It finally happened. Gautam Adani overtakes Mukesh Ambani for a few days now, Ambani and Adani have been in and out of the Billionaires Index. Gautam Adani has now set foot in the $ 100 billion club of the world’s richest entrepreneurs. Adani has overtaken Ambani on Forbes’ list of real-time billionaires. Though they will remain in the ups and downs of stock prices ,Adani’s gains in the short term cannot be considered insignificant. Adani’s wealth has risen to about $ 24 billion this year. In 2021, Adani added $ 42.7 billion in assets. Founded in 1988, the Adani Group has a current market capitalization of US $ 151 billion.
Gautam Adani owns a diverse empire that includes port management, power generation and distribution, renewable energy, mining, airport operations, natural gas, food processing and infrastructure. Adani Group companies have soared to record highs, despite recent market volatility. The value of the seven public companies under the Adani Group has risen to $ 181 billion. Billionaires including Bill Gates, Jeff Bezos and Bernard Arnold have lost billions so far this year. Mukesh Ambani also suffered losses. Shares of about seven Adani Group companies have soared at a time when the market has been volatile due to the Russia-Ukraine war, high fuel prices and a supply crisis leading to high inflation in many sectors. Adani Power and Adani Wilmer doubled investors’ money in the first three months of 2022. The surge in equities made Gautam Adani the richest man in India, surpassing Mukesh Ambani. Adani Wilmer’s multibagger stock ‘Fortune’ brand is at the forefront of the edible oil segment. The prices of cooking oil products have soared across the country for fear of supply disruptions in Russia and Ukraine. About 90% of India’s sunflower oil imports come from Ukraine and Russia. Meanwhile, Adani Total Gas shares also rose significantly as the company announced the launch of its first electric vehicle charging station in Ahmedabad and its entry into electric mobility. The transition to green energy and infrastructure over the past two years has made a significant contribution to Adani’s wealth. Global companies have invested in Adani Group companies, including France’s Total SE and Warburg Pincus. Negotiations with Saudi Aramco are ongoing.
After Elon Musk, there is no other billionaire in the world who has amassed such wealth. Gautam Adani, a college dropout, came to change his business strategy to suit the new circumstances. There are still arrows left in Adani’s tunnel. Gautam Adani has emerged as a challenger to Mukesh Ambani in every possible way.
