Indian billionaire Gortam Adani is now the richest man in Asia. He turned a small commodity trading enterprise into a business empire of ports, mines and green energy.
Adani's net worth now stands at $88.5 billion, surpassing Indian billionaire Mukesh Ambani. Since the beginning of the year, the 59-year-old billionaire has been pocketed 1
Coal giants have turned their muscles to renewable energy, airports, data centers and military weapons. These are the priorities of the Government of Prime Minister Narendra Modi of India for nation-building and the achievement of the country's long-term economic goals.
Beyond the oil industry giants
"The Adani Group found and dabbled in all of these areas at the right time. This attracts foreign investors," commented Deepak Jasani, head of retail research at HDFC Securities Ltd,based in Mumbai.
Over the past two years, some of Adani Group's listed stocks have been playing the game in infrastructure and green energy, up more than 600 percent. In 2020, his Oil Renaissance Industries Ltd. generated billions of dollars in revenue through turning technology.
Revival is also funded by Facebook and Google. But since then, the scales have been tilted in Adani's favour.
Two Indian billionaires who once built business empires from fossil fuels or coal are pushing for green energy projects.
Mukesh Ambani has pledged $10 billion to renewable energy over the next three years. Adani has pledged to invest a total of $70 billion, and by 2030, his group will become the world's largest renewable energy manufacturer.
He dropped out of school and escaped twice
Companies including Total SE and Vorborg Pinkus GmbH invested in Adani's company in 2021.
In January, the French oil giant agreed to acquire a 20 percent stake in Adani Green Energy Ltd and a 50 percent stake in India Group's solar asset operations portfolio.
In March 2021, Voorborg announced that it would invest $110 million in exchange for approximately 0.5% stake in Port Adani and Special Economic Zones Limited.
Billionaire Adani revealed that it plans to increase the group's renewable energy capacity by nearly 8 times by 2025. In just three years, billionaire Adani controlled 7 airports and nearly 25 percent of air traffic in India.
His group currently owns the country's largest airport operator, power plant and city gas retailer.
The share prices of Adani Green and Adani Total Gas Ltd – a joint venture with a French company listed in Mumbai – have risen more than 1,000% since the beginning of 2020.
Shares of the Adani Corporate flagship store rose by more than 730% respectively during the period, while shares of Adani Translations Limited and Adani Port rose by 500% and 95%, respectively. In contrast, the S&P BSE Perception Index rose 40%.
Adani started his business in the diamond industry in Mumbai in the early 1980s and then returned to his hometown of Gujarat to help his brother run plastics. In 1988, he founded Adani Enterprises.
Mr. Adani has escaped on several occasions. More than twenty years ago, he was blackmailed and kidnapped. In 2008, the businessman was one of the hostages in a terrorist attack at the Taj Mahal Palace Hotel in Mumbai that killed at least 166 people.
According to Sanjiv Bhasin, director of local brokerage firm IIFL Securities Ltd, some of Adani Group's businesses are nearly monopolistic, such as the port business.
Many of his companies have benefited greatly from India's industrialization process and infrastructure development. Basin commented: "The flag is in their hands and they are making the most of it.