- Gautam Adani ranks first in the top 10 richest people in Asia and India.
- Has a net worth of about $600 million more than Mukesh Ambani.
- Takes advantage of new emerging sectors such as renewable and other green energy projects.
NEW DELHI: India’s conglomerate Adani Group founder and chairman Gautam Adani has surpassed Mukesh Ambani of Reliance Industries Ltd to become the richest person in Asia, The news reported, citing the latest Bloomberg Billionaires Index stats.
Gautam Adani is now one of the 10 richest people in the world and has a net worth of $88.5 billion, which is about $600 million more than Mukesh Ambani’s wealth.
Ambani’s wealth saw a year-to-date decline of about $2.07 billion, while Adani’s rose about $12 billion YTD, making the former the second richest person in India and Asia and the eleventh richest in the entire world. world became. Ambani’s total net worth as of February 8 is $87.9 billion.
Ambani was ranked first in the list of the richest person in India and Asia last November, with Gautam Adani followed by about $2.2 billion.
Over the past year, Reliance Industries’ stock price has risen approximately 18.50%. It trades at Rs2,312.75 per share on Tuesday morning. In comparison, Adani Enterprises Ltd is up over 170% in the past year and traded at Rs1,741 on Tuesday morning.
Gautam Adani has taken advantage of a basket of newly emerging sectors such as renewable and other green energy projects. Some Adani-owned companies such as Adani Total Gas Ltd and Adani Transmission Ltd have outperformed others in the past year, with the former up about 370% and the latter up 250%. Interestingly, Adani’s FMCG company Adani Wilmar, which traded on the benchmark indices on Tuesday, traded a 4% discount in a lukewarm debut.
“The Adani Group has signaled and entered all major sectors at the right time, which has appealed to a select group of foreign portfolio investors,” Deepak Jasani, head of retail research at brokerage firm HDFC Securities Ltd, told Bloomberg News. “The sectors are capital intensive and the company has had little difficulty raising funds to expand,” he added.
Both billionaires, who have made profits through the oil and fossil fuel-intensive sectors, have invested in boosting renewable energy. According to the Bloomberg report, Adani has pledged to invest $70 billion this decade to help his company, while Ambani has pledged $10 billion over the next three years as part of a larger $76 billion spending plan in renewable energy.