The Adani group, which competes with the Mukesh Ambani-led conglomerate for top position in merger and acquisition (M&A) deals, outpaced the listed entities of the rival camp last year.
It secured agreements worth $6.32 billion as against $3.14 billion of the Ambanis.
In 2023, however, Ambani-run entities led the league tables among Indian conglomerates, with deals totalling $8.77 billion, while the Adani group had signed those worth $1.73 billion.
While the JSW and Tata groups are also expanding capacity through M&As, it is the Adani and Ambani groups that have been swapping the top two positions since the pandemic, according