Adani Group emerged as the most valued business house in India on Friday, with a market capitalisation of Rs 20.74 lakh crore (about $260 billion billion), moving slightly ahead of Tatas (Rs 20.7 lakh crore). The Gautham Adani-led-ports-to-cement group has seen a meteoric rise in its business and stock market valuation over the past few years.
The Mukhesh Ambani-led Reliance group, with a market cap of Rs 17.1 lakh crore, stood at the third position, as per ETIG database. HDFC ranked fourth with Rs 14.3 lakh crore, while Bajaj Group followed with Rs 9.2 lakh crore.The seven listed Adani Group companies have created shareholder wealth of about Rs 18.7 lakh crore in less than three years.
The group with businesses, spread across trading, natural gas, power generation, cements, real estates and financial services had a humble start. Adani set up Adani enterprises in the year 1988 to begin a commodity trading business. Soon the Mundra port was set up for captive export-import operations.
The group entered the airports management business about 3 years ago. In August, it also bid in the 5G telecom auction to purchase spectrum for captive use. It also set foot in the financial services space and an NBFC backed by the group is planning to list.