Decoding the five businesses Adani Group plans to list by 2028

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Adani Enterprises started as a commodity trading business in 1988, specialising in agricultural goods and textiles. By the early 1990s, the company broadened its scope to include the import and export of both raw materials and finished products. Then, in the late 1990s, the company began diversifying across various sectors such as infrastructure, logistics and energy.

A milestone was the establishment of Mundra Port – India's first private port venture – in 1998. Subsequently, the group extended its reach to encompass airport development, road infrastructure, and power generation. Since 2000, the group has emerged as a prominent figure in India's renewable energy landscape, with a strategic emphasis on solar and wind energy initiatives.

Of late it has nurtured a far more diverse portfolio, having strategically invested in sectors that are poised for explosive growth in the coming decade, from green hydrogen to data centres. This blend of the traditional and new isn't down to the company merely following trends. It has been venturing into complementary businesses that seamlessly integrate into its overall business.

The company has a track record of not only fostering new business interests but also nurturing them into significant, self-sustaining entities. The enterprise has successfully spun them off into independently listed and expandable units. So far it has incubated and listed six highly successful companies, including Adani Ports and Special Economic Zone Limited, Adani Power Limited, Adani Transmission Limited, Adani Green Energy Limited, Adani Total Gas Limited, and Adani Wilmar Limited.