Daijiworld Media Network - New Delhi
New Delhi, Jun 7: Adani Group Chairman Gautam Adani has regained the position of Asia’s richest individual after a strong rally in the conglomerate’s listed companies boosted his personal wealth to an estimated $89.2 billion, according to the latest Forbes Real-Time Billionaires rankings.
With this rise, Adani moved ahead of Reliance Industries Chairman Mukesh Ambani, whose net worth was estimated at $88 billion, and SoftBank Group founder Masayoshi Son, whose fortune stood at approximately $87 billion after a decline in the Japanese investment giant’s share price.
The surge in Adani’s wealth was driven by positive momentum across several key companies within the Adani Group. Shares of Adani Power, Adani Ports and Special Economic Zone, Adani Enterprises, Adani Green Energy, and Adani Energy Solutions recorded gains, contributing to a significant increase in the group’s overall market capitalisation.
As of Friday, the combined market value of six major listed Adani Group companies was estimated at around $191 billion. Adani Power emerged as the most valuable entity in the group, followed closely by Adani Ports and Adani Enterprises, while Adani Green Energy, Adani Energy Solutions, and Adani Total Gas also contributed substantially to the group's valuation.
According to Forbes, Adani’s net worth has climbed by nearly $10 billion since last month, aided by improving investor sentiment and a recovery in the valuation of group companies.
The comeback marks a significant turnaround for the billionaire industrialist, whose business empire faced intense scrutiny over the past few years following allegations related to corporate governance and financial practices. In 2023, US-based short-seller Hindenburg Research accused the Adani Group of stock manipulation and accounting irregularities, allegations the conglomerate consistently denied. Subsequent reviews by Indian regulatory authorities did not establish the claims.
The group also faced legal and regulatory scrutiny in the United States over allegations linked to renewable energy contracts. Adani and senior executives denied all wrongdoing. Recent developments, including the resolution of certain regulatory matters and the withdrawal of legal proceedings by US authorities, have helped improve market confidence in the conglomerate.
In his annual letter to shareholders issued last month, Adani said the group had moved beyond recent legal challenges and was focused on accelerating investments in critical sectors such as energy, logistics, transportation, digital infrastructure, and emerging technologies.
He highlighted the successful Rs 24,930 crore rights issue of flagship company Adani Enterprises as a strong endorsement from investors, describing it as evidence of confidence in the group’s long-term growth strategy despite previous concerns surrounding governance and regulatory issues.
Looking ahead, Adani said the conglomerate is positioning itself to capitalise on rising demand for infrastructure, clean energy, and artificial intelligence-driven economic growth, sectors that are expected to play a major role in shaping India’s future development trajectory.