Adani Group

Adani Group (Hindi: [əd̪aːniː], Gujarati: [əd̪aɳiː]) is an Indian multinational conglomerate, headquartered in Ahmedabad. Founded by Gautam Adani in 1988 as a commodity trading business, the Group's businesses include sea and airport management, electricity generation and transmission, mining, natural gas, food, weapons, and infrastructure. It is particularly active in metal commodity exchange. More than 60% of its revenue is derived from coal-related businesses. Noted for its close association with the ruling Bharatiya Janata Party, Adani was the largest Indian conglomerate as of 2022 with a US$206 billion market capitalisation, surpassing Tata Group. It lost more than $104 billion in value after fraud and market manipulation allegations by short-seller firm Hindenburg Research. In May 2024, the Adani Group's market capitalisation returned to over $200 billion after the Supreme Court directed the Securities and Exchange Board of India (SEBI) to expedite its investigation. The Adani Group has also attracted other controversies due to reports suggesting stock manipulation, accounting irregularities, exporting military drones to Israel for its war in Gaza, political corruption, cronyism, tax evasion, environmental damage, suing journalists and money laundering.