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The Rise of Gautam Adani and Mukesh Ambani on World Rich List
Adani Surpasses Ambani: In the ever-changing landscape of wealth, Gautam Adani, the Chairperson of the Adani Group, has surpassed Mukesh Ambani, the Chairman of Reliance Industries, to become not only India’s richest man but also Asia’s wealthiest, according to the Bloomberg Billionaire’s Index (BBI). Both Adani and Ambani have climbed up the ranks since last December, with Adani now holding the 12th position globally, while Ambani is just one spot behind at 13.
Adani Surpasses Ambani: Net Worth and Rankings
Gautam Adani’s net worth has soared to $97.6 billion, securing him the 12th position on the world’s richest list. This substantial increase has seen him gain $7.67 billion from his previous position and accumulate an impressive $13.3 billion year-to-date. Notably, Adani had faced a significant dip in his net worth last year following allegations by Hindenburg Research, which accused the Adani Group of stock manipulation and accounting irregularities.
Adani Group: Source of Wealth and Revenues
Based in Ahmedabad, the Adani Group, led by Gautam Adani, stands as a prominent infrastructure conglomerate in India. The group owns the country’s largest private port and plays a crucial role in global coal trading. The flagship company within the group, Adani Enterprises, reported revenues of $17 billion for the fiscal year ending March 31, 2023.
Adani’s wealth predominantly comes from his ownership in six publicly traded companies affiliated with the Adani Group. These companies include Adani Enterprises (73 percent); Adani Green Energy (56 percent); Adani Ports (66 percent); Adani Power (70 percent); Adani Transmission (68 percent); Adani Energy Solutions (73 percent), and Adani Total Gas (37 percent).
Ambani and Other Indian Figures on BBI Top 50
Mukesh Ambani, now the second richest man in India and Asia, holds the 13th spot on the BBI with a wealth of $97 billion. Shapoor Mistry follows at 38 with $34.6 billion, and Shiv Nadar is at the 45th spot with $33 billion.
Supreme Court’s Verdict on Adani-Hindenburg Controversy
Addressing the allegations of stock price manipulation by the Adani Group, the Supreme Court declined to transfer the investigation to a special team or the CBI. The court highlighted its confidence in the ongoing comprehensive investigation by market regulator SEBI, urging a swift conclusion within three months.
In response, Gautam Adani expressed satisfaction, stating, “The Hon’ble Supreme Court’s judgment shows that truth has prevailed.” However, Congress general secretary Jairam Ramesh criticized Adani, emphasizing the need for scrutiny in the face of a system that has been gamed and manipulated.
Conclusion: A Dynamic Shift in India’s Wealth Landscape
As Gautam Adani claims the title of India’s richest man and Mukesh Ambani secures a formidable position on the world stage, the landscape of India’s wealthy elite undergoes a dynamic shift. The Supreme Court’s verdict adds a layer of assurance to the ongoing investigations, emphasizing the importance of regulatory processes in maintaining trust in financial markets. The story of Adani’s rise and the controversies surrounding it reflects the intricacies and challenges within the realm of wealth and power.
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