Gautam Adani overtakes Mukesh Ambani as India's richest man: report
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New Delhi: Billionaire Gautam Adani has become India’s richest person surpassing Reliance Industries Limited Chairman Mukesh Ambani, according to the Bloomberg Billionaires Index.
A strong rally in the listed shares of his conglomerate, the Adani Group, has catapulted him to the top notch.
Gautam Adani’s net worth of $97.6 billion is marginally higher than that of Mukesh Ambani’s $97 billion alongside making him the 12th richest individual in the world.
Adani climbed to the top notch adding $7.67 billion to his net worth following a strong rally in the company’s shares.
On a year-to-date (YTD) basis, Adani’s gain of $13.3 billion, which he already achieved, is most among the top 100 billionaires in the world.
A massive dip in valuation almost year ago following Hindenburg’s allegation caused Adani to lose his position to Mukesh Ambani.
Back then, his net worth shrunk below $40 billion with Adani Group experiencing huge setback.
Adani Group has since introduced various measure including debt reduction which helped the company recover over the last year.
Alongside, the company received significant investment from a US boutique investment firm, GQG Partners.
The Supreme Court verdict in the petitions against the company boosted investor confidence, causing substantial rally in shares.
Gautam Adani reacted to verdict, saying ‘Truth has prevailed. Satyameva Jayate. I am grateful to those who stood by us. Our humble contribution to India's growth story will continue.’