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Gautam Adani

Adani urges India to reclaim its global narrative through cinema, technology

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Adani

MUMBAI: Adani Group Chairman Gautam Adani has called on India to actively reclaim and define its global image through the power of storytelling, cinema, and emerging technologies, stressing that the nation’s identity must not be shaped by foreign perspectives. Addressing students at Whistling Woods International, Adani said he never imagined an infrastructure entrepreneur like himself … Read more

Indian court rejects request for new inquiry against Billionaire Gautam Adani

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Indian court rejects request for new inquiry against Billionaire Gautam Adani

India’s supreme court dismisses request for a new panel to probe fraud allegations. In May, the panel reported no significant progress in the inquiry. The Supreme Court instructed the regulator to conclude its investigation. India’s top court has dismissed requests to establish a new panel to probe allegations of fraud against billionaire Gautam Adani’s companies … Read more

Adani receives $3 billion in credit from a sovereign wealth fund

by
Adani Group
  • India’s Adani Group has informed creditors that it has secured a $3 billion loan from a sovereign wealth fund.
  • Seven listed Adani Group companies have lost more than $140 billion in market value.
  • India’s banking and market regulators, as well as the government have launched investigations.

According to two sources familiar with the situation, India’s Adani Group has informed creditors that it has secured a $3 billion loan from a sovereign wealth fund, as the embattled conglomerate seeks to alleviate debt concerns following a short-seller attack.

According to the sources, the sovereign wealth fund’s credit line could be increased to $5 billion, citing a memo distributed to participants as one of the highlights of a three-day investor roadshow that concluded on Wednesday.

The identity of the sovereign wealth fund was not disclosed in the memo. According to a third person familiar with the situation, Adani’s management informed investors that it was from the Middle East.

The sources declined to be identified because they were not authorized to speak with the media. Adani’s spokesperson did not immediately respond to a request for comment from Reuters.

Following the reports, shares in Adani group companies rose 14.7% and 4.9%, respectively, in a broader Mumbai market (.NSEI) that gained 0.9%.

Adani’s new credit comes just a day after group management told bondholders that it expected to prepay or repay share-backed loans worth $690 million to $790 million by the end of March.

These plans were revealed as the group held a fixed-income roadshow in Singapore and Hong Kong this week to reassure investors amid steep share price drops and regulatory probes.

Seven listed Adani Group companies have lost more than $140 billion in market value combined since a Jan. 24 report by sources alleged stock manipulation and improper use of tax havens, and flagged concerns over debt levels.

Adani, led by billionaire Gautam Adani, has denied all allegations of wrongdoing.

The short-seller attack has snowballed into Adani’s most serious business and reputational challenge yet. Adani’s fortunes have risen rapidly in recent years as he expanded his group’s business interests.

To reassure investors, India’s banking and market regulators, as well as the government, have launched investigations.

According to one of the sources, Adani management stated on the final day of the roadshow in Hong Kong that a portion of the $3 billion in credit from the sovereign wealth fund has already been used to repay some of Adani’s share-backed loans.

The management of the ports-to-airport conglomerate also sought to reassure investors that it has enough cash to prepay a large portion of its debts, including onshore bonds, and that it has already begun doing so, according to a source.

However, for offshore bonds, including some three-year US bonds, the group is not allowed to prepay and has no plans to buy them back because it needs to maintain a certain cash level to maintain credit ratings, according to the source.

Adani also held bondholder calls last month in an attempt to assuage investor concerns, during which group executives revealed refinancing plans for some of its units as well as plans to completely pre-pay all loans against shares.

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Indian truckers say Hindenburg report is godsend in Adani dispute

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Hindenburg
  • India’s Adani reopens two cement plants after a freight dispute.
  • Truckers believe the Hindenburg report was the answer to their prayers.
  • Adani says an amicable resolution was reached after negotiations.

A U.S. short-negative seller’s research report on Adani‘s facilities in a hilly north Indian state was a godsend for truckers delivering cement from Adani’s mills, who believe it helped them salvage their livelihoods.

For weeks, about 7,000 truck owners and drivers in India’s Himachal Pradesh staged protest demonstrations in response to Adani’s Dec. 15 decision to close two cement factories due to a freight rate disagreement. Adani said the facilities would be “unviable” if trucking prices were cut by half.

On Monday, the Gautam Adani-led group announced that it had “amicably addressed” the problem with a 10-12% tariff decrease. Truckers celebrated, with a union official declaring victory in a street address following late-night discussions with Adani.

