Grupo Carso

What Grupo Carso does

Grupo Carso, S.A.B. de C.V. is a Mexican diversified conglomerate founded in 1980 and listed on the Bolsa Mexicana de Valores under ticker GCARSOA1 (ADR: GPOVY), controlled by the Carlos Slim family. It operates across four principal business lines: (1) Commercial/Retail through Grupo Sanborns, which runs 451 stores and restaurants across 61 Mexican cities under formats including Sanborns (167 stores), Sears México (98), iShop (91), MixUp (45), Dax (25), and Saks Fifth Avenue (2), plus the ClaroShop e-commerce marketplace; (2) Industrial Manufacturing through Grupo Condumex, which produces power cables, telecommunications cables, automotive wire harnesses, and transformers across 25 plants and 9 logistics centers globally, supported by the CIDEC R&D center and the CTQ joint venture with APTIV (>300 engineers); (3) Infrastructure and Construction through Carso Infraestructura y Construcción (CICSA), operating in pipeline installation, civil construction, housing, hydrocarbon infrastructure, and chemical/petroleum services, with over 4,000 km of pipelines and 640+ km of highways constructed; and (4) Energy through Carso Energy, covering oil exploration and production (offshore Ichalkil-Pokoch via Fieldwood Mexico with ≈11.4 Mb/d output, Zama field participation through Talos Energy México 7, and onshore Ixachi drilling for PEMEX), natural gas pipeline transport (Waha-Presidio, Waha-San Elizario, Samalayuca-Sásabe; 2,963 MMPCD capacity), geothermal and hydroelectric generation (145 MW in Panama via Ideal Panamá). Elementia-Fortaleza, acquired in 2022, extends operations into construction materials across 40 countries.

The business model is a hybrid: B2C retail through physical and e-commerce channels to Mexican consumers; B2B industrial sales to automotive OEMs (GM, Daimler, APTIV), telecoms (Telmex), and construction firms; and B2G project-based revenue through competitive tenders with Mexican state agencies (PEMEX, CFE, FONATUR, SICT). Pricing is therefore heterogeneous — negotiated tender contracts for infrastructure and energy, direct sales for industrial products, and variable format pricing for retail. Commercial/Retail contributed 53.6% of 2018 sales (MXN 51.8 billion), Industrial 32.0% (MXN 30.9 billion), Infrastructure 16.0% (MXN 15.5 billion), and Energy 0.1%; the post-2020 mix has shifted materially toward hydrocarbons following the PetroBal (US$530M, 2024) and Fieldwood Mexico (≈US$600M, 2026) acquisitions. The 2021 annual report recorded MXN 124.6 billion in consolidated sales and the company employed approximately 77,655 people as of end of 2019 across 268 subsidiaries; Carlos Slim announced approximately US$5 billion in planned investment for 2026.

Name

Grupo Carso

Legal name

Grupo Carso, S.A.B. de C.V.

Website

https://carso.com.mx

Company type

Public

Founded year

1980

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Grupo Carso is a Mexican diversified conglomerate (founded 1980, BMV: GCARSOA1) operating across retail (Sanborns/Sears), industrial manufacturing (Condumex), infrastructure (CICSA), energy (Carso Energy), and construction materials (Elementia), serving Mexican consumers, industrial OEMs, and government clients.

Ownership category

akta.pro rank

Product category

Diversified Conglomerate (Retail, Industrial, Infrastructure, Energy)

NAICS

Passenger Car Rental (532111), Motor Vehicle Parts Manufacturing (3363), Motor Vehicle Manufacturing (3361)

SIC

Motor Vehicle Parts & Accessories (3714), Services-Auto Rental & Leasing (No Drivers) (7510)

akta.pro primary industry

EV Platform/Skateboard & Chassis Integration Manufacturing (IMACACAI)

akta.pro secondary industries

Fleet & Commercial Vehicle Finance (FSAKADAE), Corporate Mobility & Ground Transport Management (THALANAI)

Keywords

• Diversified conglomerate operations
• Retail department stores
• Industrial cable manufacturing
• Infrastructure construction services
• Oil and gas exploration

