Business

IIE Digital Desk: Gautam Adani, the Chairperson of Adani Group, has surpassed Mukesh Ambani, the Chairman of Reliance Industries, on the Bloomberg Billionaire's Index (BBI), claiming the title of India's and Asia's wealthiest person.

Adani now holds the 12th position globally, with Ambani closely trailing at 13th. Both have ascended in rankings since last December, when they held the 15th and 14th positions, respectively.

Adani's current net worth stands at $97.6 billion, making him the richest Indian and Asian on the BBI. He gained $7.67 billion from the previous ranking and accumulated $13.3 billion year-to-date (YTD). Notably, Adani faced a significant decline in his net worth earlier due to allegations made by Hindenburg Research in January 2023.

Hindenburg Research, a New York-based firm, accused the Adani Group of stock manipulation and accounting irregularities, which were refuted by the Adani Group. Consequently, stock prices of Adani Group companies plummeted, causing Adani's fortune to decrease by almost 60 percent, amounting to a loss of up to $69 billion.The Adani Group, headquartered in Ahmedabad, is a major infrastructure conglomerate in India. It holds the nation's largest private port and plays a significant role in global coal trading. Adani Enterprises, the flagship company, reported revenues of $17 billion for the fiscal year ending on March 31, 2023.

Adani's wealth primarily originates from his ownership in six publicly traded companies affiliated with the Adani Group, which he founded. These include Adani Enterprises (73 percent), Adani Green Energy (56 percent), Adani Ports (66 percent), Adani Power (70 percent), Adani Transmission (68 percent), Adani Energy Solutions (73 percent), and Adani Total Gas (37 percent).

Among other Indians listed in the BBI Top 50 are Shapoor Mistry at the 38th spot with $34.6 billion and Shiv Nadar at the 45th spot with $33 billion.