Gautam Adani is a self-made Indian billionaire who rose from humble beginnings to become the chairman and founder of the multinational conglomerate Adani Group. Born in 1962 in Ahmedabad, Gujarat, Adani dropped out of college to pursue a diamond trading business, which eventually led to the creation of the Adani Group. With a net worth of over $100 billion, Adani is the richest person in Asia and the seventh richest person in the world.
He is the chairman of the Adani Group with a revenue of $21 billion and interests in multiple industries, including ports, airports, power, green energy, edible oils, cement, and real estate. He is best known for his control of Mundra Port, India’s largest, and the acquisition of a 74% stake in Mumbai International Airport, making him India’s biggest airport operator. In 2022, Adani purchased Swiss firm Holcim’s Indian assets for $10.5 billion to become India’s second-largest cement producer. Adani has ambitious plans to be the world’s largest producer of green energy and has stated that he will invest up to $70 billion on renewable energy projects.
About Hindenburg Research and Adani Shares Controversy
Hindenburg Research is a research, investment, and whistleblower organization that specializes in short selling. They analyze companies and release reports to expose vulnerabilities, then short the stocks and profit when their price drops. On January 23, 2023, Hindenburg released a report about Adani Group, alleging that the company is involved in stock manipulation, has inflated its valuation, and has created shell companies. These allegations are serious and can cause major harm to Indian stock investors if they are true.
Hindenburg report Effect on Adani Group FPO and Share Price
The stock market in India is currently experiencing a drop, with the Nifty 50 down 1.6% and Adani stocks falling as well. LIC, which had exposure to Adani Group stocks, has lost 18,000 crore in two days. Sebi is increasing its scrutiny of Adani Group, and people are panicking. The speaker is a diversified investor, and advises others to do the same. The Hindenburg report has put pressure on Adani Group, and some celebrated investors are starting to trust the Hindenburg report more. The Follow-On Public Offer (FPO) has been lukewarm and not performing well, with a band price issue making it difficult for people to buy Adani Green stock at a decided price.
Asia’s Richest Man Story
Gautam Adani Net Worth 2023 Update after Share price fall
Some Unknown and Interesting Facts about Gautam Adani
- Gautam Adani was born in a small village in Gujarat, India and rose to become one of the richest men in the country.
- He dropped out of college and started a diamond trading business, which eventually led to the creation of the Adani Group, a multinational conglomerate.
- Adani is known for his philanthropic efforts and has established the Adani Foundation, which focuses on education and healthcare initiatives in rural India.
- He is an avid supporter of Prime Minister Narendra Modi and the Bharatiya Janata Party.
- Adani is also a significant investor in renewable energy, with the Adani Group having one of the largest solar power portfolios in India.
- He has been subject to controversy, including allegations of corruption, environmental degradation, and tax evasion.
- Adani is also a member of the Indian Prime Minister’s International Advisory Council.
- He has a strong interest in aviation and has acquired a controlling stake in Mumbai’s airport, making him the first Indian businessman to control a major airport.
- Adani has a net worth of over $100 billion and has been ranked among the richest people in the world by Forbes magazine.
- He has also been listed as one of the most influential people in the world by Time magazine.
- He is the richest person in Asia and the 7th richest person in the world, with a net worth of $105 billion according to Forbes earlier he was on 3rd rank.