The Story of Grupo Carso: From Mexican Conglomerate to Global Powerhouse

Grupo Carso stands as one of the most influential and diversified business empires in Latin America. Synonymous with industrial strength, retail dominance, and strategic investment, it has been a defining force in Mexico’s economic landscape for over four decades. The story of Grupo Carso is, in many ways, inseparable from the life and vision of one of the world’s most prominent entrepreneurs: Carlos Slim Helú.

Foundations: A Vision Takes Shape

The origins of Grupo Carso date back to 1980, when a company known as Grupo Galas, S.A. was incorporated in Mexico. This modest beginning marked the first formal structure that would evolve into the conglomerate known today as Grupo Carso. The name “Carso” itself isn’t arbitrary — it’s a portmanteau of Carlos Slim and Soumaya Domit, Slim’s wife — symbolizing both personal and corporate partnership right from the outset.

At that early stage, the entity was more a vehicle for investment than a consolidated enterprise. But in the context of Mexico’s broader economic reform and liberalization during the late 20th century, such a vehicle would soon become a powerhouse.

The Rise of Carlos Slim: Laying the Corporate Bedrock

Carlos Slim’s journey to building a business empire began long before Grupo Carso. After graduating with a degree in civil engineering, he began investing in undervalued Mexican companies and assets. Over the 1970s and early 1980s, Slim cultivated a diversified portfolio that included real estate, manufacturing, and financial services.

By the mid-1980s, Grupo Carso began acquiring stakes in a slew of industrial and commercial firms:

• Acquisitions of Artes Gráficas Unidas, Fábricas de Papel Loreto y Peña Pobre, and Sanborns including its U.S. chain Dennys.

• Purchases of steel and mining interests through Minera Frisco and Empresas Nacobre.

• Control of the Honduran tire maker Euzkadi and later of General Tire de México.

This period was characterized by aggressive diversification — not random expansion, but calculated bets on sectors with long-term potential. Each acquisition brought Grupo Carso greater scale and access to markets that would serve as pillars for future growth.

Transformation in the 1990s: From Portfolio to Conglomerate

The year 1990 marked a critical turning point. Grupo Galas officially changed its name to Grupo Carso S.A.B. de C.V., aligning its identity with the corporate vision that Carlos Slim had been building for a decade. That same year, Carso was listed on the Mexican Stock Exchange, opening its capital to public investment and signaling readiness for larger strategic moves.

Perhaps the most consequential acquisition from this era was the strategic purchase of Telmex, the national telephone operator, as part of a consortium including Southwestern Bell International and France Telecom. Although Slim’s direct stake in Telmex wasn’t dominant initially, the deal placed him in the heart of one of Mexico’s most lucrative and fundamental industries — telecommunications.

Throughout the early to mid-1990s, Carso streamlined its holdings and expanded further:

• Acquiring key industrial players such as Grupo Condumex, a major manufacturer of cabling and related industrial products.

• Adding Grupo Aluminio and consolidating leadership positions in manufacturing and industrial supply chains.

• Taking majority stakes in consumer and retail brands, such as Sears México.

Simultaneously, complements like hospitality assets such as Hoteles Calinda (now OSTAR Grupo Hotelero) infused further diversity into the portfolio.

Diversification into Strategic Sectors

By the turn of the millennium, Grupo Carso had solidified itself as a diversified conglomerate with operations spanning four core sectors: commercial, industrial, infrastructure and construction, and energy.

Commercial Sector

The commercial arm of Grupo Carso includes major retail and consumer brands. Through Grupo Sanborns, Carso operates department stores, restaurants, and specialty retailers that are household names in Mexico. The acquisition and expansion of Sears México further strengthened the retail footprint, despite challenges in the U.S. counterpart.

Industrial Sector

Grupo Carso’s industrial portfolio is anchored by Condumex, which supplies cables and components to sectors such as infrastructure, energy, and telecommunications. It also includes companies like Nacobre, reflecting deeper integration into the manufacturing ecosystem.

Infrastructure and Construction

Construction and engineering emerged as vital components of Carso’s identity. Through subsidiaries such as CICSA and Carso Infraestructura y Construcción, the group has built roads, bridges, and industrial facilities. In 2025, Carso’s construction arm — in partnership with Spanish builder FCC — secured a major railway project in Mexico valued at approximately 1.47 billion euros.

Energy Sector

Perhaps the most recent show of ambition is Grupo Carso’s push into energy — especially in oil, gas, and electrical infrastructure. Through its energy division, Carso has participated in building pipelines, extraction operations, and energy assets both in Mexico and abroad. It has engaged with Petróleos Mexicanos (Pemex) on contracts for drilling and production — including a significant deal worth nearly 1.99 billion dollars to drill multiple wells in the Ixachi oil field.

This expansion into energy reflects wider shifts in Mexico’s economy as private investment becomes more central to national energy goals — especially in natural gas production and infrastructure. Carso has also examined deepwater gas projects like Lakach, though such undertakings involve complex evaluations of cost and feasibility.

Sustained Corporate Strategy: Reinvention and Resilience

What distinguishes Grupo Carso isn’t just diversification, but strategic reinvestment. Rather than settling into static hierarchies of ownership, the conglomerate has repeatedly reshaped its portfolio in response to market dynamics and long-term trends.

For example:

• Carso created Carso Global Telecom, which later spun off telecom assets to streamline focus and create value.

• The company divested from non-core segments such as paper manufacturing and tire production to focus on sectors with greater growth potential.

