The Washington Post reported on 25 October that Indian officials allegedly droughted and approved a plan in May to redirect approximately $3.9 billion in investments from the state-owned insurer to Adani Group enterprises. The Life Insurance Corporation of India (LIC) refuted the claims.
The claims were deemed “false” by LIC. In a statement, LIC said that the alleged remarks in the article seemed to have been made with the objective to “tarnish the reputation and image” of LIC and the solid financial sector foundations in India, as well as to “prejudice” the company’s established decision-making process.
According to LIC’s official response, the Washington Post’s accusations that LIC’s investment selections are impacted by outside forces are untrue, unfounded, and far from accurate. The report claims that LIC has never created a plan or document that lays out a strategy for LIC to invest money in the Adani group of firms.
Investment was Made as per Board Approved Policy: LIC
The group stated that LIC independently makes investment decisions in accordance with board-approved regulations following thorough due diligence. Such judgements are not made by the Department of Financial Services or any other organisation.
According to LIC, it has made sure that the “highest standards of due diligence” have been followed and that all of its investment decisions have been made in the best interests of all of its stakeholders by adhering to current policies, act provisions, and regulatory requirements. The $570 million LIC investment in Adani Ports & SEZ (APSEZ), which has the highest ‘AAA’ credit rating in India, was also highlighted in the report.
The Adani Group was under investigation and dealing with a mountain of debt at the time in the United States. LIC also has a sizable amount of corporate debt and government bonds. It spreads risk through a broadly diversified portfolio.
Less than 2% of LIC’s total debt is held by the Adani group, which is led by Gautam Adani, the second-richest man in India. Global confidence in the firm is shown in the recent investments made in Adani debt by international investors such as Germany’s second-biggest bank, DZ Bank, and Japan’s major banks, Mizuho and MUFG, as well as the US’s largest funds, BlackRock and Apollo.
Response from Adani Group
In reaction to the Washington Post article, the Adani Group stated that it vehemently denies any role in any purported government schemes to allocate LIC funding. The organisation also disclosed that LIC makes investments in a variety of corporate companies; therefore, it is false to imply that Adani receives preferential treatment. Additionally, LIC has profited from its investment in our portfolio. The business stated that “our growth predates PM Modi’s national leadership” and that claims of excessive political favour are baseless.
Quick Shots
•LIC
rejects The Washington Post’s claim of a $3.9 billion investment plan for
Adani Group.
•Terms
the allegations “false” and intended to “tarnish” its reputation and India’s
financial system.
•LIC
asserts investment decisions are made independently, not influenced by any
government department.
•Adani Group denies any link to
government plans involving LIC funds; says LIC invests across multiple
companies.
The Adani group is an Indian multinational conglomerate with a revenue of about $37 billion from FY2024. The company is headquartered in Ahmedabad, Gujarat, India. Adani is a leading global integrated infrastructure player that includes diverse businesses like coal trading, coal mining, ports, power generation, multi-model logistics, renewables, gas distribution, and transmission. The Adani has always been known for its growth and vision for building the nation.
It is the largest port developer and operator in India with Mundra being the country’s largest commercial port. Having multiple ports, branches, manufacturing units, and corporate offices at various locations, Adani Group is one of the largest business units. In all this business group has around 36,000 plus employees with more than 900 third-party contractors involved in incorporating various work orders across 25 plus business units.
In April 2014, it added the fourth unit of 660 megawatts at its Tiroda Thermal Power Station, making Adani Power India’s largest power producer. In 2015, Adani was ranked India’s most trusted infrastructure brand by The Brand Trust Report 2015. The group operates mines in India, Australia, and Indonesia and supplies coal to Bangladesh, China, and other countries in Southeast Asia. In January 2018, Adani Ports and SEZ Limited added equipment and machinery to become the largest dredger fleet in India.
Adani Enterprises Limited is run by Gautam Adani, the enterprise handles the mining, trading, gas distribution, solar, and agribusiness divisions of the Group. This company also owns a subsidiary called Adani Gas which is a wholly owned subsidiary that executes the gas distribution business. Its real estate activities are managed by Adani Infrastructure and Developers Private Limited. The current incubation portfolio includes Mining Services, Integrated Coal Management, Road, Rail, Airports, Data centers, and Defense.
Adani Ports and SEZ Limited
Adani Ports and Logistics Logo
Adani Ports and Special Economic Zone Limited (APSEZ) is the largest private port company and special economic zone in India. The Company is headed by Karan Adani, CEO of APSEZ. The operations of the company are Logistics and Port management and operates ports Dahej, Mundra, Hazira, Dhamra, Kattupalli, and Vizhinjam.
Along with that, the Adani Group manages terminals at the ports of Mormugao, Ennore, Vishakhapatnam, and Kandla. The logistics were initially promoted by the Mundra Port Infrastructure Development Company Limited, as an enterprise of the Government of Gujarat and Adani Port Limited.
Adani Power Limited
Adani Power – Adani Group of Companies List
The company is run by Gautam Adani, Rajesh S. Adani. The company develops and maintains power projects in India. The firm has a combined installed capacity for developing and maintaining power projects across India. The company runs the following subsidiaries of 10440 MN with four thermal power projects across India.
The following subsidiaries are Adani Power Maharashtra Limited and Adani Power Limited. In 2014 Adani Power Ltd’s thermal power plant at Mundra in Gujarat is the world’s first coal-fired plant to receive carbon credit from the United Nations Framework Convention on climate change.
Revenue of Adani Power Limited from FY 2016 to FY 2024
Adani Transmission Limited
Adani Transmission
Integrated in 2013, Adani Transmission Limited handles the commissioning, operations, and maintenance of the electric power transmission system. The holding company holds operations and maintains 8511 circuit kilometers of transmission lines that range from 400 to 765 kilovolts.
The company has the following subsidiaries; Maharashtra Eastern Grid Power Transmission Company Limited, Maru Transmission Services Service Company Limited, Hadoti Power Transmission Limited Service Limited, Raipur Rajnandgaon Warora Transmission Limited, Sipat Transmission Limited, and Chhattisgarh WR Transmission Limited.
Adani Green Energy Limited
The process of creating the world’s largest single-location solar power plant
Largest listed pure-play renewable power producer in India with a portfolio of solar and wind assets of 2545 MW operational capacity. It is the largest listed renewable company in India and aims to scale up its infrastructure to produce 18 GW by 2025 and 25 GW by 2030.
Adani Gas Limited
It is India’s largest city gas distribution company mainly serving Industrial and Residential customers in Gujarat.
