24×7 Live News

US Top news

Gautam Adani’s wealth again reaches $100 billion. Indian News | india business news

In this Gautam Adani One year to return to the exclusive club of people with a net worth of more than $100 billion.
The Indian Mughal has regained much of his Property after a short-seller attack It declined in early 2023. On Wednesday, Adani’s net worth rose by $2.7 billion to $100.7 billion, the highest since Hindenburg Research accused his Adani Group of “brazen” market manipulation and fraud – allegations the Adani Group denies. Have done.
Shares of his flagship Adani Enterprises Ltd rose for an eighth day on Wednesday after last week’s earnings report, which saw profits surge 130%. According to the Bloomberg Billionaires Index, he is now the 12th richest person in the world, just one place behind his compatriot Mukesh Ambani.
While Ambani’s Luck Despite hitting a record high earlier this month, Adani’s wealth is still about $50 billion below its 2022 peak.

billionaire adani

Adani’s wealth fell by more than $80 billion in the month following the report and reached its lowest level of $37.7 billion. His group, which at one point had lost more than $150 billion in market value, spent months wooing investors and lenders, paying off debt and overcoming regulatory concerns.
Rajiv Jain’s GQG Partners LLC invested about $4 billion in Adani group companies last year, while Qatar Investment Authority invested about $500 million and TotalEnergies SE invested in the group’s green arm, Adani Green Energy Ltd. Bet 300 million dollars on a joint venture with. Earlier this week, people familiar with the discussions said Adani Green is in talks to raise about $500 million through dollar bonds in its first overseas issue since the Hindenburg report.
In January, India’s Supreme Court ordered the local markets regulator to complete its probe into the group within three months and said no further investigation was needed, helping boost Adani Enterprises shares.
Adani’s comeback – and, more generally, the surge of wealth in India – is coming as global investors are increasingly focused on the country, helping to boost shares. Goldman Sachs Group Inc. and Morgan Stanley are among the banks that have backed India as a major investment destination for the next decade.
Read more: Wall Street turns to India in search of alternatives to China
Adani, 61, dropped out of college in the early 1980s to try his luck in Mumbai’s diamond industry before turning to coal and ports. His empire has since expanded everywhere from airports to data centres, media and green energy, and has focused on sectors that Prime Minister Narendra Modi sees as crucial to meeting India’s long-term economic goals. At his peak, Adani’s wealth reached $150 billion and he became the third richest person in the world.
After losing more wealth than anyone in 2023, Adani has regained $16.4 billion this year in one of the biggest advances among the super-rich tracked by Bloomberg.

Source link


Your email address will not be published. Required fields are marked *