Gautam Adani’s Entry Into The Bloomberg Billionaires Index Raises Concerns

With a $137.4 billion fortune, Gautam Adani becomes the first to enter the top three of the Bloomberg Billionaires Index. Also, Mr. Adani (60) is even the first in Asia to join the prestigious billionaires’ group. He now trails only Elon Musk and Jeff Bezos of the US in the ranking.

HIGHLIGHTS

• Gautam Adani becomes the world’s third-richest person
• The group owns everything from data centers to cement, media, and alumina
• But concerns have grown over his rapid growth

What Is The Growth Story Of Gautam Adani?

A college dropout, Gautam Adani started with a diamond business but today he owns a coal-to-ports conglomerate. Also, his group is the largest private-sector port and airport operator, city-gas distributor, and coal miner in the country.

What Are The Concerns Surrounding His Rapid Growth?

In its latest report, CreditSights said that Mr. Adani’s deals spree had predominately funded with debt and his empire was ‘deeply over-leveraged’. Also, concerns are raised over the opaque shareholder structures and a lack of analyst coverage that allow Adani’s shares to soar up to 1000% since 2020 with valuations hitting 750 times. Environmentalists are also criticizing his Carmichael mine in Australia but Adani has pledged to invest $70 billion in green energy to become the world’s largest renewable-energy producer.

Who Is Helping Mr. Adani?

Mr. Adani is focusing on areas that PM Modi deems crucial for development. Also, he received investment from firms including Warburg Pincus and TotalEnergies SE. The surge in coal in recent months has further turbocharged his ascent. In 2022, Mr. Adani added $60.9 billion to his fortune which is five times more than anyone else. In February, he overtook Mr. Ambani as the richest Asian and surpassed Microsoft Corp’s Bill Gates as the world’s fourth-richest person last month.

How did Mr. Adani Enter The Bloomberg Billionaires Index?

Adani Enter The Bloomberg Billionaires Index

Mr. Adani overtook France’s Bernard Arnault in the Bloomberg index. Even Mukesh Ambani and China’s Jack Ma never made that far. But it is the philanthropy of Us Billionaires that made it easy for Mr. Adani to become the third-richest person in the world. Both Gates and Warren Buffet had pledged $20 billion and $35 billion respectively for the charity. Their philanthropy work pushed them down fifth and sixth positions respectively on the Bloomberg index. In June, Mr. Adani also donated $7.7 billion to charity to mark his 60th birthday.

Source:- https://bit.ly/3Rl9XpP

You may also like...

Leave a Reply

Your email address will not be published. Required fields are marked *