Adani Wilmar Limited
Adani Wilmar
Adani Wilmar Limited (AWL) is an Indian food and beverage company based in Ahmedabad. It started in 1999 as a joint venture between Adani Enterprises and Wilmar International. AWL is the largest palm oil processor in India. As of September 2024, it has 23 plants in 10 states across India and exports its products to the Middle East, Africa, and Southeast Asia.
The Adani Group has multiple business units and ports at various locations. Managing employees’ attendance and timing from a central place is critical for them. Due to diversified businesses, they have different time attendance policies at different locations. It is very challenging to capture the time-attendance rules of an organization. This is because of the diversity in timing, attendance, and leave policies concerning various locations, departments, and people.
Along with automated time attendance solutions, they want to control access at their premises for safety and security concerns. For certain exceptional situations, they need immediate notifications via SMS. As remote sites are there, they want different connectivity options for devices. The integration of SAP is required which is one of the challenges. By introducing an automatic system, the company wants to make manual interventions to reduce errors and fraud.
Gautam Adani was charged in New York for his involvement in an alleged bribery and fraud scheme worth billions of dollars, according to US prosecutors on November 20, 2024, and because of this Adani Group faced a loss of $55 billion.
In 2023, Adani’s businesses lost $150 billion in market value after a report by short-seller Hindenburg Research accused the group of major corporate fraud. The report claimed that Adani Group had been involved in stock manipulation and accounting fraud for many years.
Managing numerous workers’ attendance.
Eliminate fraudulent and inaccurate payment of wages at contractors’ end.
Monitoring each work order status determining its progress and segregating them.
Verifying the number of workers allotted to each task under a contractor against the respective contractors’ report.
Capturing accurate and diverse time attendance data of all workers.
Generating customized reports to make swift decisions and timely and error-free payroll processing.
Allotting workers to each work order based on the requirements and skills of the workers.
Ensuring approved and proper induction of each worker at a defined level.
Gautam Adani, one of the world’s richest individuals and the founder of the Adani Group, has built a vast business empire across sectors like energy, infrastructure, and media. However, his journey has faced significant challenges, including allegations of corporate fraud, a massive stock market crash, and a recent US indictment accusing him of involvement in a $265 million bribery scheme.
Adani and his wife, Priti Adani, run the Adani Foundation as philanthropists. His philanthropic organization is headed by his wife, of which he is the President.
According to media reports, Gautam Adani’s net worth in November 2024 is projected to be around $69.8 billion. According to Forbes, he is the world’s 22nd richest person and India’s second-richest person behind Mukesh Ambani.
In this StartupTalky story, let us learn about Gautam Adani’s success story, personal life, life story, journey to success, education, Adani Group, philanthropy, and more.
Gautam was born in Ahmedabad, Gujarat, to a Jain family. Shantilal, his father, was a textile entrepreneur. He, along with seven of his brothers, mother, and father, lived in the northern part of Gujarat.
He and Priti Adani have a son, Karan Adani, who is the CEO of Adani Ports & SEZ Limited. His wife, a dentist, is the Managing Trustee of the Adani Foundation. Gautam was previously nobbled and released without accruing the money in 1998. He managed to avoid the 2008 Taj Hotel Mumbai attacks by hiding in the basement.
From an early age, he was driven and determined. As a teenager, he dropped out of school due to his lack of interest in academics. He went on to Gujarat University after that but did not finish his degree. He had no intention of entering his father’s textile company, despite his interest in the business.
Gautam Adani – Education
He graduated from Ahmedabad’s Sheth Chimanlal Nagindas Vidyalaya school with a bachelor’s degree. He then went on to Gujarat University to obtain a bachelor’s degree in commerce. However, after completing his second year of college, he dropped out.
Gautam Adani – Professional Life
Gautam was fascinated by entrepreneurship, but not his father’s textile company. He began working at a very young age. When he was 18, his entrepreneurial energy led him to leave Ahmedabad and relocate to Mumbai. The young man was eager to make it big despite having very little money. He worked at Mahendra Brothers in 1978 as a diamond sorter. He opened his own diamond brokerage company in Mumbai’s Zaveri Bazaar after working there for 2-3 years.
His company prospered, and by the age of 20, he had amassed a million-dollar fortune. His elder brother had recently purchased a plastic plant in Ahmedabad and asked Gautam Adani to assist him in its operation. Adani moved back to Ahmedabad and began working with his brother. Gautam expanded his empire into global trade by importing polyvinyl chloride. In 1985, he started commodity trading by importing Polyvinyl Chloride (PVC), a main raw material for plastic manufacturing, and traveled to South Korea to make a deal.
Gautam Adani – Timeline of Business ventures
Gautam Adani – Adani Group
Gautam Adani founded the Adani Group in 1988 and serves as its Chairman. The company is based in Ahmedabad, Gujarat, India. It is a commodity trading business with the flagship of Adani Exports Limited. The diverse business of the Group includes energy, resources, logistics, real estate, financial services, agribusiness, defense, and aerospace.
He has a 32.90% stake in Adani Ports & SEZ Limited, a 36.86% stake in Adani Power, a 50.29% stake in Adani Enterprises, and a 75% stake in Adani Transmission Limited. The Group holds an annual revenue of about INR 3.09 lakh crore (US$37 billion) for 2024, operating in 50 countries across 70 locations.
Adani Logo
Gautam Adani – Adani Enterprise Limited
Gautam established Adani Exports Limited in 1988, which has since evolved into Adani Enterprises Limited, the Adani Group’s holding company. Initially, the firm dealt with agricultural and power commodities.
In 1991, he began trading metals, textiles, and agro-products in order to expand his company. The shift in trade came as a result of the start of economic liberalization policies, and it proved lucrative for the group. Adani was able to quickly grow his company due to a favorable market climate.
Gautam Adani – Adani Ports & SEZ Limited
In October 1998, the business opened its doors at the Mundra Port. In February 2001, the group was given the right to operate and expand the Mundra Port, which is located on the Navinal Island in the Kutch area, for 30 years through a Concession Agreement with the Gujarat Government and the Gujarat Maritime Board. Mundra Port surpassed JNPT in August 2020 to become India’s largest container port.
Currently, the company is the largest private multi-port operator in the world. The port has a cargo capacity of 210 million tonnes per year, making it India’s largest private-sector port.
Karan Adani, the Chief Executive Officer of APSEZ, is in charge of the venture. Port management, logistics, and the special economic zone are among the company’s activities. Mundra, Dahej, and Hazira in Gujarat; Dhamra in Odisha; Kattupalli in Tamil Nadu; and Vizhinjam in Kerala are the ports where the business runs.
