Gautam Adani, founder, and chairman of Gujarat-based Adani Group is now India’s and Asia’s richest person surpassing Mukesh Ambani, chairman of India’s biggest private-sector company, Reliance Industries Limited.
As per the information compiled by Bloomberg a few days back, Gautam Adani’s wealth stood at $88.8 billion, just short of $2.2 billion to overtake Mukesh Ambani’s $91 billion net worth.
The real-time net worth of these two billionaires is yet to be announced officially as the notional net worth is calculated based on their shareholding in respective listed companies.
Gautam Adani takes over ‘Asia’s Richest Person’ tag from Mukesh Ambani as Adani shares soar
Last weekend, Reliance Industries has announced that Saudi Aramco is looking to revaluate the oil to chemical (O2C) business of Reliance Industries and it withdrew the proposal to demerge O2C business that led to a drastic fall in the share price of Reliance Industries on Indian stock exchanges.
Reliance shares have fallen more than 14% in the last month from its all-time high price of ₹2,750 to close at ₹2,351.40 as of 24th November that led to a decline in the net worth of Mukesh Ambani by more than 10 billion dollars.
Whereas during the same time, Adani group stocks have registered stellar gains on Indian bourses where his flagship company Adani Enterprises closed at record highs today at ₹1,755.15 up by 2.76% percent compared to yesterday.
It went up to as high as ₹1,788.90 during the day. Another Adani group company that is India’s largest port operator, Adani Ports has also risen 4.63 percent to close at ₹763.05 today.
Gautam Adani holds a majority stake of 74% in most of his group companies barring a few that are listed on Indian stock exchanges. His other group companies Adani Transmission & Adani Green also closed at decent gains in today’s trading even though Indian indices closed in negative territory.
In the last 2 years, the net worth of Gautam Adani increased at a phenomenal pace by registering a growth of more than 1800 percent at USD 83.89 billion as per last information provided by Forbes Magazine. However, in the same period, the net worth of Mukesh Ambani rose by approximately 250 percent to USD 90.7 billion.
More Details about Adani Business
Infra business magnate Gautam Adani owns Mundra Port, India’s largest port, and also Carmichael coal mine in Australia that is considered to be one of the largest coal mines in the world. Recently in July 2021, Adani Airport Holdings Limited took over the management control of Mumbai International airport.
Adani group acquired 50.5% stake from GVK group which has built Mumbai Airport and the rest of the 23.5% stake from other minority shareholders, Airports Company South Africa (ACSA), and Bidvest Group taking its overall control to 74% in Mumbai’s Chhatrapati Shivaji Maharaj International Airport.
India’s largest private sector power transmission and retail distribution company, Adani Transmission Limited (ATL), has recently bagged three awards at the Confederation of Indian Industry’s (CII) first-ever Operational Sustainability Conference-cum-Competition.
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