Adani Power

Adani Power, founded in 1996, became the country's largest private thermal power producer with 4,620 MW capacity. The group's vertical-stacked infrastructure thesis — port, power, rail, gas distribution — let each adjacent business feed the next, a model Adani has used repeatedly to compound physical assets into operating monopolies.

The Adani corporate journey page attributes early growth to the founder's 'ability of integrating assets' — beginning with the Mundra jetty in the mid-1990s, expanding to a full port, then creating Adani Power in 1996. The narrative frames each new business as an adjacency to the prior one, with the port as the gravitational center from which power, logistics, gas and agri-trading radiate.

The 2007 Mundra Port & SEZ IPO was 116 times oversubscribed, and Adani Power Ltd's 2009 IPO was 21x subscribed. The capital-markets access these IPOs unlocked fueled the overseas mine acquisitions in Indonesia (Bunyu, 2008) and Australia (Carmichael, 2010-2011), marking Adani's transition from domestic infrastructure operator to global resource player.

Adani Power Ltd became India's largest private thermal power generator in 2014 with 9,280 MW capacity. APSEZ acquired Dhamra Port in Odisha and won a container terminal contract at Ennore the same year — extending the 'string of pearls' along India's coastline that the group has used as a recurring spatial metaphor for port-roll strategy.