This agility has enabled Carso to maintain profitable operations across sectors and generate consistent cash flows for shareholders — an enduring hallmark of its corporate identity.

Leadership and Corporate Governance

Carlos Slim, while the symbolic and strategic architect of Grupo Carso, transitioned many day-to-day responsibilities to successive generations of leadership. His son, Carlos Slim Domit, serves as chairman, reinforcing the family’s involvement in governance.

Under their stewardship, Grupo Carso has cultivated an institutional culture that balances entrepreneurial nimbleness with disciplined management practices — enabling sustainable growth even amid economic turbulence.

Philanthropy and Social Influence

Beyond business results, the Carso story includes corporate responsibility. The Carlos Slim Foundation, established in 1986, represents the group’s formal commitment to social impact. It runs programs in education, health, employment, environment, and cultural development, benefiting millions across Latin America.

This philanthropic dimension complements Carso’s commercial pursuits, reflecting a view that sustainable development involves both economic success and social investment.

Challenges and Criticisms

No corporate saga is without contention. Grupo Carso — like many large conglomerates — has weathered economic downturns, market fluctuations, and public scrutiny.

At times, financial results have felt pressure from broader economic shocks like the COVID-19 pandemic. In 2020, for example, the group reported a notable drop in profits as sales declined and operations adjusted to pandemic challenges.

Projects involving infrastructure — such as Mexico City’s Metro Line 12 — have also seen Carso at the center of public debate and legal scrutiny, highlighting the complex interplay between private enterprise, public infrastructure, and societal expectations.

These challenges underscore the responsibility and accountability incumbent upon conglomerates operating at national scale.

Grupo Carso Today and Into the Future

As of 2025, Grupo Carso remains one of Mexico’s largest and most diversified business groups. With annual revenues in the tens of billions of dollars, thousands of employees, and global operations, it continues to shape industries ranging from construction to energy.

Looking forward, the company’s strategic priorities include:

• Growing its energy portfolio, particularly in oil, gas, and renewables.

• Leveraging technological innovation to modernize industrial and commercial operations.

• Strengthening infrastructure delivery amidst Mexico’s ongoing development needs.

In these pursuits, Grupo Carso stands not just as a business entity, but as a case study in adaptation, strategic vision, and economic influence.

Grupo Carso: Key Milestones Timeline

1960s–1970s | Foundations of an Empire

• 1965–1970s – Carlos Slim begins investing in real estate, construction, and undervalued Mexican companies

• 1976 – Slim acquires Sanborns, marking a major entry into retail and consumer services

• Late 1970s – Early investments in manufacturing, mining, and finance lay groundwork for diversification

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1980 | Birth of Grupo Carso

• 1980 – Incorporation of Grupo Galas, S.A., the company that would later become Grupo Carso

• Name derived from CARlos Slim and SOumaya Domit

• Initial focus: strategic investments across multiple industries

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1980–1989 | Strategic Acquisitions

• Acquisition of Fábricas de Papel Loreto y Peña Pobre

• Expansion into:

  • Mining (Minera Frisco)

  • Industrial manufacturing (Nacobre)

  • Retail and restaurants (Sanborns Group)

• Consolidation of a diversified investment portfolio

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1990 | Public Listing & National Impact

• 1990 – Company renamed Grupo Carso, S.A.B. de C.V.

• Listed on the Mexican Stock Exchange (BMV)

• Participation in the privatization of Telmex, transforming Slim’s influence in telecommunications

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1990s | Consolidation as a Conglomerate

• Acquisition of Condumex, strengthening industrial and infrastructure capabilities

• Entry into Sears México, expanding department store operations

• Development of Carso Infraestructura y Construcción (CICSA)

• Growth in hospitality with Hoteles Calinda

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2000–2009 | Structural Evolution

• Creation of Carso Global Telecom, separating telecom assets from industrial and retail operations

• Divestment from non-core businesses (paper, tires)

• Focus on high-return, capital-intensive industries

• Expansion of infrastructure projects across Mexico and Latin America

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2010–2015 | Infrastructure & Industrial Strength

• Major participation in:

  • Roads, bridges, and civil engineering projects

  • Industrial supply chains linked to energy and telecom

• 2015 – Carlos Slim steps back from day-to-day leadership

• Carlos Slim Domit becomes Chairman of the Board

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2016–2019 | Energy Sector Entry

• Expansion into:

  • Oil and gas services

  • Pipelines and drilling infrastructure

• Strategic alignment with Mexico’s evolving energy policy

• Increased collaboration with Pemex

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2020 | Resilience During Global Crisis

• COVID-19 pandemic impacts retail and construction revenues

• Grupo Carso maintains financial stability through diversification

• Acceleration of operational efficiency and cost controls

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2021–2024 | Megaprojects & Expansion

• Participation in major public infrastructure projects

• Expansion of energy exploration and drilling contracts

• Continued dominance in retail via Sanborns and Sears México

• Strengthening of industrial exports

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2025 | Present Day

• Grupo Carso operates across four core sectors:

  1. Commercial (Retail & Consumer Services)

  2. Industrial Manufacturing

  3. Infrastructure & Construction

  4. Energy (Oil, Gas, Power)

• Revenues in the tens of billions of dollars

• One of Latin America’s most influential conglomerates

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One-Line Infographic Summary

1960s → Early Investments
1980 → Grupo Carso Founded
1990 → Public Listing & Telmex
1990s → Industrial & Retail Expansion
2000s → Structural Optimization
2010s → Infrastructure & Energy
2020s → Megaprojects & Global Reach

Ahmad Nor,

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