Agrawal, of Ahmedabad University, also wonders why it took a research firm based in the U.S. to raise such serious questions about the Adani Group. Indian billionaire Gautam Adani is a self-made tycoon, Wagner making Africa more free, says Prigozhin, The men who don't want to fight for Ukraine, Baggage mountains fall as airlines improve handling, The red Lahaina house that survived Maui fires, Ukrainian drones downed over Moscow region - Russia, Trudeau slams Facebook over wildfire news ban. [111] On 19 May, on prima facie, the committee communicated its inability to conclude regarding the existence of a regulatory failure concerning the accusation of stock price manipulation by the group. (March 3, 2023). Adani has now passed Warren Buffett to become the 5th richest person in the world. The Adani Group has been the subject of multiple investigations by government agencies but Hindenburg says most of them have been stalled or stonewalled. At current prices, a near 20% stake would be valued at 18,240 crore ($2.19 billion). Only 3% of its shares had been subscribed by the second day as retail investors stayed away. "But if these governance problems and so on are not just limited to one group, and if it's a larger phenomenon, then there will be some backlash in the sense that [investors] might withdraw funds. Statista. All Rights Reserved. After weeks of cratering share prices in the publicly traded firms in his Adani Group conglomeratelargely caused by the release of U.S. short-seller Hindenburg Researchs scathing report on January 24the group announced a $1.9 billion investment in four of its public companies. Being an entrepreneur is my dream job as it tests ones tenacity. "[95] Hindenburg characterized the response as failing to engage with the issues raised by its initial report, and an exercise in obfuscation under the garb of nationalism. Here are some facts about Gautam Adani, a first-generation tycoon, and his rags-to-riches story. ", India's wealthiest businessman accused of fraud, The moment India's richest man became richer than Jeff Bezos. [32] On 16 May of the same year, Adani Ports acquired Dhamra Port on East coast of India for 5,500 crore (equivalent to 88billion or US$1.1billion in 2023). Reuters Deepthi Nair Feb 14, 2023 Listen In English Listen in Arabic Powered by automated translation The decision will not impact "our existing operations and future plans", Mr Adani has said. Adani controls Mundra Port in his home state of Gujarat and is India's largest airports operator. Indian billionaire Gautam Adani has sought to reassure investors after his company pulled a surprise by calling off its share sale. A sign atop the Adani Group headquarters in Ahmedabad, India, on Wednesday. It said that it had complied with all local laws and had made the necessary regulatory disclosures. ), We believe earnings drive stock prices, the market offers very limited opportunities to create an information advantage, and investors are disproportionately focused on the short term, Jain said in a July 2022 interview with Toronto-based Bridgehouse Asset Managers. But the group's companies have seen $108bn wiped off their market value over the past few days. "Short sellers have their own games to play, just like the long buyers," says Agrawal. Kobi Wolf/Bloomberg via Getty Images [26][27], The Adani group became India's largest private coal mining company after Adani Enterprises won the Orissa mine rights in 2010. The Indian billionaire, whose business empire was rocked by allegations of fraud by short seller Hindenburg Research, said his company will make more investments in Israel. On Thursday, Indian billionaire Gautam Adani finally got some good news. Gautam Adani Net Worth: Only two Indian companies are valued more than Adani's fortune - Reliance Industries (RIL) and Tata Consultancy Services (TCS). But in the past week, Adani has dropped several places on lists of the world's wealthiest people kept by Forbes and Bloomberg. ", "Adani Power commissions 4th unit of Tiroda power plant in Gujarat", "Adani Power becomes India's largest private power producer", "Adani Ports acquires Dhamra Port on east coast of India for Rs 5,500 crore", "Adani acquires Dhamra Port for Rs 5,500 crore", "Adani Ports acquires Dhamra Port for Rs.5,500 cr", "Adani Ports buys Dhamra Port from Tata Steel, L&T for Rs 5,500 crore", "Adani to set up country's largest solar park of 10,000MW in Rajasthan", "Adani in Pact with Kerala for Vizhinjam Port", "Reliance Infrastructure sells Mumbai power business to Adani Transmission for Rs18,800 crore", "Total buys 37.4 per cent stake in Adani Gas for Rs 6,155 crore", "Adani Green Energy surges after signing deal