Headquarters

HQ city

Mexico City

HQ country

Mexico

HQ region

Latin America

Offices10 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Commercial and Consumption (Grupo Sanborns): Retail operations through multiple formats including department stores, restaurants, electronics stores, music stores, and e-commerce marketplace. Contributed 53.6% of sales in 2018 (MXN 51.8 billion). 451 stores and restaurants operating in 61 cities across Mexico.
2. Industrial and Manufacturing (Grupo Condumex): Manufacturing and commercialization of products for construction, infrastructure, energy, automotive, telecommunications, and mining markets. Contributed 32.0% of sales in 2018 (MXN 30.9 billion). Includes wire harnesses, power cables, transformers, and automotive parts.
3. Infrastructure and Construction (CICSA): Large-scale construction and infrastructure projects including hydrocarbon pipeline installation, chemical and petroleum industry services, civil construction, and housing. Contributed 16.0% of sales in 2018 (MXN 15.5 billion). Projects include pipelines, highways, offshore platforms, and train construction.
4. Energy (Carso Energy): Oil exploration and production through Tabasco Oil Company in Colombia, natural gas transportation via pipelines in Texas for CFE, geothermal exploration, hydroelectric power in Panama, and participation in the Zama oil field and other Mexican hydrocarbon projects. Contributed 0.1% of sales in 2018.
5. Construction Materials (Elementia - Fortaleza): Light construction and innovative construction solutions through brands including Mexalit, Eureka, Cempanel, Colorcel, Eternit, Duralit, Fibraforte, Allura, Plycem, Frigocel, Comecop, Nacobre, and Cobrecel. 22 production plants, 5,300+ employees, 1,800+ distributors across 40 countries.

Go-to-market motion5 records

Distribution channels7 records

Marketing channels5 records

Core offering

Grupo Carso is a Mexican diversified conglomerate that manufactures, distributes, and retails products and services across four sectors: commercial/retail (department stores, restaurants, electronics, music via Grupo Sanborns), industrial manufacturing (telecommunications cables, automotive wire harnesses, power transformers, construction materials via Grupo Condumex and Elementia), infrastructure construction (pipelines, highways, offshore platforms, civil construction via CICSA), and energy (oil and gas exploration and production, natural gas transportation, geothermal and hydroelectric power via Carso Energy).

Product overview

Grupo Carso is a major Mexican diversified conglomerate operating across four strategic sectors: Commercial/Retail, Industrial/Manufacturing, Infrastructure and Construction, and Energy. The company comprises approximately 268 subsidiaries. The commercial sector is led by Grupo Sanborns with retail operations including Sanborns restaurants/stores, Sears department stores, iShop electronics stores, MixUp music/entertainment stores, and Saks Fifth Avenue boutiques, plus the Claro Shop e-commerce marketplace. The industrial sector is centered on Grupo Condumex, manufacturing cables and automotive components across 25 plants globally with R&D through CIDEC. Infrastructure and Construction is handled by CICSA, serving oil/gas, pipeline installation, civil construction, and housing sectors. The energy sector through Carso Energy encompasses oil and gas exploration/production (including offshore fields Ichalkil-Pokoch and Zama field participation), gas pipeline transportation (Waha-Presidio, Waha-San Elizario, Samalayuca-Sásabe), geothermal energy, and hydroelectric power. Elementia-Fortaleza adds construction materials manufacturing. This integrated portfolio generates value through operational synergies across sectors, with focus on domestic Mexican market leadership and Latin American expansion.

Differentiator

Problem solved

Functional benefit

Brands

• Grupo Sanborns: Commercial and retail subsidiary operating restaurants, department stores, music stores, electronics stores, and other retail formats
• Grupo Condumex
• Carso Infraestructura y Construcción (CICSA)
• Carso Energy
• Elementia Materiales
• Fortaleza Materiales
• CIDEC
• Claro Shop
• Fundación Carlos Slim

