The Adani growth story Marked by decisive investments in core and futuristic businesses Where we come from A commitment to be present in sunrise businesses A commitment to invest disproportionately higher than prevailing economies of scale A commitment to mobilise funds at the lowest capital cost A commitment to invest in business-adjacent areas A commitment to invest ahead of the sectorial curve How we have evolved From trading To infrastructure To integration To business diversification The evolution of our growth strategy 1988 Starts as a commodity trading firm 1995 Enters the port services business 1999 Forms Adani Wilmar, a joint venture edible oil refining company 2002 Adani’s Mundra port becomes the largest in India’s private sector 2012 Commissions India’s first private sector HVDC transmission line 2011 Commercialises the Dahej port 2009 Lists Adani Power on National Stock Exchange 2006 Launches the first CNG station in Vadodara followed by Ahmedabad 2016 Commissions one of the world’s largest solar power plants (Kamuthi, Tamil Nadu) 2017 Started manufacturing solar PV panels 2018 Acquires R-Infra’s electricity distribution business in Mumbai 2019 Launches the world’s first renewable energy- powered data hub in Vishakhapatnam; attracts Qatar Investment Authority investment of H3,200 crore in Adani Electricity Mumbai Limited 2023 Acquires of NDTV through media arm AMG Media Launches ‘Adani One’ app for consumers 2022 Completes the acquisition of Mumbai and Navi Mumbai airports Launches Adani Wilmar Limited IPO that was subscribed 17x 2021 Enters into a data center joint venture with EdgeConnex to develop data centers across India 2020 Forays into the Airports business with a portfolio of six airports. French giant Total partners Adani Renewables with a 50-50 partnership in a 2148 MW solar project; joins Total to create India’s premier integrated gas utility ESG Report 2022-23 15 14 Adani Group