Gautam Adani – Adani Power Limited
Gautam created Adani Power Limited, another Adani Group portal, in 1996. With a capacity of 4620 Mega Watt, Adani Power is the country’s largest private thermal power plant operator. He bought Abbot Point Port in Australia and Carmichael Coal in Queensland between 2009 and 2012.
It is a privately owned thermal power plant with a capacity of 12,450 megawatts (MW). It also runs a 40-megawatt solar plant in Naliya, Bitta, Kutch, Gujarat. Jharkhand is home to Adani Power, which is building a 1,600 MW plant. The governments of Gujarat, Maharashtra, Haryana, Rajasthan, Karnataka, and Punjab have signed long-term power purchase agreements with the company totaling 9,153 MW.
Adani Power made a cumulative profit of INR 634.64 Crore in the 4th quarter, which ended on March 31, 2019. The company posted a consolidated net loss of INR 653.25 Crore in the previous financial year.
The business has received several honors and accolades. At IPPAI’s 18th Regulators & Policymakers Retreat in 2017, it was awarded ‘the Most Innovative Young Power Professional’. In Singapore, CSR Works International rewarded the firm for best sustainability reporting in Asia, with the support of the British Chamber of Commerce and the Canadian High Commission.
Gautam Adani – Adani Transmission
Adani Transmission Limited, headquartered in Ahmedabad, India, is a power transmission company. It is currently one of the largest private-sector power transmission companies in India. The company operates a total network of 12,200 circuit kilometers as of July 2020, with more than 3,200 circuit kilometers under construction at various points.
Gautam Adani created Adani Transmission in December 2015 after separating his ten-year-old transmission company from Adani Enterprises. The company became the primary custodian for over 3800 circuit kilometers of transmission lines originating from the Mundra Thermal Power Station, linking Mundra–Dehgam, Mundra–Mohindergarh, and Tirora–Warora, at the time of its establishment.
Gautam Adani – Adani Green Energy
Adani Green Energy Limited was formed on January 23, 2015, under the Companies Act 2013. AGEL and Inox Wind collaborated to construct a 20 MW wind power project in Lahori, Madhya Pradesh, during the company’s early days. AGEL also purchased Inox Wind’s 50 MW wind energy project in Kutch’s Dayapar village. The project was conceived by the latter after it won capacity bids for wind power projects linked to the National Grid from the Solar Energy Corporation of India.
With a total project portfolio of 13,990 MW, Adani Green Energy Limited (AGEL) is one of India’s largest renewable energy companies. AGEL is part of the Adani Group’s promise to give India a richer, safer, and more environmentally friendly future.
The Company creates, installs, owns, operates, and maintains utility-scale grid-connected solar and wind farm projects, all of which are driven by the Group’s philosophy of “Growth with Goodness.” The electricity produced is distributed to federal and state government agencies, as well as government-backed businesses.
Gautam Adani was charged in New York for his involvement in an alleged bribery and fraud scheme worth billions of dollars, according to US prosecutors on November 20, 2024.
Adani, who leads a large business empire in sectors like coal, airports, cement, and media, has faced serious allegations of corporate fraud and a major stock crash in recent years.
In 2023, Adani’s businesses lost $150 billion in market value after a report by short-seller Hindenburg Research accused the group of major corporate fraud. The report claimed that Adani Group had been involved in stock manipulation and accounting fraud for many years.
Gautam Adani – Philanthropist
Gautam is the president of the Adani Foundation, which he established in 1996. The Adani Group funds the organization, which is active in Maharashtra, Himachal Pradesh, Chhattisgarh, Rajasthan, and Odisha.
The Adani Foundation, which is run by the Adani Group, is active in a lot of philanthropic work. In addition to Gujarat, the foundation works in several states, investing in education, sustainable economic resources, and expanding rural development, among other things. Priti Adani runs the Adani Vidya Mandir in Ahmedabad, a school that accepts only children whose parents earn less than INR 1 lakh per year.
The foundation has a special program to assist fishermen, and it offers financial assistance to 500 fishermen from the coastal taluka for the purchase of fishing equipment. The children of the fishermen are given educational opportunities.
In the year 2012, Adani Foundation Group partnered with IndiaSkills, vocational education joint venture, and City & Guilds, one of the best brands of work-related evaluation and qualifications, to open a skills training site in Gujarat that would offer courses in commerce, hospitality, defence, renovation, and engineering.
Gautam Adani also donated INR. 100 Crore to the Prime Minister CARES FUND through the Adani Group’s portal to combat the Coronavirus crisis. He made a donation of INR 5 Crore to the Gujarat Chief Minister’s Relief Fund and INR 1 Crore to the Maharashtra Chief Minister’s Relief Fund.
Thank you @IndianEmbRiyadh. Indeed, actions speak louder than words. We are on an urgent mission to secure oxygen supplies from across the world. This first shipment of 4 ISO cryogenic tanks with 80 tons of liquid oxygen is now on its way from Dammam to Mundra. (1/3) https://t.co/BLZ0SbQ499pic.twitter.com/lFKnx0hIhX
Four ISO cryogenic tanks loaded with 80 metric tonnes of liquid medical oxygen were imported from Dammam, Saudi Arabia, to Mundra, Gujarat, by Gautam Adani’s diversified conglomerate Adani group. Linde Saudi Arabia has agreed to provide the community with 5,000 medical-grade oxygen cylinders. Adani said on Twitter that his company provides 1,500 cylinders of medical oxygen per day to wherever they are required in Gujarat’s Kutch.
Conclusion
Adani’s knack for business can be seen in all of his endeavors. He has his hands in almost every industry imaginable and has become the very best in them be it logistics or real estate. He had his mind set on being an entrepreneur from a very young age – in his actual teenage years at a time when it wasn’t regarded as being cool. And he came from a very ordinary family and carved himself a very extraordinary life indeed. There’s a lot to learn from his business moves!
Gautam Adani is an Indian businessman and philanthropist who founded the Adani Group, a multinational conglomerate specializing in port development and operations in India.
What is the net worth of Gautam Adani?
Gautam Adani’s net worth is estimated at $69.8 billion as of November 2024.
When was the Adani Group founded?
Adani established the Adani Group in 1988, which is headquartered in Ahmedabad, India.
What is Gautam Adani education?
Gautam Adani was educated at Sheth Chimanlal Nagindas Vidyalaya School in Ahmedabad. He then enrolled for a bachelor’s degree in Commerce at Gujarat University. However, Adani dropped out after the second year because he was interested in doing business there in his father’s textile business.
How many Gautam Adani founded organizations are there?
Adani Group consists of 10 publicly listed entities.
