Asia

India’s Adani is third-richest person in the world according to Bloomberg Billionaires Index

According to Bloomberg News, his net worth more than doubled last year to $137.4 billion, rising 20 places in the index to rank just behind Elon Musk and Jeff Bezos. — Reuters Photo

Tuesday, August 30, 2022 19:12 MYT

MUMBAI, Aug. 30 — Indian businessman Gautam Adani today became the third richest person in the world according to the Bloomberg Billionaires Index. This is the first time an Asian has made it into the top three.

The self-made billionaire’s net worth more than doubled last year to $137.4 billion (RM615 billion), according to Bloomberg News, moving up 20 places in the index to just behind Elon Musk and Jeff Bezos. Ranked.

Adani, 60, made his fortune in ports and commodity trading and now runs India’s third-largest conglomerate, with everything from coal mining and cooking oil to airports and news media.

The surge in his net worth reflects the stratospheric rise in the market capitalization of his publicly traded companies as investors back the Adani Group’s aggressive expansion of old and new businesses.

Shares in flagship Adani Enterprises, 75% owned by billionaires, have surged more than 2,400% since March 2020, doubling in value in the past six months.

Soaring share prices of other group companies including Adani Transmission, Adani Power, Adani Port and Adani Green Energy have pushed Adani past fellow Indian billionaire Mukesh Ambani.

Born into a middle-class family in the city of Ahmedabad in the western state of Gujarat, Adani dropped out of college to work briefly in the diamond industry before starting an export business in 1988.

In 1995, he won a contract to build and operate a commercial shipping port in Mundra, Gujarat. The port has since grown to become India’s largest port.

At the same time, Adani expanded into thermal power generation and coal mining in India and abroad.

In recent years, the conglomerate has expanded into petrochemicals, cement, data centers and copper smelting, in addition to establishing renewable energy operations with ambitious goals.

Recent Indian news media investments and a bid for 5G airwaves this year have sparked speculation that the billionaire empire could soon have an impact on a sector dominated by Ambani’s Reliance Industries. .

But Adani’s rapid expansion into capital-intensive businesses has sounded alarm bells, with Fitch Group’s Creditsights warning last week that the group was “extremely over-leveraged.”

“In a worst-case scenario, an overly ambitious debt-funded growth plan could eventually end up in a massive debt trap, leading to worst-case scenarios and defaults,” said a credit market research firm. said in a note. — AFP

https://www.malaymail.com/news/money/2022/08/30/indias-adani-becomes-worlds-third-richest-person-on-bloomberg-billionaires-index/25589 India’s Adani is third-richest person in the world according to Bloomberg Billionaires Index

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