical infrastructure sectors.

Throughout this journey, the group faced numerous challenges and controversies, from environmental concerns to allegations of preferential treatment by governments. However, they demonstrated remarkable resilience, continuing their growth trajectory despite these headwinds.

The Evolution of Adani Group - Timeline

1988: Gautam Adani establishes Adani Exports Limited (now Adani Enterprises), focusing on commodity trading.

1994: Secures the contract to develop and operate Mundra Port in Gujarat.

1995-1998: Expands trading business to include coal and other commodities.

1999: Establishes Adani Ports and Special Economic Zone (APSEZ) to manage port operations.

2002: Enters the power sector with Adani Power.

2006: Launches Mundra Port, transforming it into India's largest private port.

2009: Adani Power goes public with one of the largest IPOs in India at that time.

2011: Acquires Abbot Point Coal Terminal in Australia for $2 billion, marking a significant international expansion.

2012: Adani Power commissions India's largest private thermal power plant in Mundra.

2015: Forms a joint venture with SunEdison to manufacture solar panels, signalling entry into renewable energy.

2016: Inaugurates the world's largest solar power plant in Tamil Nadu (648 MW).

2018: Wins bids to operate six airports across India, including Ahmedabad, Lucknow, and Mangalore.

2019: Enters the data centre business, partnering with Digital Realty.

2020: Acquires a controlling stake in Mumbai International Airport, becoming India's largest airport operator.

2021: Launches Adani Digital Labs, focusing on digital solutions; Adani Green Energy becomes one of the world's largest renewable energy companies.

2022: Acquires Ambuja Cements and ACC from Holcim Group for $10.5 billion, entering the cement sector.

2023: Faced allegations in the Hindenburg Research report, leading to temporary market volatility, but subsequently recovered.

2024: Continued expansion in green energy projects and infrastructure development across India and globally.

List of Adani Companies and Subsidiaries

The Adani Group's corporate structure encompasses a diverse range of companies across multiple sectors. Here are the major listed entities and their key operations:

  1. Adani Enterprises Limited (AEL) - The flagship company and incubator for new businesses. It oversees emerging sectors like airports, roads, data centres, and defence.

  2. Adani Ports and Special Economic Zone (APSEZ) - India's largest private port operator, managing 13 ports and terminals including Mundra, Dahej, Kattupalli, and Dhamra.

  3. Adani Power Limited - One of India's largest private thermal power producers with a capacity exceeding 13,000 MW.

  4. Adani Green Energy Limited - Focuses on renewable energy generation with solar, wind, and hybrid power projects.

  5. Adani Total Gas Limited - Provides piped natural gas and CNG across various Indian cities.

  6. Adani Transmission Limited - One of the largest private transmission companies in India, managing over 18,500 circuit kilometres of transmission lines.

  7. Adani Wilmar Limited - A joint venture with Wilmar International that produces edible oils (Fortune brand), food products, and other FMCG items.

  8. Ambuja Cements Limited - One of India's leading cement manufacturers, acquired by Adani Group in 2022.

  9. ACC Limited - Another major cement producer, now under the Adani umbrella.

  10. NDTV - A prominent Indian media company acquired by the group in 2022.

Key Unlisted Entities:

  • Adani Airport Holdings Limited

  • Adani Defence Systems and Technologies

  • Adani Digital Labs

  • Adani Capital (financial services)

  • Adani Realty

  • Adani Water

This extensive network of companies demonstrates the group's strategy of entering diverse but interconnected sectors, creating synergies across businesses while minimising risks through diversification.

The Future of the Adani Group

The Adani Group has articulated an ambitious vision for the future, focusing on three core areas: sustainability, digitalisation, and self-reliance. These pillars align with both global trends and India's national priorities, positioning the group for continued growth in the coming decades.

Green Energy Revolution

The group has committed to investing over $70 billion in green energy projects by 2030. This includes:

  • Building one of the world's largest renewable energy portfolios with 45 GW capacity

  • Developing green hydrogen production facilities with a target of producing the world's cheapest hydrogen

  • Constructing integrated manufacturing facilities for solar panels and wind turbines

  • Creating an end-to-end green energy value chain from generation to transmission

This green pivot represents not just an environmental commitment but a strategic business move, recognising that sustainable energy will likely be the most significant growth sector in the coming decades.

Infrastructure Development

The Adani Group continues to bet big on infrastructure, with plans to:

  • Expand its airport operations, modernising facilities, and enhancing passenger experience

  • Develop new ports and upgrade existing ones to handle increasing trade volumes

  • Build more data centres to cater to India's growing digital economy

  • Invest in road projects, water infrastructure, and urban development

These investments align with India's infrastructure needs, which are estimated to be over $1.4 trillion in the next five years.

Digital Transformation

The group has recognised digitalisation as a key driver of future growth and is:

  • Investing in digital services through Adani Digital Labs

  • Building super apps for consumer-facing businesses

  • Implementing IoT and AI solutions across its industrial operations

  • Developing digital payment systems and fintech solutions

Challenges and Opportunities

Despite its ambitious plans, the Adani Group faces significant challenges:

  • Balancing massive expansion with financial prudence

  • Navigating regulatory complexities across multiple sectors and countries

  • Addressing environmental concerns while developing large-scale projects

  • Managing public perception and corporate governance expectations

Conclusion

The Adani Group has come a long way, from starting as a commodity trading firm in the late 1980s to becoming one of India’s biggest and most influential business groups. Over the years, it has made major strides in infrastructure, energy, and logistics. While its rapid growth has also sparked some controversy, the group’s current focus on sustainability, digitalisation, and self-reliance shows it’s aiming for a future-ready and responsible approach.

FAQ

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FAQ

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FAQ

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We’re happy to answer

Gautam Adani is the founder of the Adani Group. Born on 24 June 1962 in Ahmedabad, Gujarat, he established Adani Exports Limited (now Adani Enterprises) in 1988 at the age of 26.

The Adani Group has faced several controversies during its growth, including opposition to its coal mining projects like the Carmichael mine in Australia due to environmental concerns and allegations of crony capitalism, with accusations that it has benefited from political connections to secure approval. In January 2023, the US-based firm Hindenburg Research alleged accounting fraud and stock manipulation, causing a temporary drop in the group's stocks, which Adani contested. Additionally, various companies within the group have been involved in regulatory compliance and tax disputes with authorities. Despite these issues, the Adani Group maintains that it operates within legal frameworks and adheres to ethical business practices.

Yes, the Adani Group has made significant investments in green energy and has emerged as one of the world's largest renewable energy developers through Adani Green Energy Limited (AGEL). The Adani Group has committed to ambitious targets, including achieving 50 GW of renewable energy capacity by 2030 (roughly 10% of India's total current power generation capacity). 

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