What Is the History of the Adani Group? - Evolution Since 1988

The Adani Group is a multinational conglomerate based in India, with diverse interests spanning multiple sectors, including energy, resources, logistics, agribusiness, real estate, and defence. Founded by Gautam Adani in 1988, the group has grown to become one of India's largest and most influential business entities. Here's a look at the journey of the Adani Group, from its early days to its rise as a global powerhouse.

Foundation and Early Years (1988-1990s)

The journey of the Adani Group began in 1988 when Gautam Adani, a young entrepreneur from Gujarat, established Adani Enterprises Limited (formerly Adani Exports) in Ahmedabad. Initially, the company was involved in the import and export of commodities like agricultural products, including salt, textiles, and chemicals. Gautam Adani, who had earlier been involved in his family’s diamond trading business, aimed to expand into the global trade market.

The company's focus on trade led to its rapid expansion, and in the 1990s, it began to shift its focus toward infrastructure development, particularly ports. The group took a crucial step towards its future growth in 1994 when it received the contract from Gujarat Maritime Board for setting up a captive jetty in Mundra.

Adani Enterprises Ltd (previously known as Adani Exports) was listed on the BSE and NSE on November 1, 1994. The IPO received 25 times more subscriptions than the available shares, with a price of ₹150 per share.

In 1999, the Adani Group expanded into new ventures, launching Integrated Resource Management (IRM) for natural resource management, while Adani Exports started trading in natural resources. The group also diversified into the FMCG sector by establishing Adani Wilmar Ltd in collaboration with Wilmar International, Singapore.

Expansion into Infrastructure (2000-2010)

In the early 2000s, Adani's focus shifted to infrastructure development, with an emphasis on energy and ports. Mundra Port, which was initially a small fishing port, became a significant landmark for the group, and by 2001, it had grown into a large commercial port capable of handling diverse cargo. This move was crucial as it laid the foundation for Adani’s subsequent expansion into power generation and logistics.

In 2007, Mundra Port and Special Economic Zone are listed on the BSE and NSE, with the IPO receiving 116 times oversubscription.

In 2009, Adani Power Ltd is listed on the stock exchanges and IPO is subscribed 21x.

Diversification and Global Growth (2010-2024)

2010 - Adani Gas Private Ltd was rebranded as Adani Gas Ltd and converted into a public limited company.

2011- Mundra Ports & SEZ is renamed as Adani Ports and Special Economic Zone (APSEZ), paving the way for maritime milestones, while operations commenced at Dahej Port.

2012 – The Adani Group unveiled a new brand identity and logo, symbolising its core values of trust and reliability, thereby strengthening its connection with stakeholders and consumers. That year, India’s largest solar power plant with a 40 MW capacity was commissioned in Bitta, Gujarat. Additionally, APL Mundra emerged as the country’s top private thermal power producer with a total capacity of 4,620 MW.

2013 – Mundra Port was recognised as India’s leading private port. Operations also began at the Visakhapatnam and Mormugao ports. The Kawai thermal power plant commenced operations, contributing to regional energy requirements. Adani Enterprises initiated mining operations under the Mine Developer and Operator (MDO) model for a state-run power utility in Rajasthan.

2014 – Adani Power Ltd achieved the distinction of becoming the largest private thermal power producer in India, with an installed capacity of 9,280 MW.

2015 – Adani Enterprises Ltd successfully completed the demerger of Adani Ports and SEZ (APSEZ), Adani Power Ltd, and Adani Transmission Ltd. Adani Green Energy Ltd was established, and Adani Transmission (now Adani Energy Solutions Ltd) was listed on stock exchanges.

2016 – Marking a strategic move into the defence sector, Adani partnered with Israel’s Elbit Systems to produce surveillance drones, highlighting its contribution to national security initiatives.

2017 – Adani Green Energy Ltd (AGEL) got listed on stock exchanges and quickly rose to become India’s largest utility-scale renewable energy company, gaining global recognition in the sector.

2018 – Adani Green Energy and Adani Gas were demerged from Adani Enterprises and listed as separate entities. Adani Electricity Mumbai Ltd (AEML) was launched. Adani Gas became the leading player in India’s city gas distribution segment.

2019 – The Group entered the sports domain by launching Adani Sportsline and won the inaugural boxing league championship.

2020 – Adani Gas formed a 50:50 joint venture with TotalEnergies, aiming to build India’s leading integrated gas utility.

2021 – Adani acquired a 23.5% stake in Mumbai’s Chhatrapati Shivaji Maharaj International Airport from GVK, taking over its operations. Adani Enterprises won India’s largest expressway project, receiving the Letter of Award (LoA) for the Ganga Expressway in Uttar Pradesh. Adani Green signed the world’s largest green power purchase agreement (PPA) with SECI, reinforcing its position as a global renewable energy leader.

2022 – The Adani Group surpassed a $200 billion market capitalisation and also Adani Wilmar made its stock market debut.

2023 – Adani Ports handled over 300 MMT of cargo within 329 days. In the same year, Ambuja Cements, part of the Adani Group, acquired Sanghi Cement. The Group commissioned India’s first transnational power project in Godda, Jharkhand, to supply electricity to Bangladesh. It also commissioned the largest inter-regional 765 KV Warora-Kurnool transmission line. AGEL’s wind generation capacity crossed 1 GW, and its total operational renewable portfolio reached 8,024 MW, the largest in India.

2024 – Adani Green began power generation at the world’s largest renewable energy park located in Khavda, Gujarat, marking another significant milestone in India’s clean energy transition.

Also Read: What Does Adani Enterprises Do? An Overview!

Conclusion

The Adani Group has evolved from a small commodity trading company into one of India’s largest and most diversified conglomerates, with a global presence. With interests in sectors ranging from energy and infrastructure to logistics and renewable energy, the group has managed to maintain a rapid growth trajectory while adapting to market demands.

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