Adani Ports and Special Economic Zone Limited (APSEZ) is India’s largest multi-port operator. Currently, the Key Managerial Personnel at APSEZ is Karan Gautambhai Adani who serves as the Chief Executive Officer (CEO), and Kamlesh Prabhudas Bhagia who serves as the Company Secretary. The Board of Directors of Adani Ports and Special Economic Zone includes Karan Gautambhai Adani, Nirupama Rao, Avantika Singh Aulakh, and seven other members. APSEZ is India’s largest private port operator with the country’s largest SEZ at Mundra.
Operating as India’s largest private port Adani Ports and Special Economic Zone Ltd. is also an end-to-end logistics provider. Their 12 strategically located ports and terminals represent their vision of readiness, ability, and willingness to serve the country’s core needs. Their ports are present and functional at –
Krishnapatnam Port
Mundra Port, Gujarat
Tuna Terminal, Gujarat
Dahej Port, Gujarat
Hazira Port, Gujarat
Mormugao Port, Goa
Vizjhinjam Port, Kerala
Ennore Terminal, Tamil Nadu
Vizag Terminal, Andhra Pradesh
Dhamra Port, Odisha
Dighi Port
Kattupalli Port, Tamil Nadu
Business in Numbers
Adani Ports Share Analysis
The last five years of business for Adani Ports and Special Economic Zone Ltd. have been a bit of a curveball, which will the Covid-19 pandemic putting a giant wrench in business operations. In 2018, APSEZ recorded a total income of INR 8141.14 crore to recording INR 7679.28 crore in 2019, INR 7546.25 crore in 2020, INR 6643.46 crore in 2021, and INR 6725.53 up to now in the current year of 2022.
History of Adani Ports and Special Economic Zone Limited
It was incorporated as Gujarat Adani Port Ltd (GAPL) on May 26, 1998, and promoted by Adani Port Limited and Gujarat Port Infrastructure Development Company Ltd, a Government of Gujarat undertaking. Its main aim was to develop a private port at Mundra on the west coast of India. It was later changed to Mundra Ports and Special Economic Zone Limited to reflect its nature of business and then changed back to Adani Ports and Special Economic Zone Limited in 2012. A detailed growth timeline constitutes a better explanation of its business operations and expansions.
Time Line of Adani Ports and Special Economic Zone Limited
Adani Ports Revenue and Net-Profit Growth
Adani Ports and Special Economic Zone Limited currently operates 12 ports in India comprising 45 berths and 14 terminals across 6 states. Its journey across more than 2 decades can be explained through a detailed timeline.
October 2001 – The company begins commercial operations as Gujarat Adani Port Ltd. (GAPL).
May 2002 – Signs an agreement with Guru Govind Singh Refineries Ltd. (GGSRL) for crude oil handling at Mundra.
October 2002 – Signed an agreement with Indian Oil Corporation (IOC) to set up a Single Point Mooring (SPM) facility and crude oil handling at Mundra.
November 2002 – Signs an agreement with Indian Railways for integrating the Mundra-Adipur railway line with the national rail network.
January 2003 – Signs a sub-concession agreement for a container terminal.
July 2003 – Container Terminal I becomes operational.
April 2004 – The company enters into a shareholders agreement with Kutch Railway Company Ltd., for Gandhidham – Palanpur gauge conversion.
June 2005 – Adani Port Ltd. is amalgamated with the company with effect from April 1, 2003.
December 2005 – Single Point Mooring (SPM) becomes operational.
April 2006 – Mundra Special Economic Zone Ltd and Adani Chemicals Ltd are amalgamated with the company.
July 2006 – Gujarat Adani Port Ltd is renamed as Mundra Ports and Special Economic Zone Ltd (MPSEZ) to reflect the nature of business.
March 2007 – The company commissions two additional berths for bulk cargo operations at Terminal II.
April 2007 – The company signed Port Services Agreement with Tata Power promoted power generation company for handling imported coal cargo.
October 2007 – The company comes out with an Initial Public Offering (IPO).
November 2007 – Shares are listed on the National Stock Exchange and the Bombay Stock Exchange.
February 2008 – Company signs Port Services Agreement with Maruti Suzuki India Ltd. for handling car exports.
January 2009 – Adani Auto Terminal began terminal operations.
Entire 2009 & 2010 – The company incorporates Adani Murmugao Port Terminal Pvt Ltd, Adani Hazira Port Pvt Ltd, and Mundra International Airport Pvt Ltd as wholly owned subsidiaries. Adani Petronet (Dahej) Port Pvt. Ltd. (a joint venture between MPSEZ and Petronet LNG Ltd (PLL) ) became a subsidiary.
Between 2010 and 2011 – The company incorporates Adani Vizag Coal Terminal Pvt Ltd, Adani International Container Terminal Pvt Ltd, Mundra Port Pty Ltd Australia, and Mundra Port Holdings Pty Ltd Australia as subsidiary companies.
September 2010 – Promoter entities of the company merge with Adani Enterprises Ltd (AEL).
December 2010 – Mundra Port West basin commences its commercial operations with the berthing of its first cargo vessel M.V. CSK Beilun and with this, the port is poised to become the world’s largest coal import terminal.
January 2012 – Mundra Port and Special Economic Zone Ltd., changes its name to Adani Ports and Special Economic Zone Ltd.
July 2012 – APSEZ subsidiary Adani Kandla Bulk Terminal Pvt. Ltd., signs a concession agreement with the Kandla Port Trust to set up a dry bulk terminal on a build, operate and transfer basis.
July 2013 – APSEZ announces a joint venture with Switzerland-based MSC Mediterranean Shipping Company to operate a new container terminal at Mundra Port.
December 2013 – APSEZ announces completion of INR 400 crore steam coal import terminal at Vishakhapatnam – eight months ahead of schedule.
May 2014 – APSEZ announces a definitive agreement with L&T Infrastructure Development Projects Ltd., and Tata Steel Ltd., to acquire Dharma Port located in Odisha, east coast of India for an enterprise value of INR 5500 crore.
July 2014 – APSEZ receives environment and coastal regulation zone clearance from the Union Ministry of Environment and Forests for its Special Economic Zone at Mundra which is spread across 8481 hectares and includes Mundra Port.
February 2015 – APSEZ announces the commissioning of a bulk terminal at Tuna Tekra Kandla Port.
December 2015 – APSEZ formally begins the development of an international transshipment project in Vizhinjam, Kerala.
The year 2016 – The company announces that all ports and townships are being prepared to run on 100% renewable energy – a combination of solar and wind.
