Gautam Adani becomes second richest Asian, overtakes China’s Zhong Shanshan

Gautam Adani becomes second richest Asian, overtakes China’s Zhong Shanshan

gautam_adaniAdani Group Chairman Gautam Adani has pipped China’s Zhong Shanshan to become the second richest Asian in the world. He is now on the 14th spot on Bloomberg Billionaires Index with a net worth of $66.5 billion. The Chinese billionaire is worth $63.6 billion.

Directly above Adani, on the 13th spot, is Reliance Industries Chairman Mukesh Ambani with a net worth of $76.5 billion. Ambani had replaced Shanshan in February to become the richest Asian.

Adani began his career as a commodity trader. Now he has businesses spanning across sectors, including energy, ports, airports, logistics, agriculture, real estate, financial services, FMCG, gas distribution and defence, among others.

The rise in Adani’s wealth came on the back of increase in share prices of Adani Enterprises, Adani Gas, Adani Green and Adani Transmission. Adani Total Gas share has risen 1145 per cent over the last one year. Meanwhile, Adani Enterprises, Adani Transmission, Adani Green Energy and Adani Power have risen 827 per cent, 617 per cent, 433 per cent and 189 per cent, respectively.

On Wednesday, Adani Green Energy Limited (AGEL) said it has signed a pact to acquire 100 per cent stake in SoftBank group subsidiary SB Energy India for $3.5 billion. The assets forming part of the portfolio are primarily solar park-based projects with 5GW renewable energy capacity. This marks the largest acquisition in the renewable energy segment in India, AEGL said.

Recently, the Competition Commission of India (CCI) approved proposed acquisition of additional 25 per cent stake of Adani Krishnapatnam Port Ltd by Adani Ports and Special Economic Zone Ltd. The Adani group company already holds 75 per cent shareholding in Adani Krishnapatnam Port. In April, Adani Ports and Special Economic Zone had said it has acquired 25 per cent stake of Vishwa Samudra Holdings in Krishnapatnam Port for Rs 2,800 crore.

Adani Group has making serious headway into airport management business. The conglomerate took over the Mumbai International Airport from the GVK group in September last year. It also acquired controlling stake in the upcoming Navi Mumbai International Airport.

The Gautam Adani-led company has also won 50-year operating rights from Airports Authority of India for airports in Ahmedabad, Lucknow, Mangaluru, Jaipur, Thiruvananthapuram, and Guwahati.


Sudhanshu Sharma

Based in Jaipur, Sudhanshu Sharma is a senior editor at Economy News. Previously he has worked for money control and economic times. Sudhanshu is a graduate of economics at the  Amity university Noida.

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