The landscape of Indian corporate conglomerates valued over US$ 100 billion has recently expanded, now comprising eight entities. This growth was primarily fueled by a robust surge in domestic equities. Among the recent additions to this elite group are Sunil Mittal’s Bharti Airtel group, the ICICI Bank group, and Kumar Mangalam Birla’s Aditya Birla group. The leading conglomerate remains the venerable Tata group, boasting a combined market capitalization of over US$ 366 billion. It is closely followed by Mukesh Ambani’s Reliance group at US$ 267 billion and Gautam Adani’s Adani group at US$ 205 billion. Together, these eight conglomerates command an approximate market value of nearly US$ 1.5 trillion, representing almost 30% of India’s total market capitalization.
Bharti Airtel has seen the most significant surge in market value, with its flagship Bharti Airtel’s market value experiencing a remarkable 65% increase, reaching nearly US$ 100 billion. This increase was further boosted by the listing of its subsidiary, Bharti Hexacom, in May. Similarly, the Adani group also experienced a commendable 65% upswing in market value, bouncing back from challenges posed by allegations from US-based short seller Hindenburg Research. Additionally, the Aditya Birla group registered a surge of over 50% in market value, making it the latest member to join the esteemed US$ 100-billion club. However, the HDFC group stands as the sole entity witnessing a decline in market value amidst these developments.
