Adani becomes India’s most valued group, beating Tatas

The Adani Group with its nine listed companies has become India’s most valued conglomerate overtaking the Tata Group.

The market valuation of all BSE listed stocks of Adani Group stood at over ₹22.27 lakh crore at Friday’s (September 16) close. The Tata Group with 27 listed firms, had a market value of ₹20.77 lakh crore on Friday. Mukesh Ambani’s Reliance Group was third on the list (₹17.16 lakh crore).

Friday was also witness to Adani Group’s founder and chairman Gautam Adani becoming the second richest person in the world.

Also read: Vizhinjam port: As protests intensify, Adani Group takes Kerala govt to court

Adani Group is a diversified organisation comprising nine publicly traded companies and is headquartered in Ahmedabad, Gujarat.

Recently, Adani Group completed a $6.5 billion acquisition of Ambuja Cements and ACC. Adani Group last week completed the buyout of Swiss major Holcims stake in the two firms.

The value of the Holcim stake and open offer consideration for Ambuja Cements and ACC is $6.50 billion, which makes this the largest ever acquisition by Adani, and also India’s largest ever M&A transaction in the infrastructure and materials space. Post the transaction, Adani will hold 63.15% in Ambuja Cements and 56.69% in ACC (of which 50.05% is held through Ambuja Cements), the group said.

Meanwhile, in a speech made at an event to mark the completion of the acquisition on Saturday, Adani said the ports-to-energy conglomerate has in a single stroke become the second largest cement manufacturer in the country.

Also read: Adani becomes India’s second largest cement player

On his group’s growth philosophy, Gautam said it is the belief in India’s growth story. India will be a $25-30 trillion economy by 2050, which points to huge growth prospects, he said.

The group is the world’s largest solar power company and has committed $70 billion investment in clean energy business including green hydrogen, he said.

Adani Group is the largest airport operator in the nation with 25% of passenger traffic and 40% of air cargo. It is the largest ports and logistics company in the country with a 30% market share.

“We are India’s largest integrated energy player spanning generation, transmission, distribution, LNG, LPG, city gas and piped gas distribution. Each of these businesses is growing at double-digit rates,” he said.

Also read: Gautam Adani is now world’s 2nd richest; has net worth of $154.7 bn

While the group has won some of the largest road contracts in the country and is on the way to becoming the largest player in this sector, a grand IPO of Adani Wilmar has made it the highest-valued FMCG company in the country.

“We have declared our path forward in multiple new sectors that include data centres, super apps, aerospace and defence, industrial clouds, metals, and petrochemicals. Our finances are stronger than ever before, and we continue to raise billions of dollars from international markets and strategic partners to further accelerate our growth,” he said.

According to Adani, his group’s market cap stands at $260 billion having grown faster than any company ever in India.