March 24, 2021 Read More →

Billionaire Adani moving past fossil fuel empire to India infrastructure

Bloomberg ($):

After spending two decades building a business empire centered around coal, Indian billionaire Gautam Adani is now looking beyond the fossil fuel to cement his group’s future. His ambitious plans are getting a boost from Prime Minister Narendra Modi.

Adani has emerged as India’s infrastructure king, diversifying from mines, ports and power plants into airports, data centers and defense — sectors Modi considers crucial to meeting India’s economic goals. Investors are rewarding the pivot, betting the tycoon’s strategy of dovetailing his interests with the government’s development program will pay off.

“Adani is politically savvy and invests in mostly sensible, long-dated infrastructure projects” broadly tied to government priorities, said Tim Buckley, director of energy finance for Australia and South Asia at the Institute for Energy Economics and Financial Analysis, or IEEFA. “So long as India sustains strong growth, the group is likely to prosper under his leadership and witness a surge in global investor interest.” 

[P.R. Sanjai, Rajesh Kumar Singh and Divya Patil]

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