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Understanding the history and the key companies in Adani Groups portfolio

08 Feb 2024


The Adani group was established by Gautam Adani in 1993. It began as a commodity trading partnership firm in Gujarat and promptly debuted on the stock markets under Adani Exports in 1994. 

Most of its revenue initially stemmed from operating a local port in Mundra, Gujarat. Subsequently, they made an entry into the edible oil industry. While the group's early investments were regionally focused, it eventually diversified into various businesses across India.

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Since the publication of the Hindenburg report, Adani Group’s stock prices have experienced serious volatility. The stock market has felt the ripples, and multiple industries have been affected due to the volatility. 

In this blog, let us deep dive into the history of the Adani Group and its subsidiaries, attempting to piece together the narrative of its remarkable journey. 

Adani Group’s History

On 2nd March 1993,  Adani Enterprises was incorporated.

In 1998, They also successfully partnered with the Gujarat Port Infrastructure Development Corporation in Mundra, Gujarat.

In 1999, Adani Exports and Wilmar Trading formed a 50:50 joint venture named Adani Wilmar with an equity base of USD 6 million.

In 2000, Adani Exports entered the packaged edible oil market with the 'Fortune' brand in Jaipur.

In 2001, Adani Wilmar Ltd. aimed to launch 'Raag' vanaspati under a joint venture with Wilmar Holding Pte Ltd.

In 2003, Shanxi Corporation partnered with Adani Exports to supply coal in India. 

In 2009, Adani entered the cement industry and issued a 1:1 bonus to shareholders.

In 2010, Adani Welspun exploration began drilling in Gujarat, becoming one of India's largest coal importers. They secured coal purchase rights and won a bid for coal development in Orissa. Adani Enterprises Ltd issued rights shares in the ratio of 1:16.

In 2011, Adani Power Ltd. was established, earning recognition with the National Energy Conservation Award. Adani Enterprises became a 'Business Superbrand' and partnered with the Japanese business group Kowa Company.

In 2012, Adani Group commissioned India's largest solar power plant in Gujarat.

In 2013, integrated coal MDO operations began, providing access to over 3 billion tonnes of coal reserves.

In 2014, Adani collaborated with Posco to build a rail line in Australia.

In 2015, an MoU was signed with Australia's Woodside Energy for energy cooperation.

In 2016, Adani Wilmar and Ruchi Soya proposed a partnership in the FMCG sector.

In 2017, Adani Enterprises acquired Adani Infrastructure Pvt Ltd., secured royalties agreements with State Governments, and faced protests in Australia. Plans for a container port in Malaysia were announced.

In 2018, Adani Defence & Aerospace, in partnership with Elbit Systems, inaugurated India's first private UAV manufacturing facility.

In 2019, a joint venture with Sainik Mining was formed for mining activities in Chhattisgarh, and a partnership with Digital Realty was established for data infrastructure.

In 2020, commercial operations began at Lucknow International Airport.

In 2021, Adani Enterprises secured India's largest expressway project and won a highway project in Kerala.

In 2022, AdaniConneX opened a flagship data centre campus in Chennai, achieved financial closure for India's largest greenfield expressway project, partnered with the Israel Innovation Authority for tech solutions, and received the Navi Mumbai International Airport project tender.

In 2023, the Hindenburg report levied a serious allegation on the Adani group for pumping the price up for Adani group enterprises by creating shell companies. 

Following the release of this report, the shares of all publicly listed companies within the Adani Group have experienced a substantial decline in their market value.

The Adani group answered all their allegations and are now in better shape.

Top 7 Adani group ventures:

Here's a concise overview of the Adani Group's listed companies:

Adani enterprises:

Adani Enterprises serves as an incubator for new ventures within the group. It also plays a significant role in mining and commodity trading operations. With a diverse portfolio of services and products, it manages various subsidiaries.

Adani power:

Adani Power focuses on developing, operating, and maintaining power plant projects. It ranks among India's largest private-sector power generation companies.

Adani green energy:

Adani Green Energy holds the distinction of being the world's largest clean energy producer by capacity. The company oversees an impressive energy production portfolio exceeding 12 gigawatts through its subsidiaries.

Adani ports & SEZ:

Adani Ports and SEZ specialises in port management, logistics, and developing special economic zones. The company efficiently operates five ports located in various states across India.

Adani Transmission:

Adani Transmission is actively involved in the commissioning and operating of power transmission systems. It manages an extensive network of over 17,000 kilometres of power transmission lines.

Adani Total Gas:

Adani Total Gas is a joint venture between the Adani Group and the French oil and gas giant TotalEnergies SE. It stands as India's largest urban gas distribution company.

Adani Wilmar:

Adani Wilmar represents a successful joint venture, this time in partnership with Wilmar International. Together, they have introduced popular brands, Fortune edible oils, to the market.


The remarkable evolution of the Adani Group, starting as a humble trading venture and now standing as a global conglomerate, is a testament to visionary leadership and strategic expansion. The group has advanced India's infrastructure, energy, renewables, agriculture, and logistics through their enterprises. 

With a steadfast dedication to sustainability, the Adani Group remains at the forefront of progress, emphasising social well-being and environmental responsibility in its pursuit of development.

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