Gautam Adani is the Founder and Chairman of the Adani Group, which ranks among the top 3 industrial conglomerates in India. Mr Adani, a first-generation entrepreneur, is driven by the core philosophy of infusing “Growth with Goodness” through his nation-building vision. Each of the Group’s businesses focuses on helping build world-class infrastructure capabilities to help accelerate the growth of India.
Adani Group consists of 10 publicly listed entities with a combined market capitalization in excess of $242.73 billion (as of August 29, 2022) with businesses spanning Energy, Ports & Logistics, Mining & Resources, Gas, Defence & Aerospace, and Airports. The Group has established a leadership position in India in each of its business areas.
The significant rise in Adani Group stocks has been a key factor in Adani’s overtaking of Ambani. On Friday, shares of all Adani Group companies surged following a report by Jefferies highlighting the group’s aggressive expansion plans, including $90 billion in capital expenditures over the next decade.
According to the Bloomberg Billionaires Index, Bernard Arnault is currently the wealthiest person in the world with a net worth of $207 billion. He is followed by Elon Musk, who has a total wealth of $203 billion, and Jeff Bezos, with $199 billion.
One of the key driving factors behind this is the surge in Adani stocks. On Friday, shares of all Adani Group companies surged after a Jefferies report spotlighted the group’s ambitious expansion plans, including $90 billion in capital expenditures over the next decade.
The market responded favorably, leading to an increase of ₹1.23 lakh crore in investor wealth for Adani Group stocks, raising their total market capitalization to ₹17.94 lakh crore during intraday trading. By the end of the trading session, the market capitalization had settled at ₹17.51 lakh crore, reflecting an addition of ₹84,064 crore in value.
The year 2023 was particularly challenging for the Adani Group following a Supreme Court order to investigate the allegations detailed in the Hindenburg report. Previously the third richest person globally, Adani’s ranking plummeted as the group’s shares experienced a significant sell-off.
2023 had been quite challenging for the Adani Group after the Supreme Court ordered a panel to probe the allegations in the Hindenburg report. Adani, who was the third richest person in the world before the report, slipped in the rankings rapidly after the group’s shares saw a sell-off.
However, later the Supreme Court ordered the Securities and Exchanges Board of India (Sebi) to conclude its investigation into the Adani Group and said no more probes were needed. Sebi had said that it could not reach an outcome in its probe.
Last week, Adani also expressed his optimism about the future of the group saying that its best days are ahead. “The road ahead is paved with extraordinary possibilities, and I can promise you that the Adani Group today is stronger than it has ever been,” he said, as reported by NDTV.
The Bloomberg Billionaires Index showed that currently, Bernard Arnault is currently the richest person in the world with a net worth of $207 billion. He is followed by Elon Musk and Jeff Bezos with total wealth of $203 billion and $199 billion respectively.
