Gautam Adani Overtakes Mukesh Ambani As India's RichestBusiness News

January 05, 2024 20:48
Gautam Adani Overtakes Mukesh Ambani As India's Richest

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Gautam Adani, Asia's wealthiest individual, has reclaimed his top spot after a turbulent year. Following the Supreme Court's decision to dismiss Hindenburg Research's allegations against his conglomerate, Adani saw a one-day increase of $7.7 billion in his net worth, bringing it to $97.6 billion. His close competitor, Mukesh Ambani, trails behind with a net worth of $97 billion. Adani's comeback signifies the end of a challenging period for his business empire, which suffered a market value loss of over $150 billion last year. The Adani Group worked tirelessly to regain the trust of investors, repay debts, and address regulatory concerns.

With the recent court order concluding the investigation into the conglomerate, the group's stocks experienced a significant rally, resulting in a $13 billion surge. Mr. Adani, whose conglomerate experienced one of the most significant decreases in wealth globally in 2023, is now on track to become the world's largest this year. To support the transition towards sustainability in all of his ventures, he has pledged a remarkable $100 billion investment over the next ten years. Additionally, Mr. Adani is actively expanding his empire beyond its coal trading roots, venturing into data centers, artificial intelligence, urban development, airports, and media at a rapid pace.

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Gautam Adani  Mukesh Ambani