Gautam Adani, chairman of the Adani group, overtook Reliance Industries chairman Mukesh Ambani to become the richest man in India and Asia, according to Bloomberg’s Billionaire Index.
According to the Index, as of January 5, Adani stands at a net worth of $97.6 billion, with Ambani being a close second at $97 billion. Adani, with a year-to-date (YTD) gain of $13.3 billion is on the 12th spot and Ambani is on the 13th with a YTD gain of $665 million.
Most of Adani’s wealth is derived from the six publicly listed entities under the Adani group. According to Bloomberg, here is the breakdown of the companies and the stakes: Adani Enterprises (73%); Adani Power (70%); Adani Total Gas (37%); Adani Energy Solutions (73%); Adani Ports (66%); and Adani Green Energy (56%).
Last year, Adani saw his worth drop below $50 billion for the first time in two years amid the allegations made by the US short-seller Hindenburg, which led to an investigation by the Securities and Exchange Board of India (SEBI). After the board submitted its findings to the Supreme Court on Wednesday, it rejected the plea to be transferred to the CBI for further probe.
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