with Total for $510 million", "Adani takes over MIAL, Navi Mumbai airports after a 2-year tussle with GVK", "Adani Group completes acquisition of 23.5% stake in Mumbai Airport; to hike ownership to 74%", "Adani Green buys SB Energy from Softbank and Bharti; firm valued at $3.5 bn", "Adani Group becomes India's 2nd largest cement maker with $10.5 billion acquisition of Ambuja-ACC", "Three Adani Group companies receive $2 billion from Abu Dhabi's IHC", "Abu Dhabi's IHC invests 15,400 crore in three Adani firms", "French energy giant TotalEnergies to invest $12.5 bn in Adani Group's new firm", "India's Adani boosts cement heft with $295 million deal for Sanghi", "Adani Group approves MoU to buy remaining stake in Quintillion Business Media", "Description of the mine project" by the Adani, PDF, 110 pages, "Carmichael Mine | Bravus Mining & Resources", "Carmichael mine: environmental impact will be unknown for years", "Adani's Carmichael mine, rail project to be financed through group's resources", "Boss of Adani's Australian arm linked to mining pollution in Zambia", "Adani 'made mistake' in failing to disclose CEO ran polluting mine", "Adani to face no action over Australian CEO's link to Zambia mine pollution", "ACF challenges Morrison Government decision to not apply water trigger to Adani pipeline", "Adani Mining changes name to Bravus in Australia", "Media freedom fears in India after Modi ally Adani buys 29% stake in NDTV", "For India, the Adani Group is growing too big to fail", "CAG slams Modi regime for financial irregularities", "Gautam Adani: The school dropout's high-risk journey to become Asia's richest man", "Modi govt allowed Adani coal deals it knew were 'inappropriate', "Explained: Fitch says Adani is 'over leveraged' what does over leveraging mean in business? Jain's firm invested in the Adani companies on behalf of various pension funds and institutional clients, including nearly $480 million through its Goldman Sachs GQG Partners International Opportunities Fund, a $25 billion (assets under management) fund that GQG manages on behalf of Goldman Sachs' asset management arm. Later in 2006, the company became the largest coal importer in India with 11Mt of coal handling. Current market price of Adani Power is Rs 325.25 apiece after an. In the face of the modern world's increasingly complex challenges, mental health has become essential to well-being. [34] With the acquisition of Dhamra Port, the Group is planning to increase its capacity to over 200Mt by 2020. On Thursday, opposition parties demanded a discussion in parliament about the risk to Indian investors from the fall in Adani company shares. According to our estimates, the current net worth of Gautam Adani, the group's founder and chairman, stands at $46.1 billionmaking him the 24th richest person in the world. International Women's Day celebration at the Adani Group. Forbes also found that Vinod is nearly five times richer than previously known. [44], In May 2021, Adani Green Energy acquired SB Energy, a joint venture of SoftBank Group and Bharti Enterprises, for US$3.5 billion. Read about our approach to external linking. In his address to investors Adani spoke about the cancelled $2.5 billion public offering but made no mention of allegations that have wreaked havoc on the group's listed firms. [70][71], The company's corporate debt totaled $30 billion in 2022. Outside of his investments, Jain has also backed Democrats in the U.S. Forbes found that Jain contributed $81,600 to Democratic presidential and congressional candidates between 2012 and 2016, according to Federal Election Commission records. In 2022, for example, it accused Trevor Milton, founder and CEO of the electric vehicle company Nikola of making false claims to drive up its share price. (The only tech company Forbes identified in GQG's fund disclosures was Taiwanese chipmaker TSMC. Vijay Soneji/Mint via Getty Images The female matriarch behind one of Napas largest wineries has become the inspiration - and branding - of their latest release of wines. Low key entrepreneur Ravi Modi spins $3.75 billion fortune out of his traditional Indian wear fashion brand Vedant Fashions, amid a rising trend to sport ethnic clothing for special events and as post-Covid environment stokes desire to party. Indian billionaire Gautam Adani saw more than $20bn (16bn) wiped off his fortune on Friday, after investors fled his companies for a second day prompted by fraud claims made by a US investment firm. Now, Adani has seen billions of dollars wiped from his company's value and his own net worth after a United States investment firm accused the Adani Group of stock manipulation and fraud. Indian businessman