September 2016 – Abbot Point Operations Pty Ltd., an Australian subsidiary of APSEZ acquires ownership of Abbot Point Bulk Coal Pty Ltd.
April 2017 – Adani Logistics Ltd., a subsidiary of APSEZ announces the beginning of commercial operations at its Multimodal Logistics Park at Kilaraipur Ludhiana, Punjab.
April 2017 – APSEZ announces the commissioning of a new container terminal at Mundra Port in a joint venture with CMA Terminals for jointly operating the terminal for 15 years.
May 2017 – Mundra International Gateway Terminal Pvt. Ltd., is incorporated as a wholly owned subsidiary to develop, operate and maintain ports and related infrastructure.
April 2018 – Adani Logistics Ltd, a wholly owned company subsidiary buys Blue Star Realtors Pvt. Ltd.
March 2019 – The company owns 58 subsidiary companies (including step-down subsidiaries) 2 joint ventures and one associate company.
The year 2020 – The company acquires a 70% controlling stake at Krishnapatnam Port Company Ltd.
March 2020 – The company owns 67 subsidiary companies (including step-down subsidiaries), 2 joint ventures, and one associate company.
March 2021 – Board of Directors approves the Composite Scheme of Arrangement between Adani Ports and Special Economic Zone Ltd, Brahmi Tracks Management Services Pvt. Ltd., Adani Tracks Management Services Pvt. Ltd., Sarguja Rail Corridor Pvt. Ltd and their respective shareholders and creditors – – The amalgamation of Brahmi with APSEZ with effect from the appointed date – 1st April 2021 – The amalgamation of Adani Tracks with Sarguja with effect from the appointed date – 1st April 2021 – Transfer of the Divestment Business Undertaking (Mundra Rail Business) as a going concern on a slump sale basis with effect from the appointed date – 1st April 2021 by APSEZ to Sarguja for a lumpsum consideration
2020 – 2021 – Company issues and allots 30000 Rated Listed Secured Redeemable Non-Convertible Debentures (NCDs) of FV INR 10/- lakhs each aggregating to INR 3000 crore on a private placement basis listed on the Wholesale Debt Market Segment of BSE Ltd.
March 2021 – The Company has 77 subsidiaries and 7 joint ventures.
March 2021 – Completes 75% acquisition of the Krishnapatnam port and enters into a definitive agreement for the purchase of the balance 25% at an enterprise value of INR 13675 crore.
March 2021 – Private Equity Firm Warburg Pincus acquires 0.49% stake in Adani Ports for INR 800 crores.
June 2021 – Completes acquisition of the Dighi Port for INR 705 crore and announces the acquisition of Sarguja Rail Corridor and Gangavaram Port (INR 6200 crore acquisition).
June 2021 – Adani International Port Holdings Pte Ltd., is incorporated as a wholly-owned subsidiary.
April 2022 – Adani Harbour Services Ltd., a subsidiary, acquires a 100% stake in the Indian third-party marine service provider Ocean Sparkle Ltd.
July 2022 – Adani Ports seal Israel’s Port of Haifa bid with Gadot for INR 118 crore with Adani Ports holding 70% and the balance 30% shares held by Gadot.
September 2022 – Adani Port secures INR 310 crore port project in Eastern India.
Funding for Adani Ports
The total funding amount that Adani Ports and Special Economic Zone Ltd. has raised is INR 6580 crore. Most of this funding was raised in 2017.
2017 Funding:
APSEZ raises over INR 3400 crore by issuing foreign currency denominated bonds for funding SEZ project.
Raises INR 1000 crore through allotment of non-convertible debentures on a private placement basis.
Raises INR 1600 Crore by allotment of rated, listed, secured, redeemable, non-convertible debentures on a private placement basis.
Future of APSEZ & Conclusion
By April 27, 2022, the APSEZ stock reached its all-time high of INR 924 and the company aims at becoming India’s largest integrated transport utility company by 2030. Towards this end, APSEZ is working to strengthen its capabilities in all logistics segments like ports, CTO, warehousing, last-mile delivery, ICDs, etc.
FAQs
Who controls Adani port?
Karan Gautambhai Adani as CEO(KMP) and Kamlesh Prabhudas Bhagia as Company Secretary are the key managerial personnel at Adani Ports And Special Economic Zone Limited.
Which is the largest private port in India?
Mundra Port is the largest private port in India located in the Kutch district, Gujarat.
What is the incorporation year of APSEZ?
Adani Ports and Special Economic Zone Limited went into business in 1998.
What is Adani Ports’ business model?
(APSEZ) provides Dredging and Reclamation solutions, primarily for port and harbor construction.
Adani Group is known to one of most well-known business conglomerate and a leading integrated player in infrastructure and energy spaces in India. The company is founded by Gautam Adani in 1988 and has its headquarters based in Ahmedabad, Gujarat. Adani Group has businesses in different sectors like Energy, Resources, Logistics, Coal Trading & Mining, Real Estate, Aerospace, Public Transport Infrastructure, Consumer Finance, Solar manufacturing, Defense, Gas distribution and Agriculture among others.
In 2015, Adani Group was ranked India’s most trusted infrastructure brand according to the The Brand Trust Report. It is the country’s largest integrated infrastructure conglomerate with a revenue of about $13 billion with operations at 70 locations in 50 different countries.
Adani group has focused on serving the diverse need of Indians and contributing towards nation building, as the company also invests part, of its revenue to protect and develop communities.
The company is known to be the country’s largest port developer and operator with more than 10 ports and terminal like Mundra port under its control. Adani group owns the largest edible oil brand called Fortune Oil, through joint venture with Wilmur International from Singapore. Adani is also the largest private power producer after adding the fourth unit 660 megawatts at its Tiroda Thermal power station. The Group has mines in various countries including India, Indonesia and Australia and also supplies coal to Bangladesh, China, and some Southeast Asian countries.
In 2018, the Adani Ports & SEZ Limited, added equipment and machinery making it the largest dredger fleet in India. The company has reached great heights because some of it’s main subsidiaries which are Adani Enterprises Limited, Adani Green Energy Limited, Adani Ports & SEZ Limited, Adani Wilmur, Adani Power Limited, Adani Total Gas Limited, Adani Transmission Limited, among others.
Adani Group had its humble beginnings as a commodity trading firm in 1988 and then got into the import and export of various commodities.Adani group then established the Adani Enterprises Limited which was previously known as Adani exports with just Rs 5 lakhs. In the 90s the company started to develop its own port and by 1995 it began construction at Mundra (which became the largest private port in India in 2002). In 1999, Adani began coal trading and started its joint venture in edible oil refining with Adani Wilmar in 2000.
