Chairman of Adani Group Gautam Adani has left Mukesh Ambani behind on the 11th spot and raced to the 3rd spot in the Bloomberg Billionaires Index. There's now a gap of eight positions between the two of India's richest businessmen.
Adani is the world's third richest Indian with a net worth of $137 billion. Ambani ranks 11th with a net worth of $91.9 billion. Adani added $60.9 billion to his fortune whereas Ambani was able to add only $1.96 billion to his fortune in 2022.
Meanwhile, in the Forbes 2022 billionaires’ ranking, Adani is on the fourth spot with a net worth of $145.9 billion whereas Ambani is on the ninth spot with a net worth of $93.5 billion. Some of Adani’s recent achievements include acquisition of cement company Holcim’s India business, 5G spectrum auction bidding and purchasing a 74 per cent stake in Mumbai International Airport. Adani group has also laid claim to 29.2 per cent stake in NDTV
Ambani’s big business moves include Rs 2 lakh crore investment for offering 5G services across India, pivoting RIL into green energy space, selling 32.97 per cent stake in Jio Platforms to Google, Facebook (now Meta) and other venture capitals, launching Jio and acquiring 25 per cent stake of content production house Balaji Telefilms.
Ambani also announced his succession plan at the 45th annual general meeting (AGM) of RIL on August 29. Ambani said while Akash will lead the group’s telecom vertical, Isha and Anant will head its retail and new energy units respectively. Ambani further said that he will be hands-on and is not planning to retire anytime soon.
A recent CreditSights report had stated that Adani Group was “deeply-overleveraged” and that the conglomerate’s expansion was largely funded by debt. It also warned the competition with Reliance can lead Adani Group to make "imprudent financial decisions".
Listed companies of the Adani Group are Adani Enterprises, Adani Ports and Special Economic Zone, Adani Total Gas, Adani Green Energy, Adani Transmission and Adani Power. Adani Group’s market capitalisation stands at Rs 3,67,200.66 crore whereas Reliance Industries’ m-cap is Rs 17,69,108. 36 crore.
While Adani Enterprises shares are up 1.69 per cent at 3,195.90 apiece on the BSE, RIL’s shares are up 0.82 per cent at 2,617.30 per cent apiece on the exchange.
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