Gautam Adani added Rs 75 crore to his wealth every hour in 2021, could soon overtake Mukesh Ambani

Unlike other entrepreneurs, Adani moved to sectors that the government was trying to develop and where competition was relatively less. & Nbsp

Highlights

  • According to the Bloomberg Billionaire Index, Adani’s total fortune to date (May 23, 2021) was $ 69 billion.
  • In the 142 days of 2021, he added $ 35.2 billion or 2.56 lakh crore to his wealth.
  • this wealth addition was the second only after French luxury magnate Bernard Arnaut, who added $ 47.9 billion to his personal wealth this year

New Delhi: Gautam Adani, who earlier this week became Asia’s second richest person behind China’s bottled water king Zhong Shanshan, added Rs 75 crore to his wealth every hour this year despite the pandemic .

According to the Bloomberg Billionaire Index, Adani’s total fortune to date (May 23, 2021) was $ 69 billion (or Rs 5.03 lakh crore). In the 142 days of 2021, he added $ 35.2 billion or 2.56 lakh crore to his wealth. This means he has added just over Rs 75 crore to his wealth every hour this year.

In terms of value, this wealth addition came just behind French luxury mogul Bernard Arnaut (CEO of LVMH), who added $ 47.9 billion to his personal wealth this year, according to the Bloomberg Index.

It should be mentioned here that Adani’s wealth addition this year was more than the combined wealth addition of $ 24.5 billion by 19 other Indian billionaires together.

Shares of Adani Group companies such as Adani Green, Adani Enterprises, Adani Gas and Adani Transmission saw a massive rally in the one-year period despite the pandemic. Adani Total Gas jumped 1,145% in the past year, while shares of Adani Enterprises and Adani Transmission rose 827% and 617%, respectively. Adani Green Energy and Adani Power gained 433% and 189% respectively during this period, while Adani Power rose 142%.

Adani, who began his career as a diamond trader in the early 1980s, quickly returned to his home state of Gujarat to help run his brother’s plastics business before founding Adani Enterprises, his flagship company in 1988. Little by little, he extended his activity in the ports. , airports, energy, resources, logistics, agro-industry, real estate, financial services, gas distribution, defense sectors. In 1995, he obtained the contract to manage the port of Mundra, located on the coast of the Arabian Sea. Today, his company is the largest private sector port and airport operator in India.

The group also became India’s largest non-state power producer and a leader in coal mining, and expanded overseas. In Australia, the mogul still faces negative publicity for his Carmichael thermal coal project, for which he gained approval last year after a decade-long struggle with regulators and environmentalists.

Unlike other entrepreneurs, Adani moved into sectors that the government was trying to develop and where competition was relatively less. In an effort to increase its dominance in India’s infrastructure sector, the Adani Group has embarked on a trading frenzy over the past two years. In March, Adani Ports and Special Economic Zone Ltd acquired a 58.1% stake in Gangavaram Port Ltd from DVS Raju and his family for 3,604 crore rupees, winning majority control of the private port of Visakhapatnam in the Andhra Pradesh. It had previously acquired a 31.5% stake in the port of Warburg Pincus.

In September, the group took over control of Mumbai International Airport from GVK Group, in addition to taking a majority stake in the forthcoming Navi Mumbai International Airport. It also obtained 50-year operating rights for the recently privatized airports of Ahmedabad, Lucknow, Mangaluru, Jaipur, Thiruvananthapuram and Guwahati.

With $ 69 billion now, he has narrowed his wealth gap with Asia’s richest person, Mukesh Ambani, who has a total fortune of $ 77 billion to date according to the Bloomberg Billionaire Index. The rate at which Adani adds to his wealth, he may soon dethrone Ambani to become the richest person in Asia.


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