Adani Group

What does Adani Group own?
Adani Group operates through multiple separately listed companies covering ports and logistics (APSEZ), airports (Adani Airport Holdings), thermal power (Adani Power), renewable energy (Adani Green Energy), gas distribution (Adani Total Gas), power transmission (Adani Energy Solutions), cement (Ambuja Cements and ACC), agribusiness (Adani Wilmar), and media (NDTV). The group's most recognized consumer brand is Fortune, the edible oil brand operated through Adani Wilmar.

Is Adani Group publicly traded?
Adani Group is not a single publicly traded entity. The group operates through multiple separately listed public companies on India's National Stock Exchange and Bombay Stock Exchange. Each entity, such as Adani Enterprises, Adani Ports, Adani Green Energy, and others, is independently listed and can be purchased by investors.

Who founded Adani Group?
Adani Group was founded in 1988 by Gautam Adani in Ahmedabad, Gujarat, India. Gautam Adani began as a commodity trader before building the group into one of India's largest conglomerates through investments in ports, energy, and infrastructure.

Where is Adani Group headquartered?
Adani Group is headquartered in Ahmedabad, Gujarat, India. The group's flagship company, Adani Enterprises Limited, and most of its operating entities maintain their registered offices and principal operations in Ahmedabad, though the group has operations across India and in several international markets.

Who owns Adani Group?
Adani Group is controlled by Gautam Adani and his family, who hold majority promoter stakes in each of the group's publicly listed entities. The Adani family typically holds between 55% and 75% of shares in each listed entity, with the remaining shares held by institutional investors, foreign portfolio investors, and public shareholders.

What is Adani Group's revenue?
Adani Group does not report consolidated revenue as a single entity. In FY2025 (ending March 31, 2025), the portfolio of listed Adani companies reported record EBITDA of approximately INR 90,000 crore (approximately USD 10.5 billion), with total gross assets of INR 6.1 lakh crore (USD 71.2 billion).

What is the Hindenburg Research controversy?
In January 2023, U.S.-based short-seller Hindenburg Research published a report accusing Adani Group of stock manipulation, accounting fraud, and improper use of offshore entities. The report caused a decline of more than $100 billion in Adani Group market capitalization. The group denied all allegations. The Indian Supreme Court ordered an investigation by SEBI, and in January 2024 dismissed petitions seeking a special investigation team probe.

What is the U.S. indictment against Gautam Adani?
In November 2024, the U.S. Department of Justice unsealed an indictment charging Gautam Adani, his nephew Sagar Adani, and others with conspiracy to pay approximately $265 million in bribes to Indian state government officials to secure solar energy supply contracts. The U.S. SEC filed related civil charges. The Adani Group denied the allegations, and legal proceedings were ongoing as of February 2026.

Gautam Adani was born in 1962 in Ahmedabad, Gujarat, into a family of textile merchants. He dropped out of college and moved to Mumbai, where he worked briefly in the diamond trade before returning to Ahmedabad. In 1988, he founded Adani Enterprises as a commodity trading business, initially focused on agricultural commodities and later expanding into metals and minerals.

The pivotal early development for the group was the establishment of Mundra Port in Gujarat. In 1995, Adani Group received a license to develop a private jetty at Mundra, a small fishing village on the Gulf of Kutch. The company invested heavily in developing the port infrastructure, and Mundra Port grew to become India's largest private port and one of the largest ports in Asia by cargo volume. The port's success provided the financial foundation for the group's subsequent diversification.

Adani Enterprises was listed on Indian stock exchanges in 1994, providing access to capital markets for the group's expansion. Adani Ports and Special Economic Zone (APSEZ) was separately listed in 2007, and the port and logistics business became the group's most valuable entity by market capitalization for many years.

During the 2000s and 2010s, the group expanded aggressively into power generation, acquiring coal-fired power plants and developing new capacity through Adani Power, which was listed in 2009. The group also entered the renewable energy sector through Adani Green Energy, which grew to become one of India's largest solar and wind energy developers.

The group's expansion into airports began in 2019, when Adani Airport Holdings won the bid to manage six major Indian airports: Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati, and Thiruvananthapuram. In 2021, Adani Group won the bid to manage Mumbai's Chhatrapati Shivaji Maharaj International Airport, India's second-busiest airport, through the acquisition of GVK Group's airport assets.

In 2022, Adani Group acquired a controlling stake in NDTV, one of India's most prominent English-language news networks, through an indirect acquisition that was controversial and contested by NDTV's founders. The acquisition gave Adani Group a significant presence in Indian media.

Also in 2022, Adani Group acquired Holcim's Indian cement businesses, Ambuja Cements and ACC, for approximately $10.5 billion, making the group one of the largest cement producers in India.

In January 2023, U.S.-based short-seller Hindenburg Research published a 106-page report accusing the Adani Group of stock manipulation, accounting fraud, and improper use of offshore entities. The report triggered a sharp decline in Adani Group stock prices, wiping out more than $100 billion in market capitalization within days. Gautam Adani's personal net worth declined significantly. The group denied all allegations and published a detailed rebuttal. The Indian Supreme Court ordered an investigation, and the Securities and Exchange Board of India conducted its own inquiry. In January 2024, the Supreme Court dismissed petitions seeking a special investigation team probe, finding no regulatory failure.

In November 2024, the U.S. Department of Justice unsealed an indictment charging Gautam Adani, his nephew Sagar Adani, and others with conspiracy to pay approximately $265 million in bribes to Indian state government officials to secure solar energy supply contracts for Adani Green Energy. The U.S. Securities and Exchange Commission filed related civil charges. The indictment caused another significant decline in Adani Group stock prices. The Adani Group denied the allegations and stated that the indictment was based on mischaracterizations of facts.

Despite the legal and reputational challenges, the group's operating businesses continued to perform. FY2025 results, released in May 2025, showed record EBITDA across the portfolio, reflecting the resilience of the infrastructure and utility businesses.