For more than 30 years, Adani Enterprises Limited (AEL) has been at the forefront of India’s journey toward becoming a global economic powerhouse. As the visionary incubation engine of the Adani Group, AEL has carved a niche for itself by not just building infrastructure but by driving transformative progress in sectors that are the backbone of modern society—energy, logistics, agribusiness, and more.
AEL’s strategic foresight and relentless innovation have nurtured businesses that are now industry leaders, contributing to national growth and global sustainability. With each new venture, AEL has embraced the future, creating cutting-edge solutions that address the ever-evolving demands of infrastructure, energy, and technology. Whether it’s harnessing the power of renewable energy or streamlining critical supply chains, AEL’s impact extends far beyond business—it enriches lives and builds the very foundations on which tomorrow’s cities will rise.
At the core of AEL’s success is its unique model of incubation, growth, and expansion. By identifying emerging opportunities, investing in their growth, and spinning them off into independently listed entities, AEL has proven its ability to foster industries from the ground up. This method has consistently generated value for shareholders while building long-lasting, sustainable businesses that have become cornerstones of India’s economy.
As AEL moves forward, it continues to elevate its role, not just as a business leader but as a steward of sustainable development. With a commitment to value creation that aligns with global environmental goals, AEL is driving forward initiatives that will help shape a future where infrastructure, innovation, and sustainability go hand in hand. This is the ethos that defines Adani Enterprises Limited—a company that isn’t just building for today but laying the foundation for the future of nations.
A Robust Portfolio Spans Energy, Transport, and Utilities
Since its inception, Adani Enterprises Limited (AEL) has played a pivotal role in incubating and nurturing some of India’s largest and most successful companies. Over a span of 30 years, AEL has built a legacy of fostering businesses that deliver substantial returns to shareholders and transform critical sectors. With a robust portfolio that includes companies across energy, transport, and utilities, AEL has strategically positioned itself as a key driver of India’s infrastructure and sustainability growth.
The six companies successfully incubated by AEL include:
Adani Ports and Special Economic Zone Limited (APSEZ): As India’s largest transport utility, APSEZ has played a significant role in revolutionizing India’s maritime infrastructure. Its integrated approach, spanning port operations, logistics, and special economic zones, has established it as a leader in facilitating trade and commerce. APSEZ’s focus on expanding port capacities and providing seamless logistics solutions aligns with India’s growing ambitions as a global trade hub.
Adani Power Limited: AEL’s foray into the energy sector with Adani Power has made it the largest private power producer in India. Adani Power has a strong track record in addressing India’s increasing electricity demands through thermal and renewable energy projects, driving economic growth and development.
Adani Energy Solutions Limited (formerly Adani Transmission Limited): AEL’s incubation of Adani Energy Solutions transformed it into the largest energy solutions provider in India. The company is crucial to India’s power infrastructure, focusing on power transmission and distribution, ensuring the reliable delivery of energy across vast regions of the country. With India’s rapid urbanization, the company’s role in modernizing and expanding energy infrastructure is crucial for sustainable development.
Adani Green Energy Limited (AGEL): As the largest renewable energy company in India, AGEL is at the forefront of the country’s shift toward clean and sustainable energy. With a diversified portfolio of solar, wind, and hybrid power projects, AGEL aligns with global climate change goals and India’s commitment to achieving net-zero carbon emissions. Its innovative and scalable projects have positioned it as a leader in the renewable sector, both in India and globally.
Adani Total Gas Limited: AEL’s incubation of Adani Total Gas, now the largest city gas distribution company, supports India’s clean energy transition. By providing natural gas for domestic, industrial, and commercial use, the company is pivotal in reducing India’s carbon footprint and promoting cleaner energy consumption across the country. Its strategic partnerships, such as the joint venture with Total Energies, have further strengthened its position in the gas distribution network.
Adani Wilmar Limited: A leader in the food processing and edible oils industry, Adani Wilmar has become a household name in India. Through its diverse product offerings, the company has contributed significantly to India’s agricultural supply chain, driving food security and nutritional awareness. Its integration across the entire value chain, from sourcing raw materials to producing and distributing high-quality food products, has enabled it to capture substantial market share and cater to millions of consumers.
AEL’s success as an incubator is driven by its core strengths in innovation, entrepreneurship, and execution. The company identifies high-growth sectors aligned with global trends and India’s developmental priorities, then strategically nurtures businesses in those spaces. AEL’s long-term vision to become a global leader in sustainable infrastructure and renewable energy underpins its commitment to creating lasting value for its stakeholders and society.
Contributing to the Country’s Economic
Adani Enterprises Limited (AEL) has successfully established itself as one of India’s foremost incubators of infrastructure businesses, playing a pivotal role in driving the country’s economic growth and self-reliance. Over the years, AEL has developed a unique incubation model focused on building businesses in critical emerging sectors, nurturing them through their growth phases, and ultimately divesting them into separate, publicly listed entities. This approach has contributed significantly to India’s infrastructure development and nation-building initiatives, while delivering substantial returns to shareholders.
