Business
India’s Adani group aiming for $1-trillion valuation
BY S VENKAT NARAYAN
Our Special Correspondent
NEW DELHI, November 5: Indian tycoon Gautam Adani’s business conglomerate is chasing the dream to join the elite global club of companies with $1-trillion valuations. It will invest over $150 billion across businesses ranging from green energy to data centres to airports and healthcare. At present, there are only five companies in the world whose market value is more than $1 trillion each. And they all are American: Apple Inc ($2.87 trillion), Microsoft Corp ($2.51 trillion), Alphabet Inc ($1.97 trillion), Amazon.com Inc ($1.79 trillion), and Tesla Inc ($1.07 trillion). And Microsoft and Alphabet are headed by Indian-origin Americans: Satya Nadella and Sunder Pichai.
Last month, Adani Group Chief Financial Officer Jugeshinder ‘Robbie’ Singh detailed the growth plans of the group at an investor meet organised by Ventura Securities Ltd in New Delhi. Starting off as a trader in 1988, it has expanded rapidly into ports, airports, roads, power, renewable energy, power transmission, gas distribution and FMCG and, more recently, into data centres, airports, petrochemicals, cement and media,
The group plans to invest $50-70 billion in green hydrogen business and another $23 billion in green energy over the next 5-10 years, Singh said. It will invest $7 billion in electricity transmission, $12 billion in transport utility and $5 billion in the road sector.
Its foray into data centre business with cloud services would entail an investment of $6.5 billion in partnership with Edge ConneX. Another $9-10 billion is planned for airports, where it is already the largest private operator. Its entry into the cement sector with the acquisition of ACC and Ambuja Cement entailed an investment of $10 billion. It is getting into the petrochemical business with plans to set up a one-million tonne per annum PVC manufacturing facility with an investment of $2 billion, and will enter the copper sector with a 0.5 million tonnes a year smelter at an investment of $1 billion, Singh said.
The healthcare sector thrust that will include insurance, hospitals and diagnostic and pharma will see an investment of $7-10 billion, with some of it coming from the Adani Foundation.
“Whatever you see today, it might look like it has just happened in the last one or two years. But, in reality, both GSA (Gautam Shantilal Adani) and myself discussed this in 2015,” Singh said at the investor meeting. The conglomerate is the result of a well-thought-out business plan that entailed going into adjacencies of existing business.The group’s market capitalisation was around $16 billion in 2015 and it is $260 billion in 2022: a surge of over 16 times in seven years.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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