India, July 12 -- A string of successful bets on ports, mining and commodities helped transform Gautam Adani from a nondescript diamond trader into a tycoon with a net worth of almost $10 billion.

Now the Indian businessman is setting his sights on what he believes could become another big money maker: Selling data storage services to companies such as Amazon.com Inc. and Alphabet Inc.'s Google.

India's government is weighing a new law that would require data to be stored locally, and his conglomerate Adani Enterprises Ltd. has said it expects to invest 700 billion rupees ($10.2 billion) to build data parks in a southern state over the next two decades. The billionaire's hope is to capitalize on demand from foreign technology companies,...