September 24, 2023

Gautam Adani Returns to Top 20 in the World’s Billionaires List

Gautam Adani, the chairman of the Adani Group and a renowned billionaire, has reclaimed his position among the top 20 wealthiest individuals on the global billionaires’ list. With a net worth of $64.2 billion, Adani currently occupies the 18th spot in the esteemed Bloomberg Billionaires’ Index. This rise in his net worth is attributed to a significant surge in Adani Group stocks earlier in the day.

The Adani Group received a substantial boost on Tuesday as GQG Partners, a recent investor, increased its stake in the conglomerate by approximately 10 percent. In March of this year, GQG Partners invested Rs 15,446.35 crore in Adani Enterprises, Adani Ports, Adani Green Energy, and Adani Transmission. The value of this investment surged to Rs 25,515.50 crore in Tuesday’s intraday trade, marking a remarkable 65 percent increase.

Rajiv Jain, the owner of GQG Partners, lauded the Adani Group’s stock as “the best infrastructure assets available in India” during an interview with Bloomberg. This endorsement from a prominent investor further reinforced the positive sentiment surrounding the group.

Additionally, Adani Group’s market capitalization recently surpassed the Rs 10 lakh crore milestone following the release of the Justice AM Sapre committee report. The report indicated that there was no conclusive evidence of regulatory failure in relation to Hindenburg’s price manipulation allegations. Consequently, Adani Group’s market capitalization surged from Rs 68,400 crore to Rs 10,03,861 crore in Monday’s trade, a notable increase from Friday’s closing value of Rs 9,34,485 crore. However, it is important to note that this figure remains 48 percent lower than the Group’s Rs 19.20 lakh crore market capitalization on January 24, when the Hindenburg report was first released.

Earlier this year, the US-based short seller Hindenburg Research accused the Adani Group of engaging in stock manipulation and accounting fraud across its companies. In response to these allegations, the group withdrew its follow-on public offer (FPO) worth Rs 20,000 crore and took various measures to alleviate concerns regarding its debt.

Gautam Adani’s resurgence among the world’s billionaires is a testament to the resilience and strength of the Adani Group. Despite the challenges and controversies faced by the conglomerate, Adani’s leadership and strategic decisions have positioned the group for continued success. As the Adani Group continues to expand its presence and investments in key sectors, the future looks promising for Gautam Adani and his conglomerate.