Current Strategic Business Investments
AEL’s current portfolio reflects its focus on high-growth sectors that are critical to India’s future economic and sustainable development. The company’s next generation of strategic business investments is centered around three core areas: Energy & Utilities, Transport & Logistics, and Primary Industry.
- Energy & Utility
- Adani New Industries Ltd. (ANIL): ANIL is at the forefront of India’s renewable energy revolution, with a focus on building the country’s largest full-spectrum green hydrogen production chain. The business is leveraging the Mundra Special Economic Zone (SEZ) to establish a comprehensive green hydrogen hub. This integrated ecosystem includes solar module and wind turbine manufacturing, with operational capacities already reaching:
- 4 GW of cell and solar module manufacturing
- 2 GW of ingot and wafer manufacturing
- 1.5 GW of wind power
ANIL’s solar and wind businesses have recorded an impressive EBIDTA of Rs. 1,642 crore, contributing 38% of AEL’s total EBIDTA, marking a 3.6x year-on-year growth. The company is building the world’s first fully integrated Solar PV manufacturing ecosystem, which includes the production of metallurgical grade silicon, polysilicon, ingots, wafers, cells, and modules. ANIL’s ecosystem also incorporates ancillary components such as glass, EVA, backsheets, aluminum frames, and junction boxes, making it a critical player in India’s green energy transition.
- AdaniConneX: A joint venture between AEL and EdgeConneX, AdaniConneX is focused on developing a 1 GW data center platform to power India’s digital transformation. Currently, the company has an under-construction pipeline of 210+ MW across multiple locations, including operational centers in Chennai and upcoming facilities in Noida, Pune, and Hyderabad. This venture positions AEL as a major contributor to India’s growing demand for digital infrastructure, which is key to realizing the country’s “Digital India” vision.
- Transport & Logistics
- Airports (AAHL): Adani Airport Holdings Ltd (AAHL) has become India’s largest airport infrastructure company, managing seven airports that collectively account for 23% of passenger footfalls and 30% of air cargo traffic. In FY24, AAHL served 89 million passengers, reflecting a 19% growth. The company is focused on expanding its footprint, with significant investments in terminal upgrades and new airline routes. Notable developments include the operationalization of Terminal 3 in Lucknow and the upcoming Navi Mumbai Airport, set to open by 2025. AAHL’s smart planning and focus on asset optimization aim to provide best-in-class passenger experiences across all airports under its management.
- Roads (ARTL): Adani Roads Transport Ltd (ARTL) is developing a robust pipeline of road infrastructure projects, currently operating 14 projects with 5,000+ lane kilometers. Its portfolio includes marquee projects like the Ganga Expressway, one of India’s largest ongoing infrastructure initiatives. ARTL’s projects are key to enhancing India’s road connectivity, enabling faster transport of goods and services across the country.
III. Primary Industry
- Mines & Metals: AEL’s integrated business model in the natural resources sector spans several key areas:
- Integrated Resource Management: Focused on managing resources like coal, LPG, iron ore, and bunkering.
- Mining Services: AEL operates 9 Mine Development and Operation (MDO) contracts, of which 5 mines are currently operational.
- International Coal Mining: Includes significant projects like the Carmichael mine in Australia and Bunyu in Indonesia.
- Metals: AEL has established a 500 KTPA copper plant in Mundra, with plans to scale this to 1,000 KTPA in the future.
- PVC Manufacturing:
To reduce India’s dependency on imported polymers, AEL is planning a 1 MMTPA PVC plant in Mundra, with the flexibility to expand up to 2 MMTPA. This initiative is expected to bridge the current demand-supply gap in India, where demand for polymers ranges from 3 to 4 MMTPA.
AEL’s future strategic investments are aligned with its vision of becoming a global leader in sustainable infrastructure and renewable energy. The company’s forward-looking business model focuses on addressing emerging needs in critical sectors such as green hydrogen, airport management, data centers, and road infrastructure. AEL’s ability to identify high-growth opportunities and its executional excellence ensures that these businesses will continue to generate significant value for stakeholders.
Building a Greener Future
AEL strives to make a positive impact on both the environment and society through its Environmental, Social, and Governance (ESG) initiatives. The company adheres to the highest standards of governance and ethics, ensuring that its business practices are not only profitable but also sustainable. AEL’s focus on renewable energy, decarbonization, and reducing environmental footprints is integral to its overall strategy of delivering long-term value to shareholders while contributing to a greener, more sustainable future. It is also building India’s largest integrated green hydrogen production chain and ecosystem, while reducing India’s dependence on imported fossil fuel-based energy requirements. Furthermore, it is also building one of the largest & fastest growing green data center business powered by renewable sources. Data centers are expected to emerge as one of the highest power consuming sectors.
Additionally, AEL continues to evolve as a forward-thinking, future-ready company that is well-positioned to capitalize on the opportunities presented by the changing global landscape. With a strong portfolio of incubated businesses across sectors critical to India’s growth and a commitment to sustainability, AEL is set to drive meaningful change while delivering exceptional returns to its shareholders and creating long-term value for all its stakeholders.
