Billionaire Gautam Adani’s conglomerate, which owns industries ranging from seaports to airports and electricity, is rushing to expand its operations, announcing a venture into healthcare services following acquisitions and investment announcements in cement production.
Adani Transmission Ltd (ATL) announced that it had reached an agreement with Essar Power to purchase the Mahan-Sipat transmission line for Rs 1,913 crore.
The company entered the cement business by purchasing Holcim’s India operations for a total of $10.5 billion. The Adani family made an open offer to buy a 26% stake in each of its two publicly traded companies, Ambuja Cements and ACC Ltd, from public shareholders for $6.5 billion a day after announcing the plan to buy Holcim’s India operations.
For its healthcare venture, the company is said to be in talks with major players in the industry and might invest up to $4 billion. By acquiring significant hospitals, diagnostic networks, and offline and internet pharmacies, Adani’s group has formed a new corporation to enter the healthcare sector.
Adani Enterprises Ltd, the group’s business incubator firm, said in a regulatory filing that Adani Health Ventures Ltd (AHVL), a wholly-owned subsidiary, was incorporated on May 17, 2022. AVHL will “carry on the business of healthcare-related operations,” including “building up, running, administering medical and diagnostic facilities, health aids, health tech-based facilities, research centres, and all other allied and incidental activities in this respect,” according to the company.
Gautam Adani’s Adani group and Andhra Pradesh government have agreed to establish a 10,000 Megawatt (MW) solar power project and a 3,700 MW pumped storage hydro power plant with a combined investment of nearly Rs 60,000 crore. The project has a potential to employ 10,000 people directly and indirectly.
Adani Enterprises announced on May 27 that it had signed a definitive agreement to buy a 50% stake in General Aeronautics Private Limited, a company that makes commercial robotic drones and drone-based solutions for crop protection, crop health, precision farming, and yield monitoring for the agricultural sector, using artificial intelligence and analytics.
Adani Enterprises arm, AMG Media Networks Limited, signed a agreement to acquire 49% stake in Quintillion Business Media Ltd (QBML). This includes share purchase agreements with QBML, Quintillion Media Limited (QML) and Quint Digital Media Limited (QDML).