Indian billionaire Gautam Adani of the Adani Group on Monday overtook Mukesh Ambani as Asia’s richest man with a net worth of USD88.5 billion, as per the Bloomberg Billionaires Index.
Gautam Adani, 59, added around USD12 billion to his net worth this year thereby overtaking Mukesh Ambani, whose net worth currently stands at USD87.9 billion.
Adani group is an Indian multinational conglomerate which is headquartered in Ahmedabad, Gujarat, India. The group boasts a diversified business which includes electric power generation and transmission, port management, renewable energy, mining, airport operations, food processing and infrastructure. Adani ports is currently India’s largest private multi-port operator with presence in over 12 locations along India’s coast including Mundra port which recently handled the largest ever container ship to make a port call in India. Last year, Adani Group said that they aim to become the world's largest port operator by 2030. Adani Airport Holdings currently operates 7 airports in the country, including the Chhatrapati Shivaji Maharaj International Airport in Mumbai, thereby controlling around 25 percent of India’s air traffic.
Adani Green Energy, another subsidiary, is the group’s renewable arm which is the world’s largest solar power developer with a capacity of 12.3GW. “The Adani Group has spotted and entered all the happening sectors at the right time, which has appealed to a select band of foreign portfolio investors,” a Bloomberg report quotes Deepak Jasani of HDFC Securities Ltd. saying. Gautam Adani, chairman of the Adani Group, pledged USD70 billion by 2030 to make Adani Green the largest renewable energy producer. Shares of Adani green have rallied over 1000 percent since early 2020. Adani group has invested in sectors such as infrastructure, pipelines and energy which is in line with PM Modi’s vision of industrializing India.
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Adani Group’s FMCG arm Adani Wilmar will debut on the stock market today. Last year in April, Adani Group became the third Indian conglomerate to cross USD100 billion in market capitalisation after Reliance and TCS.
