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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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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

Following US SEC charges of bribery against Gautam Adani, opposition parties criticise PM Narendra Modi and call for a JPC investigation.

As billionaire Gautam Adani faces charges in the US for alleged bribery and fraud, the Opposition on Thursday intensified its attack on the Centre over its alleged links with the Adani Group.

Gautam Adani has been charged in the US with allegedly paying $250 million in bribes to Indian officials between 2020 and 2024 to secure favourable terms for solar energy contracts. The scheme, prosecutors said, could have earned Adani’s group over $25 billion in profits.

Congress demands JPC probe

Reacting to the charges, the Congress called for a Joint Parliamentary Committee (JPC) probe into alleged scams involving Adani’s conglomerate. The party also demanded the appointment of a “new and credible” Sebi chief to investigate Adani’s financial dealings and compliance with securities laws.

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Congress leader Jairam Ramesh said the US Securities and Exchange Commission’s (SEC) actions highlight the failure of Indian institutions to investigate the group. “The indictment vindicates Congress’s demand since January 2023 for a JPC into the Modani scams,” Ramesh wrote on X.

He accused Prime Minister Narendra Modi of shielding Adani and claimed Congress’s “Hum Adani Ke Hain Kaun” (HAHK) series had exposed the businessman’s alleged fraud and his ties with the PM.

The fact that it has taken a foreign jurisdiction to properly investigate Adani only shows how Indian institutions have been captured by the BJP, and how decades of institutional development have been undone by greedy and power hungry leaders, the Congress leader said in another post.

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“All of this is consistent with a long record of fraud and criminality carried out with impunity with the obvious protection of the Prime Minister,” Ramesh charged.

Other Oppn leaders join attack

Other opposition leaders joined the attack. Trinamool Congress MP Saket Gokhale questioned the BJP’s involvement in Adani’s dealings and demanded an independent judicial probe.

Aam Aadmi Party leader Sanjay Singh accused PM Modi of allowing Adani to tarnish India’s global reputation.

ALSO READ- Adani Group shares plunge after US SEC charges, Adani Green down 16%

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Adani stocks latest updates

The allegations rattled markets, with Adani Group stocks plunging. Adani Enterprises fell 20 per cent in pre-open trade, while shares of Adani Ports, Adani Green, Adani Power, and others dropped between 7 per cent and 18 per cent.

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