Gautam Adani overtakes Mukesh Ambani as India’s richest as net worth soars

mangaloretoday.com/ndtv

New Delhi, Jan 05, 2024: After a roller-coaster ride on the wealth rankings last year, Gautam Adani is back to being Asia’s wealthiest person days after Supreme court said no new probes were needed into Hindenburg Research’s bombshell allegations against the tycoon’s conglomerate.

 

Mr Adani’s net worth rose $7.7 billion in a day to $97.6 billion, reclaiming the top spot in the region from Indian compatriot Mukesh Ambani, according to Bloomberg Billionaires Index. Mr Ambani, chairman of Reliance Industries Ltd., was trailing by a narrow margin with a net worth of $97 billion, the index shows.

The comeback of the first-generation entrepreneur, who started off as a diamond trader in the 1980s, caps an eventful year for Mr Adani’s ports-to-power conglomerate. Despite denying Hindenburg’s allegations of corporate fraud, the Adani Group lost more than $150 billion in market value at one point last year and spent months wooing back investors, lenders, repaying debt and assuaging regulatory concerns.

Adani Group’s stocks rallied after Supreme Court this week ordered the local markets regulator to conclude its investigation into the conglomerate within three months and said no more probes were needed, effectively drawing a line under the year-long short-seller saga.

The court reprieve stoked a $13.3 billion wealth gain for Mr Adani - world’s largest this year - after logging one of the world’s largest wealth losses in 2023.

Mr Adani, whose conglomerate has committed an investment pf $100 billion over the next decade for green transition across its businesses, is also back to rapidly diversifying his empire beyond his coal trading origins into data centers, artificial intelligence, urban development, airports and media.