Gautam Adani briefly turned world’s 2nd-richest before stock plunge pushed him back to No. 3:- India’s Infrastructure Czar Gautam Adani has surpassed the other two richest people, Jeff Bezos, the founder of Amazon, and Bernard Arnault, the king of luxury retail.
Adani is now the world’s second richest person.
According to the Forbes Real-Time Billionaires list, Adani’s net worth has increased to $154.6 billion, putting him ahead of Arnault, who is currently a bit behind with $153.3 billion. Arnault had been slightly more than Adani the night before.
Bezos’s net worth is currently estimated to be $149.7 billion. His fortune has been fluctuating in recent weeks.
The self-made tycoon close to Prime Minister Narendra Modi. Modi’s fortune is approximately $1.3 billion greater than Arnault’s, but the ranking is shifting rapidly.
Since the Forbes Rich List was published in March 2021, the 60-year-old billionaire’s fortune has grown by more than $100 billion. Forbes estimated his net worth at the time to be $50.5 billion.
The most recent push came on Thursday, after a number of Adani Group companies performed well on the stock exchange. Adani Transmission, one of the group’s top performers, soared to a new high of Rs 4,102 and climbed to Rs 123 during an afternoon when the overall market was down. Adani Green, a different company, also performed well, increasing by approximately 50 percent.
In the evening of Wednesday, the Indian billionaire was only 400 million ahead of Bezos, but the final push that put him over the Amazon founder came much faster than many observers had predicted.
Adani will face a challenge to become the world’s richest man. Elon Musk is worth an incredible $265 billion.
According to Forbes, he is the most wealthy man in the world. Forbes ranking The value of Musk’s Tesla Inc shares has skyrocketed from $29.53 on January 3, 2020, to $299.99 today.
Mukesh Ambani, the country’s richest person until recently, is now from Adani, which is ranked eighth in the world and is worth $94.2 billion. Despite being far behind Adani, he is still India’s second-richest person.
According to Forbes, Adani was worth $8.9 billion in March 2020. In the last two years, Adani is thought to have experienced the greatest increase in wealth and the greatest amount of money in the world.
It was previously reported that the Bloomberg Wealth Index, which also tracks the value of the world’s wealthiest people, had placed Adani in third place and was only in second place, behind Bezos. Bezos is still in first place on the Bloomberg list, with a net worth of $152 billion. According to Bloomberg’s Bloomberg Wealth Index, Adani is now worth $145 billion.
The night before, Forbes ranked Arnault second. However, according to Bloomberg, Arnault is worth $135 billion, far behind both Bezos and Adani.
Both lists use slightly different methods of calculation, which explains why they have different figures for each of those on their lists. Forbes, on the other hand, has been tracking global wealth and the most wealthy people for over 36 years and is widely regarded as the gold standard for assessing wealth.
Adani has been in an acquisition spree in the last few months. In May, he completed a $10.5 million deal to acquire two of the country’s most prestigious cement companies, Gujarat Ambuja and ACC, from the Swiss Holcim Group. As a result, he became the second-largest cement producer.
producer. At the same time, he announced massive expansion plans, putting him in direct competition with Kumar Birla’s UltraTech Cement for the industry’s top spot.
And, in August, he paid Rs 7,200 crore for the power generator DB Power. Adani Logistics, one of the group’s companies, agreed to purchase Navkar Corporation’s inland container depots in Gujarat for Rs 835 crore.
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Gautam Adani announced this week that the company will invest $70 billion to build three gigafactories in the coming years in order to increase its involvement in green energy.
Adani Group companies have outperformed the market. In a year when other companies have not even risen, Adani Group companies have been the most successful on the market. Adani Green, for example, has risen 107.99 percent in the last year and 464 percent in the last three years. The cost-to-earnings (PE) ratio of the company is at an all-time high of 767.11.
Similarly, Adani Transmission has increased by 85 percent in the last six months and has a staggering P/E ratio of 472.70.
Over the last three years, Adani Transmission has delivered an incredible performance of 1,588.52 percent. In comparison, the Nifty 100 returned 64.69 percent to investors. The BSE Power Index, which includes all companies in the power sector, has returned an average of 168.44 to investors over the last three years.
Gautam Adani has been named the only billionaire among the top ten in the world whose fortunes are tracked by Bloomberg and whose fortune has not declined this year.
Despite their stellar stock market performance, institutional investors from the United States (DIIs) own only a small stake in Adani Green or Adani Transmission. Adani Green is owned by DIIs to the tune of 0.98 percent. In comparison, foreign institutional investors own 15. The promoters controlled 60.50 percent of the stock at the end of June.
