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India

Gautam Adani Overtakes Mukesh Ambani as India’s Wealthiest Person

Photo: Gautam Adani/X

Gautam Adani has regained the title of Asia’s wealthiest man, leaving behind a challenging year for his conglomerate, as the Supreme Court dismissed investigations into allegations by Hindenburg Research.

Bloomberg reports that Adani’s net worth skyrocketed by $7.7 billion in a single day, reaching an impressive $97.6 billion, surpassing his Indian counterpart Mukesh Ambani, Chairman of Reliance Industries Ltd., who closely trailed with a net worth of $97 billion, according to the Bloomberg Billionaires Index.

Adani, a first-generation entrepreneur with a background in diamond trading, faced a tumultuous period as his conglomerate, dealing with diverse sectors from ports to power, experienced a market value decline of over $150 billion last year. Despite denying accusations of corporate fraud by Hindenburg, the Adani Group took significant steps to regain investor trust, repay debts, and address regulatory concerns.

The recent surge in Adani Group’s stocks followed the Supreme Court’s directive to the local markets regulator to conclude its investigation within three months. This marks the end of the year-long controversy with short-sellers, resulting in a remarkable wealth gain of $13.3 billion for Adani. This gain is recognized as the largest wealth increase globally this year, bouncing back from one of the most substantial wealth losses in 2023.

Gautam Adani, renowned for committing $100 billion over the next decade for a green transition across his businesses, is swiftly expanding his conglomerate beyond its coal trading origins. The diversification includes ventures into data centres, artificial intelligence, urban development, airports, and media.

Hindenburg Research’s previous report alleged various wrongdoings by the Adani Group, including manipulation of share prices and failure to disclose transactions with related parties, which had led to a stock rout, erasing over $100 billion from Adani’s empire.

However, with the Supreme Court’s decision, Adani seems to have successfully turned the tide in his favour, marking a significant chapter in his entrepreneurial journey.

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