Adani Group presented an expansive investment strategy worth over ₹6 lakh crore at the 56th World Economic Forum annual meeting in Davos, marking a significant commitment to India's infrastructure development across multiple sectors. The comprehensive blueprint encompasses aviation, clean energy, urban infrastructure, digital platforms and advanced manufacturing, representing a strategic evolution from standalone asset creation to integrated, technology-led infrastructure platforms.

State-wise Investment Distribution

The investment portfolio spans three key states, with each region receiving targeted infrastructure development aligned with local economic priorities and growth potential.

Assam Aviation and Energy Hub

In Assam, the Group detailed an expanded aviation and aerospace ecosystem centered on Lokapriya Gopinath Bardoloi International Airport in Guwahati. The new terminal, inaugurated by Prime Minister Narendra Modi in December 2025, is expected to become operational next month. The comprehensive development plan includes:

• Hospitality and retail infrastructure surrounding the airport
• Aviation training academy equipped with Level-D full-flight simulators
• Maintenance, repair and overhaul (MRO) facilities for both narrow- and wide-body aircraft
• Strategic positioning of Guwahati as a regional aviation hub for Northeast India

Complementing the aviation infrastructure, large-scale renewable energy projects are planned for Assam's Karbi Anglong and Dima Hasao districts, collectively adding more than 2,700 megawatts of solar capacity. Additional investments include cement manufacturing and grinding units designed to strengthen construction supply chains across eastern and northeastern India.

Maharashtra Urban and Digital Infrastructure

The Maharashtra investment portfolio centers on urban redevelopment, digital infrastructure and next-generation energy systems. Major initiatives include the Dharavi redevelopment project in Mumbai and the Navi Mumbai International Airport, which commenced operations on December 25.

The comprehensive approach includes associated logistics, commercial and hospitality ecosystems, coal gasification initiatives, and semiconductor and display fabrication facilities, positioning Maharashtra as a technology and manufacturing hub.

Strategic Alignment and Economic Impact

The proposed investments are designed to generate employment opportunities, build technical skills and support technology-led inclusion while aligning with national priorities including energy transition, manufacturing self-reliance and regional development. The announcements at Davos underscore the role of large infrastructure platforms and long-term private capital in shaping India's economic expansion phase.

As global political and business leaders gathered in Davos to discuss growth, resilience and sustainability, the Adani Group's comprehensive investment blueprint demonstrates the scale of private sector commitment to India's infrastructure modernization and economic development objectives.

The December quarter of FY25 saw major institutional investors reshuffling their portfolios across Adani Group companies, with India's largest domestic institutional investor making strategic adjustments to its holdings.

LIC Portfolio Adjustments

Life Insurance Corporation of India made notable changes to its Adani Group investments during Q3 FY25. The PSU insurer reduced its ownership in Adani Enterprises by 52 basis points to 3.64% and booked profits in Adani Ports, with its stake declining from 7.73% to 6.79% quarter-on-quarter.

Conversely, LIC increased its position in ACC, raising its stake by 56 basis points from 9.95% to 10.51%. The insurer maintained largely unchanged positions in Adani Energy, Adani Green, Adani Total Gas, and Ambuja Cements.

GQG Partners' Strategic Moves

GQG Partners, led by NRI Rajiv Jain and one of the largest foreign institutional backers of the Ahmedabad-based conglomerate, also booked profits during the quarter. The firm significantly reduced its Adani Ports holdings from 3.49% to 2.27% and marginally decreased its Adani Power stake to 1.53%.

Besides these adjustments, GQG maintains positions in Adani Energy, Adani Enterprises, and Adani Green.

Broader Institutional Investment Patterns

Across the Adani Group portfolio, foreign institutional investors reduced holdings in five out of nine companies, excluding Sanghi Industries for which data was not yet available. FII ownership declined in:

• Adani Enterprises
• Adani Ports
• Adani Total Gas
• Ambuja Cements
• NDTV

However, FII holding in ACC increased by 94 basis points to 5.99%, with buying also observed in Adani Energy, Adani Green, and Adani Power.

Mutual funds demonstrated a different strategy, booking profits in ACC and Adani Ports while increasing ownership in six companies: Adani Energy, Adani Enterprises, Adani Green, Adani Power, Adani Total Gas, and Ambuja Cements.

Group Performance and Financial Metrics

The Adani Group's market capitalization grew 10.60% to ₹14.60 lakh crore in calendar year 2025, with Adani Ports, Adani Power, and Adani Energy leading performance with double-digit gains of up to 35%.

The conglomerate achieved record EBITDA of ₹47,375 crore in the first half of FY26, pushing trailing twelve-month EBITDA to ₹92,943 crore, representing an 11.20% year-on-year increase. The group's return on assets stood at 15.10% despite substantial capital work in progress for new assets.

Future Growth Initiatives

Adani Enterprises completed a ₹25,000 crore rights issue last month to strengthen its capital base and support future growth initiatives. Ventura Securities projects consolidated revenue and EBITDA growth at a CAGR of 17.40% and 18.70% respectively, with EBITDA margins expected to widen by 48 basis points to 15.00%.

The group plans to list key businesses including airports and Adani New Industries by FY31, mirroring its successful FY16-20 value-unlocking cycle. Antique recently initiated coverage on Adani Power with a buy rating and target price of ₹187.00, valuing the stock at 15x FY28E EBITDA.