Gautam Adani has become richest person in Asia with a net worth of $90.1 billion. They are completely safe from the ups and downs of what happens in the stock market," he told the BBC's Arunoday Mukharji. Vinod Adani was at the heart of two massive Adani Group deals with French energy giant TotalEnergies, according to Indian filings. Seven daughters who are making their mark at their family companies. Net Worth Summary Cash Private asset Public asset Misc. Two years later, he left Vontobel to start GQG Partners in Florida. dollars)." The statement also cited a conflict of interest on Hindenburg's part as a short seller, alleging that the firm had an ulterior motive. Father and son Kapil and Rahul Bhatia move down to No. A spokesperson for GQG did not immediately respond to a request for comment. Reports by Reuters and Bloomberg say that India's central bank has asked the country's lenders for details of their exposure to the group. [69], The Modi government extended an extraordinary favour to Gautam Adani in order to promote his coal business. Adani and Wilmar's stakes together account for nearly 88% of the company's shares a net loss of Rs 790 million in the quarter ending June 30th 2023. In response to activist pressure some international banks refused to finance it,[57] and in November 2018, Adani Australia announced that the Carmichael project would be 100% financed by Adani Group resources. The BBC is not responsible for the content of external sites. Gautam Adani, billionaire and chairman of Adani Group, speaks during an event at Israel's Port of Haifa, on Tuesday. Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. Adani was accused of using a Dubai shell company to divert the funds. 60 years. Less than two weeks ago, Mr Adani was the world's third richest man. [16][83] Hindenburg also disclosed that it was holding short positions on Adani Group companies. Purchased from Quint Digital Media, the owner of. BBC News Indian billionaire Gautam Adani has sought to reassure investors after his company pulled a surprise by calling off its share sale. The man behind that deal is Rajiv Jain, the 55-year-old cofounder, chairman and chief investment officer of Fort Lauderdale, Florida-based asset management firm GQG Partners. We believe that the long-term growth prospects for [the Adani] companies are substantial, Jain added in the deal announcement. This isn't the first time accusations of fraud have surfaced against Adani. [43] Through a concession agreement with the Airports Authority of India, Adani Group also obtained a 50-year lease on Ahmedabad, Guwahati, Jaipur, Lucknow, Mangalore and Thiruvananthapuram airports. Agrawal says whether the Adani allegations would have broader implications for India's reputation remains to be seen. [79] The details of a $235 million diversion were obtained and published by The Guardian. A sign atop the Adani Group headquarters in Ahmedabad, India, on Wednesday. Read about our approach to external linking. to incorporate the statistic into your presentation at any time. The allegation that Adani stocks were overvalued didn't come as a surprise to Sonam Srivastava, founder of the Indian investment advisory firm Wright Research. Gautam Adani's group has become the biggest issuer of offshore bonds from India with multiple group companies issuing bonds in the past five years to raise more than $9 billion from foreign. Who Got Richer And Poorer: Gautam Adani Was Up, While Dish Networks Chairman Got Downgraded, Exclusive: New Investigation Reveals Gautam Adanis Older Brother As Key Player In Adani Groups Biggest Deals, Inside The Offshore Empire Helmed By Gautam Adanis Older Brother, Who Got Poorer This Week: Googles Cofounders, The LVMH Chief And Indias Gautam Adani, Why Gautam Adani Lost More Than $60 Billion This Year, How Gautam Adani Lost More Than $60 Billion In Just 10 DaysAnd His Ranking As Asias Richest, Gautam Adani Fails To Address Hindenburg Allegations In First Public Remarks Amid Ongoing Turmoil, Gautam Adani Is No Longer Asias Richest Person As His Empire Takes A Major Hit Following Corporate Con Accusations, Gautam Adanis Middle Eastern Allies Help Him Shrug Off Fraud Allegations, Wealth Plunge, Billionaire Gautam Adani Gets $400 Million Investment From Abu Dhabi Firm, Share Sale Fully Subscribed, Gautam Adani Slips From Top 5 Richest As His Net Worth Plummets After Corporate Con Accusations. [39] In the same month, the Adani Group inaugurated a 648MW single-location solar power plant. But Edward Moya, an analyst at brokerage OANDA, told Reuters that the withdrawal of the share sale was "troubling" because it was "supposed to show the company is still believed in by its high net-worth investors". [115], On 24 June, 2023, Adani Group's share value took a significant dive, following reports that United States Department of Justice and U.S. Securities and Exchange Commission were investigating the corporation's communications with its U.S.