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From the HDFC merger to the Brightcom saga, 2022 was a year with many shades of grey for corporate India.

Editor's note: Of the 120-odd business stories that we did in 2022, about one in six were on Gautam Adani and his ever-growing empire. Such has been Adani’s dominance of Indian business in 2022 that one would inevitably read his name in nearly every other deal, irrespective of the sector. From a landmark real estate project to a giant cement business to a storied media house, the Adani name was stamped all over them. For such a fast-rising conglomerate, it was thus important to also look at its finances, audit practices and the people who had built it. We did that and more. Head to our Business section to read all of them. A few other entrepreneurs and companies also made their presence felt. If you have followed our coverage on Aditya Birla Capital, its CEO Ajay Srinivasan finally took the exit door, forced out by a whistleblower letter. Another Ajay, this time in aviation, managed to hang on. But it was the rumble and tumbles of fintech entrepreneurs that were scarcely believable. We also bid goodbyes to two entrepreneurs. Our obituaries …
While the filing for an IPO by its telecom and digital business was the highlight, Reliance laid out plans for its new energy and retail businesses, setting them up for eventual listings.
Aggressive expansion, continued dependence on its parent for business, and an adverse shift in the product mix weigh on profitability as well as investor sentiment.
The retired banker wants India’s top companies to invest in AI. But the capital, ambition, and urgency simply aren’t there.