W0W! How Indian tycoon Gautam Adani made record $16.2 billion in pandemic year | READ DETAILS
chuks oti
Mar 12, 2021
Indian tycoon Gautam Adani has added more billions to his wealth than any one else in the world this year.
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The wealth gain came on the back of investor excitement around his ports-to-power plants conglomerate, reports NDTV.
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Adani is a first-generation entrepreneur who rarely speaks publicly.
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According to Bloomberg Billionaires Index, his wealth has jumped $16.2 billion in 2021 to $50 billion.
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This has made him the year's biggest wealth gainer, beating Jeff Bezos and Elon Musk.
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Shares of all Adani group stocks, except one, have rallied at least 50% this year.
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The surge in wealth dwarfs the $8.1 billion added by Adani's compatriot and the richest person in Asia, Mukesh Ambani.
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It also underscores the rising heft of the self-made billionaire, who has lured investment from Total SA to Warburg Pincus.
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Adani has been rapidly expanding his conglomerate.
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He has added ports, airports, data centres and coal mines in India.
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In Australia, he has also doggedly proceeded with his controversial Carmichael coal project.
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"Adani has been consistently expanding its business in areas that are resilient to market cycles,ÔÇØ said Sunil Chandiramani, founder and chief executive officer at Nyka Advisory Services.
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"Now with the entry in data centres business, the group has also indicated its appetite for venturing into technology.ÔÇØ
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Adani Enterprises Ltd. signed a pact last month to develop 1 gigawatt of data centre capacity in India.
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Adani Total Gas Ltd. has jumped 96% this year while the flagship Adani Enterprises has advanced 90%.
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Adani Transmission Ltd. is up 79%.
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Adani Power Ltd. and Adani Ports and Special Economic Zones Ltd. have gained more than 52% this year.
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Adani Green Energy Ltd., after rising over 500% last year, is up 12% so far.
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Reported by NDTV
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— chuks oti