-based investors, spurred by a report from a short seller. [62], The Australian Government has been taken to the Federal Court of Australia by the Australian Conservation Foundation twice, once in 2018 and once in March 2020 (still ongoing as of September 2020[update]), relating to its contravention and alleged contravention of the Environment Protection and Biodiversity Conservation Act 1999 with respect to the impact of the Carmichael mine on groundwater and the country's water resources. Who Is Gautam Adani, The Indian Billionaire That Short Seller Hindenburg Says Is Running A Corporate Con? Within the next decade, the economy will add a trillion dollars to its GDP every 18 months, he says at AGM of Adani Enterprises. Mr Adani has dropped from the third richest person in the world to the seventh on Forbes' rich list, maintaining an estimated net worth of more than $96bn, according to the publication. Adani companies own and operate some of the largest and most important infrastructure assets throughout India and around the world, Jain said in a statement announcing the deal. It has raised concerns over the level of debt in the group's companies and alleges that the conglomerate illegally routed money through shell companies in tax havens like Mauritius. [63], In 2020, Adani Mining changed its name to Bravus Mining and Resources. All Rights Reserved. We also believe India's future is being held back by the Adani Group, which has draped itself in the Indian flag while systematically looting the nation," Hindenburg responded. It holds short positions in the Adani Group, which means that Hindenburg will gain financially if Adani's shares fall. [66] This has led to allegations of cronyism as his firms have won many Indian energy and infrastructure government contracts. ", Forbes, Net worth of Gautam Adani from 2013 to 2023 (in billion U.S. dollars) Statista, https://www.statista.com/statistics/1368503/adani-group-net-worth-of-gautam-adani/ (last visited August 22, 2023), Net worth of Gautam Adani from 2013 to 2023 (in billion U.S. dollars) [Graph], Forbes, March 3, 2023. "Net worth of Gautam Adani from 2013 to 2023 (in billion U.S. Now, Adani is also the 10th richest person in the world. The promoter Adani Group sold 31 crore equity shares of Adani Power to GQG Partners, translating to an 8.1 percent stake in the company. Gautam Adani's Net Worth Increased by USD 140 crore On August 21 Shares of all Adani Group stocks witnessed a rally on Monday which led to a strong jump in the net worth of Gautam Adani. Reuters Last year, Ambani was ahead of Adani's wealth by Rs 2 lakh crore. [58] In July 2019, the project received its final approvals from the Australian Government and construction of the mine commenced. Forbes previously reported on several transactions involving offshore funds in Singapore and Cyprus with ties to Vinod Adani, Gautam's elder brother, that appear designed to benefit the Adani Group and lend further credence to Hindenburgs allegations of hidden leverage and accounting irregularities within the Adani Group. Adani says he wants to be the world's largest producer of green energy and will invest up to $70 billion on renewable energy projects. The programme focuses on archery, shooting, athletics, boxing, and wrestling. [31] Adani Power's total installed capacity then stood at 9,280MW. Gautam Adani is chairman of the $21 billion (revenue) Adani Group with interests in ports, airports, power generation and transmission, green energy, edible oils, cement and real estate, among others. Adani also surpassed Mark . In the review report on Adani Ports, Deloitte mentioned a net balance of 3,871 crore recoverable from a contractor that provided EPC services, which the company believed was not a related party. PLL has 26% equity in this JV. [18][19][20][21][22], Adani Exports Limited started as a commodity trading company in 1988 and expanded into importing and exporting multiple commodities. The familys privately held flagship Shapoorji Pallonji Group saw a return to profit, exited a one-time debt restructuring amid a family tragedy. [100][101] S&P Dow Jones Indices removed Adani Enterprises from its sustainability index. Shares of all Adani Group stocks witnessed a rally on Monday which led to a strong jump in the net worth of Gautam Adani. About half of the stocks were purchased by US-based GQG .
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