Over the years, Adani established ports, mines, railway lines, power plants and ships in and outside the country. Later on in 2006, Adani became the largest coal importer in India with 11Mt of coal handling. After Adani won the Orissa mine rights in 2010, it became the the country’s largest private coal mining company in India. Adani bought Galilee Basin mine in Australia with 10.4 Gt of coal reserves and went on to commission India’s largest solar power plant with a capacity 40 MW.
Adani became the largest private sector thermal power producer in India after achieving the 3,960 MW capacity. By 2012 the group shifted its focus on to its businesses in the sectors of resources, logistics and energy. In 2014, Adani power became India largest private power producer, by the next year Adani Renewable Energy Park made a 50:50 joined venture with the Rajasthan Government so it can set up the country’s largest solar park with a capacity of 10,000 MW.
In 2016, Adani’s Aero defense sector signed a pact with companies like Elbit-ISTAR and Alpha Design Technologies in order to work in the field of Unmanned Aircraft Systems in India. The Adani Group acquired a part of Reliance Infrastructure for Rs. 18,800 crore in December 2017.
Under the guidance of Gautam Adani (one of the richest men in India), the company has reached great heights and improved business operations in the sectors likeenergy, resources, logistics, and agriculture, amongst others. With a net worth of 59.9 billion as of 2021, he has entered the list of top 20 billionaires as per Forbes. He recently Witnessed a Wealth surge of $17 billion in his Net worth.
Adani Enterprise is one of the major subsidiary and the primary holding company of the Adani Group. The company focuses on establishing other new businesses in the sectors of energy and infrastructure. It acts as an Incubator that converts opportunities into thriving or successful businesses. So far Adani Enterprise has expanded its presence in different industries and has emerged as a market leader.
The company is so successful that it was listed at Bombay Stock Exchange and The National Stock Exchange of India. Since it was established and listed in 1994 the company has come a long way to where it has the market cap of Rs 22,909 Crores. So far companies like APSEZ, Adani Power, Adani Transmissions, Adani Green Energy and Adani Gas have demerged from Adani Enterprise to get independently listed on the Indian stock exchange market.
The company aims in delivering consistent value, maximizing returns for stakeholders and helping in the activities that build a nation. The vision of Adani Enterprise is to build infrastructure for airport, water, roads, data centre, solar manufacturing and have a sustainable value creation.
Adani Ports and Special Economic Zone Limited
Adani PSEZ – Adani Group Subsidiaries
APSEZ is known to be the largest commercial port operator in India as it accounts to more than one fourth of the cargo transport that takes place in the country. APSEZ was originally called as Mundra Port and special Economic Zone Limited until it was changed in 2012. The company started its operations in Mundra Port, but has increased to 10 ports which comprise of 45 berths and 14 terminals across 6 states which are Gujarat, Goa, Kerala, Andhra Pradesh, Tamil Nadu and Odisha.
It is one of the main subsidiaries of Adani group with a market cap of Rs. 77,715 crore. The CEO of the company is Karan Adani. The company has a widespread national footprint because through Adani Logistics Ltd., APSEZ operates 3 inland containers depots and a storehouse of goods before they are custom cleared at the ports. The facilities of the port are specifically equipped with the latest cargo-handling infrastructure which best in class in order to make it capable of handling the largest vessels.
A national geographic documentary on Mundra port
These ports are also well equipped to handle diverse cargos, from dry cargo, liquid cargo, and crude to containers. APSEZ also provides Dredging and Reclaimation solutions for port and harbor construction. Which is why APSEZ currently operates 19 dredgers making it the largest capital dredging capacity in India.
The Mundra SEZ spans over 8000 hectares making it the largest portoperational and notified multi-product SEZ in India that offers investment options like Free Trade and Warehousing Zone (FTWZ) and Domestic Industrial Zone in India.
It also helps large scale industries for manufacturing set-up based upon cluster-based development for various industries. APSEZ has also undertaken mangrove afforestation activities to help the environment and also announced in 2016, that all ports and townships are being prepared to run on 100% renewable energy.
Adani Power Limited
Adani Power – Adani Group Subsidiaries
Adani Power is another major business subsidiary of Adani Group. The company has its headquarters based in Ahmedabad, Gujarat and is known to be largest private thermal power producer in India.
The company has thermal plants in Gujarat, Maharashtra, Karnataka, Rajasthan and Chhattisgarh and has a power generation capacity of 12,450 MW. It also operates a huge solar plant of 40 MW at Kutch, Gujarat. Adani Power generated a net profit of Rs 634.64 crores in the fourth quarter.
Adani power plants
This Indian company is the world’s first company to set up a coal based thermal power project registered under the clean development Mechanism (CDM) of the Kyoto protocol. Adani power was established as a power trading company in 1996 and has since signed long term PPAs of about 9,153 MW with the government of Gujarat, Maharashtra, Haryana Rajasthan, Karnataka and Punjab.
Despite being a new to power generation in 2006, the company went on to set up its first power plant at Mundra successfully. The company is also planning to implement a 1.600 MW plant at Godda, Jharkhand.
Adani Power has many successful subsidiaries under it, which are Adani Power Maharashra Limited, Adani Power Rajasthan Limited, Adani Power Dahej Limited, Mundra Power SEZ Limited and Adani Power Overseas Limited. Once Adani obtained the Udupi Thermal Power Plant in a 6,000 crore rupees deal.
In 2014, Adani Power got ahead of Tata Power to become the country’s largest power producer. The company’s power plant at Mundra is also the world first coal fired plant to receive carbon credits from the United Nations Framework Convention on Climate Change. The company was also awarded from the Government of Karnataka for the Udupi Power Plant.
Adani Transmission Limited
Adani Transmission – Adani Group Subsidiaries
Adani’s journey in the transmission industry started way before Adani Transmission Limited was established in 2006. Integrated in 2013, the company handles commissions, operations, maintenance of electric power transmission systems. Adani Transmission Ltd has a total transmission capacity of the company is 16,200 MW and is currently one of the largest private sector power transmission company in India.
The company operates a total network of 12,200 circuit kilometers and additional 3,200 circuit kilometers are under various stages of construction, as of 2020. Adani Transmission was founded by Gautam Adani and has its headquartered in Ahmedabad. The company got into the distribution space with the acquisition of Reliance Infrastructure’s Power Generation, Transmission & Distribution Business in Mumbai in 2018.
Now, the Adani Electricity Mumbai Limited which works under Adani Transmissions caters to more than 3 million customers and their electricity needs in the Mumbai. The company aims in setting up 20,000 circuit kms of transmission lines by 2022 with the help of organic and inorganic growth opportunities. Lastly it is the country’s first private power sector player to secure an international investment grade rating.
