aGroup Chairman Danny Gautam Adani surpassed LVMH Chairman and CEO Bernard Arnault on Friday and is now the world’s second-richest person with a net worth of $155.5 billion. Forbes rankings of billionaires in real timeAnd the Up $5.2 billion, or 3.49%, from yesterday. Arno, Their fortune is 300 million dollars behind Adani’s value at $155.2 billion slipped to the third place.
Adani also outperformed Amazon CEO and founder Jeff Bezos, whose fortune fell by $2.3 billion, or 1.49%, to $149.7 billion. Tesla CEO Elon Musk remains the richest person in the world with a net worth of $273.5 billion.
Adani owns stakes in six public joint stock companies operating in ports, airports, green energy, data centers and more. Adani became the richest person in Asia in February of this year when he overtook fellow Indian billionaire Mukesh Ambani, who has a current net worth of $93.4 and places him at number eight in the world rankings.
Shares of Adani Enterprises Group soared, hitting an all-time high yesterday at 3,749.15 rupees ($46) per share, more than doubling from a year ago. Shares of his Adani Power tripled in the past year to 398.4 rupees ($4.9) in response to rising electricity demand. Renewable energy company Adani Green Energy has also seen its stake nearly double in the past year to 2,343.05 rupees ($29.2).
Adani’s appetite for expansion made him take bold steps to enter new business. The group is in the process of completing a $10.5 billion acquisition of the Indian arm of Swiss cement maker Holcim Group. In this transaction, the Adani Group will acquire shares in two listed cement companies – 63.11% stake in Ambuja Cement and 54.53% in ACC. These deals, for which open bids were concluded last week, will make Adani India the second largest cement producer in India.
Last month, Adani’s media unit launched a hostile bid to take over New Delhi Television (NDTV), a broadcaster seen as anti-government. AMG Media Networks (AMNL) has acquired the Adani Group’s Vishvapradhan Commercial for 1.14 billion rupees ($14.3 million), giving it a 29.2% stake in NDTV. Renewable energy is another big game: New utility company Adani New Industries has announced that it will invest more than $50 billion in green energy development over the next 10 years.
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