Billionaire Gautam Adani said his group is looking to boost its presence outside India even as it continues to expand at home.
“Several foreign governments are now approaching us to work in their geographies and help build their infrastructure,” Adani said, while addressing shareholders at the annual general meeting of Adani Enterprises Ltd. “Therefore, in 2022, we also laid the foundation to seek a broader expansion beyond India’s boundaries.”
Adani's plan to bolster overseas expansion follows forays into multiple new areas and consolidation in India.
Adani said following the acquisition of Holcim Group’s assets in India—ACC Ltd. and Ambuja Cements Ltd.—the Adani Group is now the second largest cement manufacturer in India. "This is a classic example of our adjacency-based business model at work."
In addition, the group has made entries in sectors ranging from data centres, digital super apps, and industrial clouds to defence and aerospace, metals, and materials, he said.
“We continue to grow as builders of India's infrastructure, winning some of the largest road contracts in the nation and growing our already substantial market share in business such as ports, logistics, transmission and distribution, city gas and piped natural gas,” he said.
The group has made also remarkable progress in several other industries over the past 12 months. “In one stroke, we have become the largest airport operator in India,” he said.
“We believe our scale, our diversified business, and our track record of performance positions us very strongly to continue to perform well in a variety of market conditions,” he said.
The combined group market capitalisation this year exceeded $200 billion, Adani said. “We were able to raise billions of dollars from the international markets—a direct validation of confidence in the India and Adani growth story.”
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
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