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Coal magnate Gautam Adani surpasses Mukesh Ambani as Asia’s richest person

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Coal magnate Gautam Adani surpasses Mukesh Ambani as Asia’s richest person

Indian billionaire Gautam Adani, who turned a small commodities trading business into a conglomerate spanning ports, mines and green energy, is now Asia’s richest man.

The 59-year-old tycoon’s net worth reached $88.5 billion on Monday, surpassing compatriot Mukesh Ambani’s $87.9 billion, according to the Bloomberg Billionaires Index. Adani’s personal wealth rose by nearly $12 billion, making him the world’s biggest gainer this year.

The coal giant – whose controversial Australian mine project has come under fire from climate activists including Greta Thunberg – is increasingly looking beyond fossil fuels to expand. He is moving into renewable energy, airports, data centres and defence contracting – priorities that Prime Minister Narendra Modi also sees as critical to nation building and achieving the country’s long-term economic goals.

Deepak Jasani, head of retail research at Mumbai-based brokerage HDFC Securities Ltd., said: “Adani Group discovered and entered all the industries that were going on at the right time, which attracted a select batch of foreign investment. Portfolio investors.” These industries are capital-intensive, and companies have little difficulty raising capital to expand. “
Some of Adani Group’s listed shares have surged more than 600% in the past two years as he bets his push for green energy and infrastructure will pay off as Modi looks to revive the $2.9 trillion economy and get it ready by 2070. Achieving India’s net-zero carbon target by 2020. MSCI Inc.’s decision to include more Adani companies in its India benchmark index also means any fund tracking the index will have to buy the shares.

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While 2020 was the year of Ambani — his oil and petrochemical conglomerate Reliance Industries Ltd. made a billion-dollar fortune by bringing in Facebook and Google Inc. as tech hubs for investors — the pendulum has since turned in Adani’s favor.

Two Indian billionaires — both of whom built their empires on fossil fuels or coal — are now pushing ahead with green energy projects. Ambani has pledged to spend $10 billion over the next three years as part of a $76 billion renewable energy spending plan. Adani has pledged to invest $70 billion by 2030 to help his group become the world’s largest renewable energy producer.

Companies including Total SE and Warburg Pincus LLC have invested in Adani’s company in 2021. However, the French oil major agreed in January 2021 to buy a 20% stake in Adani Green Energy Ltd. and a 50% stake in an Indian partner’s operating solar portfolio. Great discount. The deal was valued at just $2.5 billion, when Adanigreen was valued at $20 billion.

In March 2021, Warburg said it would invest $110 million in exchange for a roughly 0.5 percent stake in Adani Ports and Special Economic Zone Ltd.

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Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise

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Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise

Tributes continue to pour in for Ratan Tata, with Virat Kohli and Jay Shah taking to their social media accounts to bid farewell to the industrialist.

Former Indian captain and batting legend Virat Kohli paid a touching tribute to Ratan Tata, the legendary business tycoon, who passed away on Wednesday night. Tata, a Padma Vibhushan recipient, was undergoing treatment in intensive care since Monday but breathed his last in Mumbai, leaving a profound impact on many across the nation.

Kohli expressed his condolences through his Instagram account on Thursday morning, sharing a heartfelt message along with a photo of the late industrialist.

Tata’s contribution to business, society, and philanthropy has been widely acknowledged, and his passing marks the end of an era.

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The Board of Control for Cricket in India (BCCI) secretary, Jay Shah, also conveyed his sorrow, stating, “Deeply saddened by the loss of Shri Ratan Tata Ji. His leadership, integrity, and dedication to society set a remarkable standard for legacy. My heartfelt condolences to his loved ones. Rest in peace, Sir.” Shah’s words reflect the collective grief of a nation that has long admired Tata’s contributions to the country.

BCCI’s tribute

Additionally, the BCCI issued a statement about his demise.

“The BCCI expresses its deepest sorrow and joins the nation in mourning the passing of Shri Ratan Tata ji. His invaluable contributions across diverse fields have been instrumental in shaping India’s growth and success story.

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His extraordinary legacy, founded on the principles of passion, empathy, visionary leadership, innovation, and excellence, will continue to inspire and guide future generations for years to come,” the statement read.

Ratan Tata, born on December 28, 1937, in Mumbai, embarked on his journey with the Tata Group in 1962 as a young executive. Over the decades, he transformed the group into a global conglomerate. His work was acknowledged with India’s second-highest civilian honour, the Padma Vibhushan, in 2008, and he received numerous accolades, including honorary doctorates from prestigious institutions in India and abroad.

Tata is survived by his family, including brothers and sisters Simone Tata, Jimmy Tata, Noel Tata, Aloo Tata, Shireen Jejeebhoy, Deanne Jejeebhoy, Leah Tata, Maya Tata, Neville Tata, Manasi Tata, Jamset Tata, Tiana Tata, and others, as mentioned in a family statement.

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