The agreement came four weeks after Hindenburg Research, based in the United States, accused Adani of stock manipulation and improper use of tax havens, which the group dismissed.

The Jan. 24 news provoked a $140 billion drop in the group’s price, prompted regulatory inquiries, and saw billionaire Adani fall to 26th on Forbes’ global rich list, down from third.

While the truckers’ settlement may have only a minor influence on Adani’s overall empire, it was a significant victory for the drivers and owners in a state where most people live on less than $7 per day.

The report ” played a crucial part in our battle against India’s biggest business group, helped mobilize truckers, and gain political support,” according to Ram Krishan Sharma, one of the protesting truckers’ lead negotiators.

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How India’s scandal-hit Adani Group silences critics

by
Adani

Indian journalist Paranjoy Guha Thakurta is being sued in six different courts. Adani Group last month prompted a stock rout that wiped off $120 billion from the company’s value. The charges generated headlines around the world. Independent Indian journalist Paranjoy Guha Thakurta is being sued in six different courts by tycoon Gautam Adani’s corporate empire … Read more

Adani: India’s watchdog is investigating into claims of Hindenburg fraud

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Hindenburg Research
  • SEBI is looking into charges made by Hindenburg Research.
  • SEBI is also looking into market activity in response to the report.
  • Adani’s business plummets by more than $100 billion.

The Indian Securities and Exchange Commission has stated that it is looking into charges made by Hindenburg Research against companies owned by multibillionaire Gautam Adani.

The Securities and Exchange Board of India (SEBI) is also looking into market activity in response to the report.

Mr. Adani’s business empire saw its stock market value plummet by more than $100 billion (£82.3 billion) as a result of charges of market manipulation and financial crime.

The claims have been refuted by Adani Group.

On Monday, SEBI said in a Supreme Court filing that it was studying the allegations and “the market activity immediately preceding and post the publication of the report”.

“SEBI is strongly and adequately empowered to put in place regulatory frameworks for effecting stable operations and development of the securities markets,” it added in a filing to the Supreme Court.

Adani Group also attempted to reassure investors on Monday, stating that it has excellent cashflows and that its business plans were fully funded.

“We are confident in the continued ability of our portfolio to deliver superior returns to shareholders.”

Set to report

Adani Enterprises, the conglomerate’s flagship company, is set to report quarterly earnings later on Tuesday.

Mr. Adani’s company includes seven publicly traded companies that engage in a variety of industries, including commodities trading, airports, utilities, ports, and renewable energy.

A report published last month by the US-based short-seller Hindenburg Research said that Adani Group companies had engaged in “brazen” stock manipulation and accounting fraud for decades.

It also claimed its companies had “substantial debt” which put the entire group on a “precarious financial footing”.

Short-selling is a bet that an asset’s value will fall.

Without presenting evidence, Adani Group has stated that the Hindenburg report was meant to allow the US-based short seller to earn gains.

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Adani shares fall once more as the Indian opposition organizes protests

by
Adani
  • Rallies were held in New Delhi and Mumbai by the main opposition Congress party.
  • Close relations with Prime Minister Narendra Modi, have resulted in him winning contracts unfairly.
  • The opposition asked for a “serious probe.”

MUMBAI: Investors sold more Adani stock on Monday as India’s opposition demanded a complete investigation into claims of serious accounting fraud at the country’s largest company.

Since the charges were leveled by short-seller US investment organization Hindenburg Research on January 24, the group owned by entrepreneur Gautam Adani has lost about $120 billion in value.

Trading in Adani Total Gas, in which TotalEnergies holds 37.4%, and Adani Power has been suspended again after the stocks plunged 5%.

Shares of Adani Enterprises, which had soared more than 1,000% in five years prior to the panic, were down 2.0% after falling over 10% in tumultuous early trade.

Concerns have been raised about the group’s capacity to acquire new funds to pay down its obligations after it halted a share sale last week and apparently also a bond issue.

On Monday, rallies were held in New Delhi and Mumbai by the main opposition Congress party, which has asked for a “serious probe” by the central bank and regulator.

According to the party, Gautam Adani’s close relations with Prime Minister Narendra Modi, who is also from Gujarat, have resulted in him winning contracts unfairly and avoiding necessary monitoring.

Indian regulators, according to Commerce Minister Piyush Goyal, “are very competent and our financial markets are amongst the most respected and well-regulated markets in the world.”

Finance Minister Nirmala Sitharaman stated on Sunday that Adani had also won contracts in Indian states not governed by Modi’s Bharatiya Janata Party (BJP).

