Gautam Adani, the chairman of the Adani Group, has rejoined the $100 billion club after regaining most of his fortune after the 2023 attack by US-based short-seller Hindenburg Research.
Adani is now the 12th richest person in the world with a net worth of $100.7 billion, according to the Bloomberg news agency. According to the news agency, Adani has made $16.4 billion in profit this year.
Following accusations of fraud and market manipulation, Adani’s wealth dropped by more than $80 billion, but it has since increased. His company, which at one point saw its market value drop by over $150 billion, had to spend months courting back lenders and investors, paying off debt, and allaying regulatory fears. In 2023, the group received new equity capital from notable investors such as Qatar Investment Authority and GQG Partners LLC.
Last year, the Adani Group companies received approximately $4 billion in investments from Rajiv Jain’s GQG Partners LLC, TotalEnergies SE bet $300 million on a joint venture with Adani Green Energy, and the Qatar Investment Authority contributed nearly $500 million.
According to the Bloomberg Billionaires Index, Gautam Adani is currently the 12th richest person in the world, just one place behind his fellow countryman Mukesh Ambani.
Adani’s wealth is still roughly $50 billion less than it was at its peak in 2022, though.
The market regulator Sebi was ordered by the Supreme Court of India in January to wrap up its investigation into the group within three months and declared that no further investigations were necessary, which helped increase the conglomerate’s share price.
Adani, 61, left college early in the 1980s to try his hand at the diamond trade in Mumbai before focusing on coal and ports. Since then, his empire has grown to include media, green energy, data centers, and airports.
Adani’s recovery and, more broadly, India’s wealth explosion, are occurring as a result of increased attention from foreign investors, which is supporting the country’s stock market. Several banks, including Morgan Stanley and Goldman Sachs Group Inc., have declared India to be the top investment destination for the ensuing ten years.