Products and services

• Grupo Sanborns Retail and Restaurant Operations Multi-format retail and restaurant operations including 167 Sanborns stores with restaurants, 22 Sanborns Café, 45 MixUp music stores, 91 iShop stores, 98 Sears department stores, 25 Dax stores, 2 Saks Fifth Avenue boutiques, and 2 shopping centers serving Mexican consumers with electronics, home goods, apparel, pharmaceuticals, beauty products, books, music, Apple products, toys, sporting goods, and cellular phones, plus the ClaroShop e-commerce marketplace.
• Condumex Cables and Wire Harnesses Manufacturing and commercialization of power cables, telecommunications cables, automotive wire harnesses, power transformers, and specialized wiring products for construction, infrastructure, energy, automotive, telecommunications, and mining industries, supplied to automotive OEMs (GM, Daimler, APTIV) and telecom companies.
• CICSA Infrastructure and Construction Services Large-scale infrastructure construction services including pipeline installation for hydrocarbon transportation, manufacturing and services for the chemical and petroleum industry, infrastructure projects (highways, offshore platforms, train construction), civil construction, and housing development, with 4 manufacturing yards for structures.
• Carso Energy Gas Pipeline Transportation Services Natural gas transportation services for Mexico's Federal Electricity Commission (CFE) through pipelines including Waha-Presidio (238 km, 42-inch diameter) and Waha-San Elizario (313 km, 42-inch diameter) in Texas, USA, and the Samalayuca-Sásabe (624 km, 36-inch diameter) pipeline between Chihuahua and Sonora in Mexico, with a 416 km continuation to Mexicali under development.
• Oil and Gas Exploration and Production Hydrocarbon exploration and extraction operations including offshore fields (Ichalkil and Pokoch in Campeche with 68 million barrels of light crude and 92 Bcf of natural gas reserves), onshore wells at the Ixachi field in Veracruz (32-well, US$1.991 billion PEMEX contract), and participation in the Zama oil field with approximately 750 million barrels of oil equivalent in gross recoverable resources.
• Geothermal and Hydroelectric Power Generation Renewable energy generation including geothermal exploration and exploitation in Celaya (Guanajuato) and Mexicali (Baja California) with 70% participation, and hydroelectric power generation through two plants in Panama (acquired via Ideal Panama) with combined 145 MW capacity.
• Elementia and Fortaleza Construction Materials Light construction and innovative building materials for self-construction, industrial, and agroindustrial segments, commercialized under brands including Mexalit, Eureka, Cempanel, Colorcel, Eternit, Duralit, Fibraforte, Allura, Plycem, Frigocel, Comecop, Nacobre, and Cobrecel, with 22 production plants, 5,300+ employees, and 1,800+ distributors across 40 countries.

Named customers10 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Eleven partnerships are on record, tiered core and minor.

• Petróleos Mexicanos (PEMEX)coreStrategic or Co-development Partner · 23 June 2026Petrobras and Mexico's state-owned PEMEX signed an MOU for strategic and technical cooperation in oil and gas projects. This partnership may indirectly benefit Braskem Idesa (Braskem-Grupo Carso joint venture) which has struggled with raw material shortages from PEMEX.
• Pemex Exploración y Producción (PEP)minorChannel Partner/ Reseller/ Distributor · 22 June 2026CICSA (Carso subsidiary) formally withdrew from a PEMEX tender for a semisubmersible offshore drilling platform without presenting a bid, causing cancellation of the procurement. Previously CICSA had constructed two marine platforms (MALOOB-E and MALOOB-I) for PEMEX.
• Lukoil (Fieldwood Mexico)coreStrategic or Co-development Partner · 20 January 2026Grupo Carso acquired 100% of Fieldwood Mexico from Lukoil for US$270 million plus assumption of US$330 million in debt (total ~US$600 million). This consolidated full ownership of the Ichalkil and Pokoch offshore fields in the Gulf of Mexico Campeche, building on the 50% stake acquired from Petrobal in 2024.
• Harbour EnergycoreStrategic or Co-development Partner · 31 December 2025Harbour Energy appointed operator of the Zama oil project with 32.22% interest, alongside PEMEX (50.4%) and Talos Energy Mexico (17.35%), with approval from Mexico's Ministry of Energy (SENER).
• FCC ConstruccióncoreStrategic or Co-development Partner · 15 September 2025CICSA and FCC Construcción formed a 50/50 consortium to bid on and execute large government infrastructure projects including the Tren Maya Tramo 2 (MXN 18.5 billion) and Tren de Pasajeros Saltillo-Nuevo Laredo Segments 13-14 (MXN 31.8 billion).
• PetroBal (Grupo Bal)coreStrategic or Co-development Partner · 12 January 2024Grupo Carso acquired PetroBal Operaciones Upstream for US$530 million through its subsidiary Zamajal. PetroBal owned 50% of the Ichalkil & Pokoch fields (Area Contractual 4) off the coast of Campeche.
• Talos Energy Inc.coreStrategic or Co-development Partner · 27 September 2023Grupo Carso subsidiary Zamajal (90% owned) acquired 49.9% of Talos Energy México 7, entity holding 17.4% in the Zama oil field. Talos is operator of the Mexican subsidiary. Total investment US$124.75 million with payments tied to first commercial production. Subsequently increased stake to 80% in Talos Mexico.
• PermaductominorStrategic or Co-development Partner · 21 October 2019CICSA and Permaducto formed a consortium awarded a PEMEX contract for engineering, procurement, and construction of two marine platforms (MALOOB-E and MALOOB-I) in the Campeche Sound, Gulf of Mexico.
• Comisión Federal de Electricidad (CFE)coreStrategic or Co-development Partner · 1 September 2015CFE selected Carso Electric (subsidiary of Carso Energy) for construction and operation of the Samalayuca-Sásabe gas pipeline in Chihuahua, Mexico (624 km, 36-inch diameter, 25-year USD transport contract). In December 2023, extended via 416 km continuation to Mexicali.
• Pemex Exploración y ProduccióncoreStrategic or Co-development Partner · 25 May 2013Through Zamajal subsidiary, Grupo Carso holds 49.9% stake in Talos Energy México 7 (later increased to 80%) participating in the Zama oil field consortium alongside PEMEX (50.4%) as operator, Wintershall Dea (19.8%), and Talos.
• APTIV (formerly Delphi Automotive Systems)coreStrategic or Co-development Partner · 1 January 1998Grupo Condumex and APTIV operate CTQ (Centro Técnico Querétaro), a joint venture for automotive wire harness design with 300+ engineers and over 20 years of experience. Condumex is a long-term supplier to APTIV and earned GM Supplier Quality Excellence Award through this relationship.

