Asia: A massive rally in Adani Total Gas, Adani Enterprises, and Adani Transmission shares helped boost Adani’s net worth to $76.7 billion.
About Gautam Shantilal Adani
- Gautam Shantilal Adani is an Indian industrialist and philanthropist who is the chairman and founder of the Adani Group, a multinational corporation based in Ahmedabad that is active in port development and operations in India.
- In the late 1980s, Adani began his career as a commodities trader. He originally gained international prominence by securing a coal project in Australia in 2010, which later became a hot topic among environmentalists due to its poor pollution record.
- Adani is constantly at the center of controversy in India because of his supposed connections to Narendra Modi. Critics claim the government loosened bidding criteria to enable Adani Group to win those airport projects despite the company’s obvious lack of aviation experience.
- Adani’s strength appears to be coal, of which Adani Enterprises is India’s largest importer and a contract miner for 101 million tons per year.
The Sudden Increase in his Wealth
This year, a boom in the stocks of the Indian billionaire’s enterprises added about $43 billion to his fortune, propelling him to the second-richest person in Asia. However, according to some critics, the profits are observed to be quite risky.
A few Mauritius-based funds are among the largest foreign investors, with over 95 percent of assets in these co-operatives noted by the analysts. As a result of these concentrated positions, as well as the lack of onshore ownership, the risk-reward profile of Adani is lopsided.
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