Billionaire Gautam Adani Regains Top 20 Spot in Bloomberg Billionaires’ Index
Gautam Adani, the chairman of Adani Group, has made a strong comeback to the list of world’s top 20 billionaires, thanks to the impressive rally in the shares of his group companies. Adani’s net worth has surged by $4.38 billion to $64.2 billion, pushing him to the 18th spot in the Bloomberg Billionaires’ Index. This is a remarkable achievement for the Indian business magnate who had lost his place in the top 20 earlier this year.
Adani had slipped below the top 20 in February 2023 after his net worth took a massive hit following a report by Hindenburg Research, which had raised serious allegations against the Adani Group. The report had accused the group of various financial irregularities, including money laundering, bribery, and tax evasion. As a result, Adani had lost $56.4 billion since the start of 2023.
However, the shares of Adani Group companies have been on a strong upward trajectory this week, driven by several factors, including fresh investments from GQG Partners. On Tuesday, the overall market capitalization of all 10 Adani Group stocks rose by ₹63,418.85 crore in a single day, taking the total valuation to over ₹10.16 lakh crore. This is still significantly lower than the Group’s peak valuation of ₹19.20 lakh crore on January 24, before the Hindenburg report was released.
The rally in Adani Group stocks was triggered by the clean chit given by the Supreme Court panel, which was looking into the allegations made by Hindenburg Research. The panel said it found no evidence of a “regulatory failure” by the group. Moreover, the group’s recent investor, GQG Partners, raised its stake in the companies by around 10%. The veteran investor Rajiv Jain-led GQG Partners LLC will also take part in the conglomerate’s future fundraising, doubling down on what he calls “the best infrastructure assets available in India.”
In March, GQG had acquired almost ₹15,446 crore investment into four Adani Group companies. The value of this investment now stands at around ₹25,515 crore, up by a staggering ₹10,069 crore. This investment has provided a major boost to the Adani Group, which has been aggressively expanding its presence in various sectors, including infrastructure, energy, ports, and airports.
Gautam Adani is widely regarded as one of India’s most successful businessmen, with interests in a wide range of sectors. He started his career as a diamond sorter in Mumbai and later ventured into trading commodities. In the late 1990s, he set up Adani Group, which has since grown into a massive conglomerate with a presence across the world. The group has been expanding rapidly in recent years, with several high-profile acquisitions, including the purchase of the Mumbai airport and the acquisition of a 74% stake in Mumbai’s second-busiest port.
The resurgence of Adani’s net worth is a testament to his business acumen and resilience in the face of challenges. Despite the setbacks caused by the Hindenburg report, Adani has managed to regain his position among the world’s top billionaires, thanks to the strong performance of his group companies. With the backing of investors like GQG Partners, Adani Group is well-positioned to continue its growth trajectory in the coming years.
- Adani Group
- Adani Enterprises
- Adani Ports and SEZ
- Adani Power
- Adani Transmission
News Source : Livemint
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