Adani Group race ahead to diversify through acquisitions and investment: 5 Points
Billionaire Gautam Adani’s group, which runs businesses from seaports to airports and energy, is racing ahead to diversify its businesses, foraying into healthcare services after entering cement production through acquisitions and investment announcements.
Here Is Your 5-Point Guide To The Story:
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Chairman and billionaire Gautam Adani said on Friday his group companies would invest Rs 70,000 crore in Uttar Pradesh, which would help create around 30,000 jobs in the state.
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Adani Transmission Ltd (ATL) said it had signed definitive agreements with Essar Power to buy its Mahan-Sipat transmission line for Rs 1,913 crore.
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The group forayed into the cement sector by acquiring Swiss cement maker Holcim’s India operations for a total of $10.5 billion. A day after announcing that deal to acquire Holcim’s India business, the Adani family made an open offer to acquire a 26 per cent stake each in its two listed companies, Ambuja Cements and ACC Ltd, from public shareholders, priced at $6.5 billion.
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For its healthcare foray, the group reportedly has been in talks with big names in the sector and may invest up to $4 billion. Adani’s group has created a new company to enter healthcare services by acquiring large hospitals, diagnostic chains, and offline and digital pharmacies.
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In a regulatory filing, Adani Enterprises Ltd – the group’s business incubator firm, said a wholly-owned subsidiary, Adani Health Ventures Ltd (AHVL), was incorporated on May 17, 2022. AVHL will “carry on the business of healthcare-related activities including, among other things, setting up, running, administrating medical and diagnostic facilities, health aids, health tech-based facilities, research centres and to do all other allied and incidental activities in this regard,” it said.
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