Mumbai, Sept. 13 -- Diamond Power Infrastructure Ltd (Dicabs), a little-known Vadodara-based firm backed by Gautam Adani's brother-in-law, has outlined an ambitious revenue target: Rs.10,000 crore by 2030 from Rs.1,115 crore in 2024-25.

This comes after Dicabs's new owners, Gujarat-based air-cargo company GSEC Ltd, turned around the manufacturer of power cables and conductors in quick order after acquiring it from the bankruptcy court for a mere Rs.500 crore in 2022.

A bulk of this growth has come from the promoters' association with the Adani Group. Promoter and director Rakesh Ramanlal Shah is married to Priti Shah, Adani's sister. Shah and the Adani Group chairperson also have a business venture together-Smart Meters Technologies Pvt...