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Indian Billionaire Gautam Adani Scales New Heights To END UP BEING THE Worlds Second-Richest Person

Adani Group Chairman Gautam Adani.

AP Photo/Aijaz Rahi

Adani Group chairman Gautam Adani surpassed LVMH chairman and CEO Bernard Arnault Friday and is currently the world’s second-richest person with a net worth of $155.5 billion on Forbes Real-Time billionaire rankings, increasing $5.2 billion or 3.49% from yesterday. Arnault, whose fortune is $300 million behind Adani’s at $155.2 billion, slipped to No.3.

Adani in addition has overtaken Amazon chairman and founder Jeff Bezos whose fortune dropped $2.3 billion or 1.49% to $149.7 billion. Tesla CEO Elon Musk remains the worlds richest person with a net worth of $273.5 billion.

Adani owns stakes in six publicly traded companies that operate in ports, airports, green energy, data centers, and much more. Adani became Asias richest person in February this season when he overtook fellow Indian billionaire Mukesh Ambani, whose current net worth of $93.4 places him at No. 8 on the planet rankings.

Shares of Adanis conglomerate Adani Enterprises are surging and hit an all-time high yesterday of 3,749.15 rupees ($46) per share, a lot more than double from the year ago. Shares of of his Adani Power have soared threefold previously year to 398.4 rupees ($4.9) in reaction to the rising demand for electricity. Renewable energy firm Adani Green Energy also saw its share nearly doubling previously year to 2,343.05 rupees ($29.2).

Adani’s appetite for expansion has seen him making bold moves to enter new businesses. The group is in the throes of completing its $10.5 billion acquisition of the Indian arm of Swiss cement manufacturer Holcim Group. In this deal, Adani Group will acquire shares in two listed cement companies-a 63.11% stake in Ambuja Cement and a 54.53% stake in ACC. These transactions, that open offers were concluded the other day, would make Adani Indias second-biggest cement producer.

Last month, Adani’s media unit mounted a hostile bid to obtain New Delhi Television (NDTV), a broadcaster that’s viewed as being anti-governement. Adani Groups AMG Media Networks (AMNL) bought Vishvapradhan Commercial for 1.14 billion rupees ($14.3 million), giving it a 29.2% stake in NDTV. Renewable energy is another big play: Adanis utility firm Adani New Industries has announced it’ll invest a lot more than $50 billion in developing green energy on the next 10 years.


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