05/01/2024 – 21:43
The Indian Gautam Adani, whose fortune decreased by US$ 80 billion last year, regained this Friday, the 5th, the position of richest man in Asia, according to the Bloomberg Billionaires Index.
The industrialist has gained more than $13 billion in net worth in the last two days, according to a CNN report. Thus, his fortune is now estimated at US$97.6 billion, which has made him surpass his compatriot Mukesh Ambani (US$97 billion) and become the richest Asian in the world, according to the Bloomberg index.
Elon Musk remains the richest man in the world ($220 billion), followed by Jeff Bezos ($169 billion) and Bernard Arnault ($168 billion). Adani appears 12th in the global rankings, and Ambani has fallen to 13th.
Adani is one of the biggest names in his country's infrastructure and is known for being one of India's biggest businessmen: his investments range from coal mines, one of his first businesses, to power plants, ports and airports.
Difficult year in 2023
Adani was among the world's richest people until January last year, when his personal wealth shrank by $34 billion in just three days. The drop caused it to fall from fourth place to 11th on the Bloomberg list.
Shares of Adani Group companies recorded a loss of more than $68 billion in market value following the publication of a report by Hindenburg Research, a US investment firm, alleging “blatant stock manipulation and accounting fraud”. The conglomerate countered the accusations, which it described as “malicious”.
The case ended up in Indian court. Last Thursday, the 4th, the Supreme Court of India dismissed the charges against the Adani conglomerate.
“The truth prevailed. I am grateful to all the people who supported us. Our humble contribution to India’s growth story will continue,” Gautam Adani said after the decision.
The Supreme Court directed the country's market regulator and investigative agencies to investigate whether the loss suffered by Indian investors due to the conduct of Hindenburg Research and other entities in taking short selling positions before the publication of the report involved a violation of Indian law.
Despite the events of the last year, the Adani Group continued its growth trajectory. In December, the conglomerate announced a $100 billion investment in the green energy transition over the next 10 years. Five of its portfolio companies have set a goal of becoming “net zero” by 2050.
The Adani portfolio of companies demonstrated solid financial performance while improving the credit profile in the first half of fiscal 2024. During the period, EBITDA (earnings before interest, taxes, depreciation and amortization) stood at 43.688 billion rupiah (US$5.3 billion), an increase of 47% year-on-year.
The Adani Group also received important support from the US government, receiving funding of US$553 million for the construction of a port terminal in Sri Lanka.
The US International Development Finance Corporation's (DFC) financing of the Colombo terminal is the US government agency's largest infrastructure investment in Asia and one of the largest globally.
This will boost Sri Lanka’s economic growth and “its regional economic integration, including with India, a key partner for both countries,” according to a DFC statement. (WITH ASSOCIATED PRESS)
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