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Adani Enterprises Limited
Adani Enterprises builds and runs big infrastructure businesses in India, from airports and roads to coal mines and data centers.
Adani Enterprises is the incubator at the heart of the Adani group. It starts new businesses, nurses them until they can stand on their own, and often spins them out as separate listed companies. The group's flagship, Adani Ports, began inside Adani Enterprises before it was separated. So did its power and transmission arms. Today the company runs airports, builds roads, mines coal, and is developing green hydrogen, data centers, and a cement business.
The airport business is the most visible to ordinary Indians. Adani Enterprises operates seven airports, including Mumbai, Ahmedabad, and Lucknow, after winning bids to run them for decades. Travelers pay fees embedded in their tickets, and airlines pay for using the runways and terminals. The company also runs the duty-free shops and food courts inside those airports, so it earns money whether you buy a coffee or not. The oldest engine is coal. Adani Enterprises is one of India's largest coal traders, buying coal from mines in Indonesia and Australia and selling it to Indian power plants and factories. It also mines coal itself through a subsidiary called Adani Enterprises' mining arm. The company is spending heavily on green hydrogen, aiming to make it in India at a large scale, though that business is still in its early, money-losing phase.
Here is the honest part. Adani Enterprises is a holding company with many moving parts, and its consolidated results swing with coal prices and construction timelines. A short-seller report in 2023 by Hindenburg Research accused the Adani group of stock manipulation and accounting fraud, which the group denied. The company's shares fell sharply. It has since raised money and pushed ahead with projects, but the episode showed how much of the company's value rests on investor trust in a sprawling, family-controlled group.
Saved answer · last researched 12 Nov 2026