Gautam Adani is the richest person not only in India but in Asia. Now he has become the third richest person in the world, writing a new story of success. His wealth has grown to $137 billion. According to the Bloomberg Billionaires Index, his wealth has increased by $ 60.9 billion so far this year.
Before the coming of Modi government, there was only $5.10 billion in assets
According to Bloomberg, on March 30, 2014, Gautam Adani had only $5.10 billion in assets and was 106th richest person in the world. The jump in Adani’s wealth, which reached $ 11 billion on 16 January 2020, started coming from June 2020.
Adani suddenly got so much wealth from here
The rise of Adani in the business world seemed to have gone hand in hand with Modi’s ascent to power in Gujarat in 2001. As a ‘true friend’, Modi has been relentless in improving the lot of his ‘good’ friends. During his tenure in Gujarat, Adani Enterprises’ assets grew by 5,000%. We are not sure if an ordinary Gujarati has seen such growth in his income under Modi.
By June 9, 2021, his wealth had jumped almost 7 times to $ 76.7 billion. After this his wealth got wings. Do you remember all the foreign countries the PM visited over the last seven years in a bid to shore up India’s standing in the international arena? While he was at it, our PM also managed to drum up some business for his friend. Thanks to this, Adani was able to ink 15 deals related to defence, logistics and power with many of the countries that Modi visited.
The list of favours given to Adani under the BJP government may seems endless. Yet, there is one that stands above others, for it involves subversion of government institutions.
On 29 April 2022, he achieved the milestone of $ 122 billion and now he is at $137 billion. That is, in 8 years, Adani’s wealth has increased by more than 27 times.
The Mumbai airport now belongs to him. Most of the electricity is produced in the private sector by his companies. At the same time, most of the coal used for electricity is mined. He is the largest producer of cement in the country. Also sell items like oil, flour, rice, gram flour from Fortune brand. The price of the shares of their companies is running high like a rocket. His market cap is more than Rs 19 lakh crore. Adani’s wealth has increased due to rise in the shares of these companies.
Talking about the performance of his companies this year, Adani Power has jumped 292 percent. The growth of Adani Enterprises so far this year is 294 percent. Adani Ports 108 and Adani Green have given a return of about 80 percent. Whereas, Adani Wilmar’s jump was more than 158 percent in this period. Adani Total Gas also flew 109 percent and Adani Transmission 127 percent during this period.
CreditSight said the group right now “enjoys a strong relationship” with Modi’s government and is benefiting from “policy tailwinds”. As long as that favourable configuration continues, investors look set to bet its shares will keep delivering rich returns too.