Adani Group chairman Gautam Adani has returned to the $100 billion club after recovering much of his wealth following the US-based short-seller Hindenburg Research’s attack in 2023.
According to the Bloomberg news agency, Adani’s net worth rose to $100.7 billion on Wednesday, making him the 12th-richest person in the world. Adani has regained $16.4 billion this year, the news agency added.
Adanis bought $4 bn shares in 2023 against $2.85 bn sold
Adani’s wealth slumped by over $80 billion after allegations of market manipulation and fraud but has since rebounded. His conglomerate, which at one point lost more than $150 billion in market value, spent months wooing back investors and lenders, repaying debt and assuaging regulatory concerns. The group won fresh equity capital from marquee investors including GQG Partners LLC. and Qatar Investment Authority in 2023. Rajiv Jain’s GQG Partners LLC poured about $4 billion into Adani Group companies last year, while the Qatar Investment Authority invested almost $500 million and TotalEnergies SE bet $300 million on a joint venture with Adani Green Energy.
Gautam Adani is now the 12th-richest person in the world, just one spot behind his compatriot, Mukesh Ambani, according to the Bloomberg Billionaires Index.
However, Adani’s fortune is still about $50 billion below its 2022 peak.
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In January the Supreme Court of India ordered market regulator Sebi to conclude an investigation into the group within three months and said no more probes were needed, helping boost shares of the conglomerate.
Adani, 61, dropped out of college to try his luck in Mumbai’s diamond industry in the early 1980s before turning to coal and ports. His empire has since expanded into everything from airports to data centers, media, and green energy.
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Adani’s rebound — and, more generally, the surge of wealth in India — is happening as global investors increasingly focus on the nation, helping boost stocks. Goldman Sachs Group Inc. and Morgan Stanley are among the banks that have endorsed India as the prime investment destination for the next decade.
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Published: 08 Feb 2024, 07:22 AM IST