Indian Conglomerates Ramp Up Expansion Plans
India's largest conglomerates — Adani Group, Reliance Industries, Tata Group, Aditya Birla Group, JSW and L&T — report sustained expansion through 2025 and into FY26 driven by heavy M&A and capital expenditure. Adani targets ₹1.5 trillion in FY26 capex and Reliance reiterates plans to more than double EBITDA by 2027, while groups complete acquisitions across energy, consumer goods and infrastructure. These moves increase scale and reshape competitive positioning.
Key Points
- 1Undertake large-scale M&A and capex, exemplified by Adani's ₹1.5 trillion FY26 target
- 2Leverage strong internal capital to diversify, earning roughly 6–8% higher returns on assets
- 3Prioritize succession planning and disciplined leverage to sustain diversification and long-term corporate stability
Scoring Rationale
Covers significant industry-wide M&A and capex activity, but lacks transformative novelty and limited direct technical relevance.
Sources
Public references used for this report.
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