The scale of the investigation into the Adani Group was unprecedented, yet the growth and resilience of India’s multi-industry conglomerates such as the Adani Group offers guidance on the direction of India’s telco and OTT sectors.

Omdia view

Summary

The scale of the Hindenburg Research–led investigation of the Adani Group was unprecedented, yet the broader growth and resilience of India’s multi-industry conglomerates such as the Adani Group provides vital guidance on the future direction of India’s telco and OTT sectors. India’s government continues to support foreign direct investment (FDI) but manages it carefully to control its role in the overall economy.

Adani Group’s failures were unprecedented

In December 2022, Gautam Adani completed the takeover of NDTV, one of India’s largest news networks, with a buyout of the company founders’ stake. Gautam Adani’s Adani Group had also previously acquired a major stake in business news platform Quintillion Business Media, supplementing this with a first batch of relatively small purchases in the 5G spectrum auction in 3Q22. These investments, coupled with much larger investments in airports, ports, fossil fuels, and green energy, had made Adani the head of a $280bn business empire, the richest man in Asia, and the third richest in the world.

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