Shruti Suman
Gautam Adani has surpassed Mukesh Ambani to become India’s and Asia’s wealthiest individual, according to the Bloomberg Billionaire’s Index (BBI). This shift in rankings was prompted by a surge in the shares of Adani Group, the conglomerate spanning ports to power, following the Supreme Court’s rejection of a new investigation into Hindenburg allegations.
As of 9:30 AM on Friday, Gautam Adani’s net worth stands at $97.6 billion, making him the 12th richest person globally. In comparison, Mukesh Ambani’s net worth at the same time is $97 billion, placing him one spot lower at 13th in the world rankings.
The Adani Group’s significant wealth increase is attributed to the Supreme Court’s endorsement of SEBI’s probe into the Adani-Hindenburg saga, dismissing the need for a fresh investigation into the short seller’s allegations. The group’s growth is further fueled by a $100-billion spending plan, U.S. government support for its port project in Sri Lanka, and positive market sentiment following the BJP’s victory in three Hindi belt states.
In December of the previous year, Gautam Adani had climbed to the 15th spot, closing in on Mukesh Ambani, who was then at the 14th position.
Gautam Adani’s net worth of $97.6 billion now places him as the world’s 12th richest person and the wealthiest Indian and Asian on the list. Notably, Adani gained $7.67 billion from his previous position and saw a year-to-date increase of $13.3 billion. This growth comes after a decline in his net worth amid the Hindenburg allegations.
The Adani Group, led by Gautam Adani, is a significant infrastructure conglomerate in India, with Adani owning the nation’s largest private port and playing a key role in global coal trading. The group’s flagship company, Adani Enterprises, reported revenues of $17 billion for the fiscal year ending on March 31, 2023.
Adani’s net worth is primarily attributed to his ownership in six publicly traded companies affiliated with the Adani Group. These include Adani Enterprises (73 percent), Adani Green Energy (56 percent), Adani Ports (66 percent), Adani Power (70 percent), Adani Transmission (68 percent), Adani Energy Solutions (73 percent), and Adani Total Gas (37 percent).
Other Indians in the BBI Top 50 include Mukesh Ambani at the 13th spot with a wealth of $97 billion, Shapoor Mistry at 38th with $34.6 billion, and Shiv Nadar at the 45th spot with $33 billion.
