Adani overtook Amazon chairman and founder Jeff Bezos
Adani overtook Amazon chairman and founder Jeff Bezos, whose wealth fell $2.3 billion, or 1.49%, to $149.7 billion. Tesla CEO Elon Musk remains the richest person in the world with a net worth of $273.5 billion.
Adani owns shares in six publicly traded companies operating in ports, airports, green energy, data centers and more. In February this year, Adani became Asia’s richest man, overtaking fellow Indian billionaire Mukesh Ambani, whose current net worth of $93.4 puts him at No. 8 in the world rankings.
Shares of Adani’s conglomerate Adani Enterprises have been rising and hit an all-time high of 3,749.15 rupees ($46) per share yesterday, more than double a year earlier. Shares of his Adani Power have tripled in the past year to 398.4 rupees ($4.9) in response to rising power demand. Renewable energy firm Adani Green Energy also doubled its stake to 2,343.05 rupees ($29.2) in the past year.
Adani’s appetite for expansion is taking bold steps to enter new businesses. The group is in the process of completing its $10.5 billion acquisition of the Indian arm of Swiss cement maker Holcim Group. In this deal, the Adani Group will acquire stake in two listed cement companies—a 63.11% stake in Ambuja Cement and a 54.53% stake in ACC. The transactions will make Adani India’s second largest cement producer, which closed the open offer last week.
Last month, Adani’s media unit made an unsuccessful bid to acquire New Delhi Television (NDTV), which is considered anti-government. Adani Group’s AMG Media Networks (AMNL) bought Vishwapradan Commercial for 1.14 billion rupees ($14.3 million), giving it a 29.2% stake in NDTV. Renewable energy is another big play: Adani New Industries, Adani’s utility arm, has announced it will invest more than $50 billion over the next 10 years to develop green energy.