Guwahati: The Adani Group has announced its foray into the e-commerce and payments space, positioning itself to rival industry titans like Google and Reliance Industries.
Leveraging India's robust digital infrastructure, including the Unified Payments Interface (UPI) and the Open Network for Digital Commerce (ONDC), the conglomerate aims to establish a strong foothold in the rapidly growing consumer technology market, according to reports.
The Gautam Adani-owned conglomerate is currently in discussions to obtain licenses for operating on the UPI platform and is negotiating partnerships with banks for the launch of a co-branded Adani credit card. Additionally, it is exploring avenues to provide online shopping services through the ONDC network, supported by the Indian government's digital public infrastructure.
The reported strategy involves initially targeting Adani's existing clientele, estimated to encompass hundreds of millions of individuals, including customers of its airports, gas, and electricity services. By offering value-added services such as loyalty points for bill payments and duty-free purchases, Adani aims to incentivize its customer base to transition into using its e-commerce and payments platforms.
However, the conglomerate's expansion plans come amidst controversy and scrutiny. Allegations of fraud and market manipulation raised by Hindenburg Research have cast a shadow over Adani's operations, leading to significant fluctuations in its stock market valuation. Despite these challenges, Adani Group remains resilient, with its enterprises showing signs of recovery.
In May, an expert committee appointed by the Supreme Court said there has been no violation by the Adani Group and it was not possible to conclude that there had been any regulatory failure on the part of market regulator SEBI.
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