Adani to enter e-commerce, payments biz: FT

The Gautam Adani-led Adani group is looking to enter e-commerce and payments businesses as it looks to venture into consumer-facing verticals to take on Google and Reliance Industries, the Financial Times reported citing four unidentified people familiar with the matter.

Adani, the second richest man in Asia with a total net worth of $109 billion according to Bloomberg, currently owns a string of infrastructure projects from airports to ports and energy.

The conglomerate is planning to apply for a license to operate on digital payments network Unified Payments Interface (UPI), and also roll out an online shopping platform through the government-backed Open Network for Digital Commerce, or ONDC, the FT report said.

Once launched, Adani may offer both services through its consumer app, Adani One, which currently offers travel booking services, including flight tickets.

Earlier this month, Mint reported that the group was planning a $3 billion investment to boost its international port operations, focusing on three key ports along the India-Europe corridor.

Group firm Adani Ports and Special Economic Zone Ltd is looking to capitalize on the rising demand for imports of iron ore and coal, together with the exports of finished goods, the report said.