Ambani, Adani Battle It Out in India’s Green Space$110 million in exchange for about half-a-percent of Adani Ports and Special Economic Zone Ltd.
As part of his green push, Adani has unveiled plans to boost his renewable-energy capacity almost eightfold by 2025. In May, Adani Green agreed to buy SoftBank Group Corp.’s local renewable-power business in a deal that gaveIn barely three years, Adani has gained control of seven airports and almost a quarter of India’s air traffic. His group now owns the country’s largest airport operator, power generator and city gas retailer in the non-state sector.
Shares of Adani Green and Adani Total Gas Ltd., a Mumbai-listed joint venture with the French firm, have rallied more than 1,000% since the beginning of 2020. Flagship Adani Enterprises Ltd. has advanced more than 730%, Adani Transmission Ltd. more than 500% and Adani Ports 95% over this period. The benchmark S&P BSE Sensex Index has gained 40% by comparison.
Scant analyst coverage hasn’t deterred MSCI from adding some of the Adani stocks to its India gauge. Three of the tycoon’s listed companies were included in May, taking the group’s total footprint to five. The addition has led to a more mandated buying by investors who track the gauge, HDFC’s Jasani said.
A college dropout, Adani first tried his luck in Mumbai’s diamond industry in the early 1980s before returning to his home state of Gujarat to help run his brother’s plastics business. In 1988, he set up Adani Enterprises.
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