Adani Green Energy Limited
Adani Renewables – Adani Group Subsidiaries
This Adani subsidiary is one of the largest renewable companies in India with a current project portfolio of 13,990 MW. Adani Green Energy is known for developing, operating, building and maintaining solar and wind farm projects. The electricity generated is supplied to central and state government institutes or even government backed corporations. The company has now expanded to more than 11 Indian states.
National Geographic documentary on Adani solar power plant
The company uses the latest technologies in its projects and has an impressive portfolio of 54 operational projects and 12 projects under construction. It is leading India on its renewable energy journey and aims to provide a cleaner, better and a greener future for the country. The company operates one of the largest solar photovoltaic plants in the world (Kamuthi Solar Power Project).
Adani Green Energy also has over 39 subsidiaries under it and recently won the world largest solar bid worth 46 billion by the Solar Energy Corporation Of India. The company is known to manage over 5,290 MW of wind energy and solar power plants.
Adani Wilmar
Adani Wilmar – Adani Group Subsidiaries
Adani Wilmar was created out of a joint venture between Adani Group and the Singaporean company Wilmar International Limited. Wilmar one of the fastest growing food FMCG company in India and is Asia’s leading agri business group. The company has the largest range of edible oils such as Soya, Sun, Mustard, Rice bran, Groundnut and cottonseed.
Besides oil it also makes products like Basmati rice, pulses, Soya chunks, Besan, Fortune Wheat flour, Rawa, Sooji, etc which are all well known products in India. Brands like Fortune, King’s, Bullet, Raag, Avsar, Pilaf, Jubilee, Fryola, Alpha, Alife and Aadhar work under Adani Wilmur.
The company has the largest distribution network among all the branded edible oil players in India because it has over 95 stock points, 5000 distributors, 1.5 million outlets across the country.
Adani Wilmar has become successful internationally after selling its Edible oil to Middle-East and is now exporting its products to more than 19 countries in the Middle-East, South East Asia, East Africa, Singapore, Australia and New Zealand.
This Adani’s subsidiary is a city gas distribution company that mainly serves industrial companies and residential customers in Indian states. Adani Gas is currently uses City Gas Distribution networks in order to supply Piped Natural Gas to commercial, domestic and industrial companies in the country. The company also provides Compressed Natural Gas to the transport sector.
Adani Gas has so far set up city gas distribution networks in cities such as Ahmedabad and Vadodara in Gujarat, Faridabad in Haryana and Khurja in Uttar Pradesh. Natural Gas is not just a environment friendly, but is also convenient and reliable which allows consumers to enjoy a high level of safety, convenience and economic efficiency.
Conclusion
Over the past three decades Adani Group has kept growing to make itself a global leader in various sectors like Energy, Resources, Logistics, Coal Trading & Mining, Real Estate, Aerospace, Public Transport Infrastructure, Consumer Finance, Solar manufacturing, Defense, Gas distribution and Agriculture.
The company is also benchmarked the global standards in all the sectors. The company has so far been successful because of its numerous successful subsidiaries and will continue to grow and reach greater heights in the future.
FAQs
Who is the Chairman of Adani Group?
Gautam Adani is the Chairman of Adani Group.
Where is the headquarters of Adani Group?
Adani Group has its headquarters in Ahmedabad, Gujarat.
What does Adani group do?
Adani group is involved in business operations in the various sectors:
Adani Group is not just a name, it is one of the most popular brands from India that enjoys a towering reputation amongst the companies hailing from the subcontinent. Adani Group was founded by Gautam Adani back in 1988 in Ahmedabad, Gujarat. Starting initially as a commodity trading business with its flagship company Adani Enterprises Limited, the group has grown to a multinational conglomerate of high repute.
Gautam Adani’s brand now boasts of an annual revenue of over US$ 13 billion and exercises its operations across 70 locations in 50 countries. Furthermore, Adani Group is also famous for being India’s largest port developer and operator, having around ten ports and terminals under its wing that includes Mundra Port, its largest.
With the help of the promising services that Adani Group has delivered throughout the years and the growth that the company has witnessed, the president of Adani Foundation, Gautam Adani has scaled up the ladder to become the second richest person in Asia.
However, the success story of Gautam Adani and the brand he built seems to be on unstable grounds lately after NSDL froze three main FPI accounts that have funded the organization.
According to the latest reports, National Securities Depository Limited (NSDL) froze three of the primary foreign funds of the group namely, Albula Investment Fund, Cresta Fund, and APMS Investment Fund. All of these companies are apparently registered in Port Louis, Mauritius, with Albula and APMS sharing the exact same address in Mauritius. These three funds together own shares worth Rs 43,500 crores of the four companies listed under the parent organization.
When did it happen?
Though it was only on June 14, Monday that news made to the headlines of almost all the major media channels and websites as per the depository’s website, these accounts were frozen on or before May 31.
What happened as a result of the freeze on Adani’s Foreign Funds?
As soon as the FPI accounts worth Rs 43,500 crores were seized by NSDL on Monday, June 14, 2021, the shares of Adani started to decline. The shares of Adani Enterprises witnessed a 24.99 % drop and were valued at Rs 1,201.10, whereas Adani Ports and Special Economic Zone tanked by 18.75 % to be valued at Rs 681.50 on the BSE.
Adani Enterprises Share Price
Why were Adani’s FPIs frozen?
It is apparent that the shares of Adani fell as an obvious result of the freezing of the company’s foreign funds but the reason that led to the freeze is still wrapped in mystery.
According to some of the top officials at custodian banks and law firms, the freeze came as a result of insufficient disclosure of information regarding beneficial ownership as per the Prevention of Money Laundering Act (PMLA).
SEBI had reformed the know your customer (KYC) documentation required for FPIs as per PMLA in 2019. For the existing funds, SEBI granted them time till 2020, post which they needed to comply with the new norm and failing that will result in freezing their Demat accounts, which might be the case with Adani Group.
Furthermore, SEBI is also reported to be investigating the stocks of Adani Group, which have gained between 200% and 1000% in the past year, in order to check if there was a price manipulation in them or not. The probe was initiated in 2020, sources said, while SEBI denied mentioning anything else on that matter.
The new rules of the revamped KYC documentation for FPIs included that they need to submit some additional details that will contain the disclosures on common ownership and personal details of the chief employees of the fund like fund managers.
What did Sucheta Dalal tweet and Why did it become a sensation?