Scale indicators26 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Yazaki Corporation: Yazaki is one of the world's largest automotive wire harness manufacturers, directly comparable to Condumex's wire harness operations for OEMs and serving overlapping global automotive customers.
• Alfa S.A.B. de C.V. Alfa is a Mexican diversified industrial conglomerate with holdings in petrochemicals (Alpek), food (Sigma), automotive parts (Nemak), and telecom - the closest analog to Grupo Carso's diversified structure combining industrial manufacturing with consumer-facing businesses under a controlling family.
• Lear Corporation: Lear is a global automotive seating and electrical systems supplier including wire harnesses, directly comparable to Grupo Condumex's automotive wire harness and electrical components business supplying GM, Daimler, and APTIV.
• El Puerto de Liverpool S.A.B. de C.V. Liverpool is Mexico's leading department-store chain competing head-to-head with Sears México/Sanborns operated by Grupo Carso, sharing the Mexican middle-to-premium retail customer segment with similar omnichannel strategies.
• ICA (Empresas ICA S.A.B. de C.V.): ICA is a Mexican construction and infrastructure firm active in transportation, civil works, and industrial construction - directly comparable to CICSA in competing for Mexican federal infrastructure tenders (highways, pipelines, terminals).

Regional players

• OHLA (Obrascón Huarte Lain): OHLA is a Spanish-headquartered construction group with significant concessions and infrastructure operations in Mexico and Latin America - comparable to CICSA in competing for large public infrastructure concessions across similar geographies.

Broad incumbents

• Vitro S.A.B. de C.V. Vitro is a Mexican-listed industrial glass manufacturer with diversified operations - similar in profile to a Mexican-domiciled industrial company within Grupo Carso's industrial portfolio, sharing export markets and industrial customer relationships.
• Grupo México S.A.B. de C.V. Grupo México is one of Mexico's largest conglomerates, with mining (Southern Copper), infrastructure/rail (Ferromex/Ferrosur), and construction divisions - structurally similar to Grupo Carso's combination of resource-based, infrastructure, and industrial operations.
• FEMSA (Fomento Económico Mexicano): FEMSA is a major Mexican-listed conglomerate combining retail (OXXO convenience stores), beverage (Coca-Cola FEMSA), and logistics - comparable to Grupo Carso in being a Mexican-domiciled, multi-format consumer-and-industrial conglomerate with cross-sector capital allocation.
• Walmart de México y Centroamérica: Walmart de México is the dominant mass-market retailer in Mexico, directly competing with Sanborns, iShop, and MixUp in electronics, home goods, and consumer products across overlapping Mexican store footprints.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights5 records

Customer concentration

• Xx.com/grupo_carso

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries14 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Grupo Carso