The Fitch Group’s debt research unit, CreditSights, recently published a report stating that the company was highly leveraged. It also warned that “in the worst-case scenario, ambitious debt-funded growth plans could eventually spiral into a massive debt trap, potentially culminating in a distressed situation or default of one or more companies, which could impact the broad Indian markets and economy.”
Fitch received a response from Adani Group. Adani Group responded to Fitch by stating that it had reduced its debt by more than 50% and that it was within safe limits.
Mr. Gautam Adani is the Chairman and Founder of the Adani Group, which is one of India’s top three industry conglomerates. Mr. Adani is a first-generation businessman whose core belief is to blend “Growth with Goodness” through his vision of building a nation. Each of the Group’s businesses is committed to assisting in the development of the country’s infrastructure.
Adani Group is made up of seven publicly traded companies with a market capitalization of more than $242.73 billion (as of August 29th, 2022) and operations in Energy, Ports & Logistics, Mining & Resources, Gas, Defence & Aerospace, and Airports. In every category, the Adani Group has established an unrivalled position in India.
of its business areas
Mr. Adani sees nation-building as changing the Indian coastline by building ports and logistics hubs. Nation-building, according to him, entails improving the country’s energy security and closing the rural-urban divide by providing electricity to millions of people in rural India. Mr. Adani defines nation-building as increasing food security by establishing an efficient agricultural supply chain and providing farmers with the tools they need to grow. Each of his business ventures has resulted in the creation of tens of thousands of jobs. Every year, over 3.4 million people in 2315 villages spread across 18 Indian states are affected by s in the critical areas of health, education, sustainable livelihoods, sustainable development, and community infrastructure development.
Gautam Adani is the second richest man in the world
Gautam Adani’s Group has completed the acquisition of Ambuja Cements and ACC, two major Indian cement companies. The Group has risen to become India’s second largest cement producer. Holcim and Adani Grup completed the transaction on Friday by selling their entire stake in Ambuja Cements for Rs385 per share. It also sold its ACC stake for Rs 2,300 per share. Holcim received 6.4 billion dollars in cash proceeds.
Holcim, a Swiss company, confirmed in an announcement that the Group has concluded their business in India with the Adani Group, including its entire stake in Ambuja Cements at a price per share of 385 rupees as well as in ACC at a price per share of 385 rupees.
Holcim has divested its entire 63.11 percent stake in Ambuja Cements, which owns 50.05 percent of ACC and ACC, as well as its 4.48 percent direct participation in ACC.
According to the statement, this acquisition strengthens Holcim’s financial position and allows the company to pursue its acquisition strategy, which is based on a recent investment of more than CHF five billion in Solutions & Products.
“I want to acknowledge our 10,700 Indian colleagues who have played critical roles in the growth of Holcim’s business over time through their tireless commitment and knowledge,” said Jan Jenisch, CEO of Holcim. I am confident that Adani Group is the right location for them as they continue to grow in the coming years.
The Holcim-Adani transaction was completed in
concluded with the transfer of Holderind Investments’ entire shareholding in both Ambuja and ACC to Endeavour Trade and Investment
Adani Group owns Endeavour Trade and Investment, while Holderind, based in Mauritius, is Holcim’s holding company.
“This divestment is another step in our transformation to become the global leader in innovative and sustainable building solutions, strengthening our balance sheet and providing us with the firepower to continue our acquisition strategy,” Jenisch said.
This Ambuja acquisition, along with the ACC acquisition, is Adani’s largest acquisition to date, as well as India’s largest M&A transaction in the materials and infrastructure sectors.
The shares of both Ambuja and ACC dropped the other day. However, before the correction, Ambuja shares had reached a new 52-week high of Rs550.15.
Ambuja shares closed at Rs516.30 per share on the BSE, down 4.19 percent. Ambuja’s market capitalization is Rs1,02,518.86 crore.
ACC’s stock dropped 4.90 percent to Rs2614.80 per share.
. The company’s market value is Rs49,102.61 crore.
Adani Group holds a market value in the range of Rs1,51,621.47 million in the sector, making it the second-largest cement producer, thanks to an acquisition Ambuja Cements and ACC. Ultratech Cement is currently the largest player, with a market worth more than Rs1.87 million crore.
There are rumours that Gautam Adani’s older brother, Karan Adani, will take over the family’s cement business.
Following the management team change, ACC announced that the board of directors had approved an extension of the current fiscal year until March 31, 2023, as well as changes to the Company’s fiscal calendar between January 1st and December 31st of each year.
year, from April 1st to March 31st of each year
According to a regulatory filing on Friday, Ambuja’s board of directors approved the issuance of approximately 47.75 crore warrants that can be converted into or exchanged for — 1 fully paid-up equity share with a face value of 2 Rs each Harmonia Trade and Investment on a preferential basis.