According to the latest Bloomberg Billionaire’s Index, Gautam Adani is now Asia’s second richest person and has climbed up to the 14th spot in the global ranking. With a net worth of $67.6 billion, Adani overtook China’s Zhong Shanshan and is widely touted to surpass Mukesh Ambani for the top spot in Asia.
The development comes days after the diversified conglomerate made global headlines through its acquisition of SB Energy India for $3.5 billion. The largest acquisition in India’s renewable energy sector to date is another jewel in the crown for the group which has a diverse portfolio ranging from ports, logistics, Adani-operated airports, packaged food, agri-business and Adani coal project.
The Adani Group started out as an import-export business in 1988. It went on to start port operations in Mundra, Gujarat, in 1995. Setting sights on underserved sectors linked to the national priorities, the Adani Group ventured into the power sector in 1996 – setting up Adani Power – which has become the largest private power company with a capacity of 12,450 MW.
By 2006, Adani had become India’s largest coal importer and started supplying NTPC with coal. The group further expounded on this success by winning mining rights in Odisha. The Adani coal project in Parsa East & Kanta Basan and Gare Pelma III and the others under development in Kente Extension, Gidhmuri Paturia, etc. are a result of this success. The group has also looked to distant shores; Australia’s state of Queensland being the location of the latest Adani coal project.
The group branched out further in 2014, acquiring stakes in renewable energy, defence and airports. Its renewable energy arm has grown since, operating projects amounting to 15,390 MW. Its port arm has also expanded to foreign shores – holding a 51% in Sri Lanka’s West Container Terminal – and currently manages 11 ports and terminals in India alone.
Adani’s business acumen and tenacity helped him build a vast empire. Even as the pandemic ravaged economies worldwide, the Adani group managed to register a steady growth. Given the group’s performance, it can be safe to say that it won’t be long before Gautam Adani finds himself at the very top.