Though the actual reason behind the recent drop of Adani can somewhat be traced to the freezing of the primary foreign funds of the company, Sucheta Dalal’s recent tweet, though cryptic in nature, seems to visibly coincide with the falling of Adani shares. Soon after which the netizens from all around the country and abroad started to take great interest in that matter, which resulted in flooding Twitter and Facebook with a world of posts, tweets, and memes.
Here’s the tweet that Sucheta posted:
Another scandal hard to prove outside the black box of information available with SEBI tracking systems is the return of an operator of the past who is relentlessly rigging prices of one group. All through foreign entities! His speciality & that of a former FM. Nothing changes!
Sucheta Dalal resorted to anonymity but there were clear indications that it pointed to SEBI’s ongoing investigations of the Adani Group, its FPIs, and the sudden rise of its stock prices. The prices of the stocks of Adani went down in less than two days after Dalal’s tweet, which instantly caught the attention of the netizens and resulted in these memes:
Sucheta Dalal’s tweet that coincided with the recent move of the stock market was also compared to that of Elon Musk’s tweet, which pulled down the cryptocurrency industry last month. This incident has also earned Dalal, the Padma Shri awarded journalist, who was famous for her contributions on the Harshad Mehta scam, Enron scam, the Industrial Development Bank of India scam, and more, the title of “Elon Musk of Indian stock market” on popular social media platforms.
FAQ
Who is Adani?
Gautam Adani is an Indian billionaire industrialist and philanthropist who is the chairman and founder of the Adani Group, his estimated net worth is 7,080 crores USD.
What companies does Adani own?
Gautam Adani owns Adani Enterprises, Adani Ports & SEZ, Adani Green Energy, Adani Power, Adani Transmission and Adani Total Gas.
What is the Net worth of Gautam Adani?
The net worth of Gautam Adani is estimated to be around 7,080 crores USD.
On April 12 2021, Flipkart which is India’s one of the leading e-commerce firm announced a partnership with the Adani group, which is a strategic and commercial partnership. Adani Group is one of the largest multinational infrastructure companies in India. Let’s look at the below article to get an understanding of how the Adani Group and Flipkart partnership will benefit between Flipkart in scaling its operation.
In this partnership on a strategic and commercial basis, Flipkart is planning to work with Adani Logistics Limited. Adani Logistic Limited is India’s largest diversified end-to-end logistic service provider in the country. It is a subsidiary which is fully owned by Special Economic Zone limited and Adani Ports.
The main focus of this partnership is to strengthen the supply chain infrastructure of Flipkart and to further concentrate on enhancing the ability of the company to provide the services to its rapidly growing customer base in India.
As a part of the partnership, Adani Logistics will be constructing a 534,00 sq ft fulfillment center inMumbai which is their upcoming logistics hub. This will be leased to Flipkart to solve the growing demand for e-commerce in the Western India. This will help in supporting the access for the market of thousand of various sellers and MSMEs in the particular region.
Leveraging the state-of-the-art technologies, the center is expected to be functional in the Q3 of the financial year 2022. The center is expected to have the capacity to house the inventories of 10 million units of sellers at any point in time. The facility is also expected to enhance the employment opportunities by providing 2,500 direct jobs and thousands of indirect jobs.
Revenue growth of Flipkart from 2014 to 2020
Flipkart’s New Data Center
With the partnership with Adani Group, Flipkart will be setting up their third data center at AdaniConneX Private Limited which is a Chennai-based facility. Flipkart will get a chance to leverage AdaniConneX’s world-class expertise and industry-leading data center solutions regarding to technology.
AdaniConneX is a new joint venture that is formed between EdgeConneX and Adani Enterprisers Limited.
The chairman of Adani Group, Gautam Adani had posted a tweet which said that Flipkart which is a homegrown e-commerce giant will be their new strategic and commercial partner. He also added that in the partnership between both the companies, AdaniConneX will focus on building their new Tier 4 data center.
Homegrown e-commerce giant Flipkart is our new strategic partner. In the two-prong partnership, AdaniConneX will build their new Tier 4 data centre and Adani Logistics, India's leader in logistics, will build their 534,000 sqft fulfilment centre. Thousands of new jobs in Mumbai.
He also said that Adani Logistics which is India’s leader in the logistic industry will build a 534,00 sq ft fulfillment center and this new partnership will provide thousands of new jobs in Mumbai.
Karan Adani who is the Chief Executive Officer of Adani Ports and Special Economic Zone, speaking about the strategic partnership and commercial partnership between both the companies said that, He was delighted to see two of India’s fastest-growing businesses coming together.
He said this partnership will contribute towards building some of the most critical as well as state-of-the-art infrastructure that is required by the nation. He also added on saying that this is what Atmanirbharbharat should be all about.
Karan Adani added on saying that, the broad range of partnership across their logistics and data center business is considered to be a unique business model and that he looks at this as one of the great opportunities to service the digital infrastructure requirements as well as the physical infrastructure requirements of Flipkart.
He said that, Flipkart has been instrumental in defining the adoption of e-commerce in India. The definition is both through the value Flipkart creates and the innovation of technology to serve its customer base.
Karan Adani also added on saying that he is looking forward to a fruitful and longer partnership with the company as they are focusing on learning from each other as well as leveraging their mutual strengths to prioritize the customers and to focus on developing the MSME sector of India.
Kalyan Krishnamurthy who is the Chief Executive Officer of Flipkart Group said that, The Adani group is unmatched in the way they have gone towards building various infrastructure across India. He said that what Adani group had bought to them was a unique combination of logistics, green energy, data centers and real estate infrastructure capabilities.
Kalyan Krishnamurthy added on saying that, he is delighted to initiate their association with Adani Group which will strengthen their technological infrastructure and Supply Chain management.
Kalyan Krishnamurthy said that, At Flipkart Group they are focused on ensuring that their customers get access to a wide range of products which will be made available by sellers across the country as they will be concentrating on continuous innovation to increase the affordability.
He said that their logistics network and technological stack are instrumental in making it a reality and these investments would help them strengthen their presence to support the MSME sectors in India for the sellers while also creating jobs and improving the growth.
FAQ
Is Flipkart Indian company?
Flipkart is an Indian e-commerce company headquartered in Bengaluru, which was acquired by Walmart.
How much is Binny Bansal worth?
The net worth of Binny Bansal is 120 crores USD as of 2021.
Who is the CEO of Flipkart in 2020?
Kalyan Krishnamurthy is going to be appointed as the new CEO of Flipkart.
How rich is Adani?
The net worth of Gautam Adani is US$ 57.1 Billion as of 9 April 2021.
Conclusion
We will have to sit back and observe the benefits of the strategic and commercial partnership of both the companies.