“Any project under Prime Minister Modi goes through the open tender process (of) global tendering,” Sitharaman told

The company has rejected the claims made by Hindenburg and last week Adani, 60, insisted that the “fundamentals of our company are very strong, our balance sheet is healthy and assets robust”.

His personal fortune has more than halved, dropping from third to 22nd on the Forbes real-time wealthy list on Monday, with a fortune of $58.5 billion, down from $127.0 billion.

India´s securities regulator SEBI said Saturday that it was “committed to market integrity” and without naming, Adani said it always properly examines all “specific entity-related matters”.

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Indian politics roiled by fraud allegations against Adani group

by
Adani

A US-based investment firm has accused the Adani group. The group has dismissed the allegations as malicious and untrue. But the response has failed to stop the fall in Adani shares, which have lost $108 billion in value. A political controversy in India has been triggered by accusations of fraud made against the business empire … Read more

Adani: Billionaire’s empire lost $100 billion in days

by
Adani
  • Adani Enterprises announced on Wednesday that it would return to investors the $2.5 billion.
  • The market value of the group’s enterprises has dropped by $108 billion.
  • Adani is currently ranked 16th on Forbes’ real-time list of billionaires after losing $48 billion.

Indian billionaire Gautam Adani has made an effort to reassure investors after his business surprised everyone by postponing a share sale.

Adani Enterprises announced on Wednesday that it would return to investors the $2.5 billion (£2 billion) raised from the sale.

According to Mr. Adani, the decision will not have an influence on “our current activities and future plans.”

The action brings to a close a week that saw a US investment firm accuse Adani Group companies of fraud.

Adani disputes the charges.

However, over the past several days, the market value of the group’s enterprises has dropped by $108 billion.

Adani is currently ranked 16th on Forbes’ real-time list of billionaires after losing $48 billion on his own personal wealth.

What led to this?

Mr. Adani was the third richest person in the world less than two weeks ago.

On January 25, India’s largest secondary share offering in history was scheduled to begin with the sale of shares of Adani Enterprises, the parent company of his ports-to-energy conglomerate.

However, a day earlier, a report by the US-based investment firm Hindenburg Research accused the Adani group of years of “brazen” stock manipulation and accounting fraud.

Hindenburg specialises in “short-selling,” which is betting against the share price of a company in the hope that it will decline.

The Adani Group addressed the study as “a vicious combination of selective falsehoods and stale, unsubstantiated and debunked charges” in its response, but that didn’t allay investor concerns.

Seven of Mr. Adani’s group’s publicly traded companies operate in a variety of industries, including renewable energy, commodities trading, ports, utilities, and airports. Billions of dollars have been invested in or lent to companies affiliated with the organisation by numerous Indian banks and state-owned insurance firms.

Is that it?

No. The Adani Group released a thorough denial that took up more than 400 pages as the market continued to tank, labelling the Hindenburg report as a “calculated attack on India.”

It claimed to have followed all local regulations and to have provided the required regulatory disclosures. The report was allegedly intended to allow Hindenburg “to book massive financial gain through wrongful means at the cost of countless investors,” according to the complaint.

Asserting that the Adani Group had “failed to specifically answer 62 of our 88 questions, “Hindenburg nevertheless stood by the study.

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Indian opposition MPs seeks Gautam Adani probe

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Gautam Adani

Shares of Adani Enterprises hit lowest price since March 2022 after Hindenburg report. Shares in the group’s other businesses also saw losses of around 10% on Thursday. Gautam Adani, 60, no longer Asia’s richest person, has slid down Forbes list. As the situation surrounding billionaire Gautam Adani’s troubled enterprise grew worse, Indian opposition politicians sought … Read more

Adani shares in India fell again after a stock sale was cancelled

by
Adani
  • Adani’s business has lost more than $100 billion.
  • The sale of Adani Enterprises shares was meant to earn roughly $2.5 billion.
  • Adani Enterprises’ stock dropped another 28.45 percent today.

MUMBAI: Under-fire Indian tycoon Gautam Adani asserted Thursday that his conglomerate’s fundamentals were “solid,” even as shares in the group’s companies fell again after the group canceled a multibillion-dollar public sale.

Adani’s business has lost more than $100 billion as a result of stunning charges of accounting fraud made by US short-seller Hindenburg Research last week, which the firm has denied.

The sale of Adani Enterprises shares was meant to earn roughly $2.5 billion to assist in lower debt levels, which have long been a source of worry, and to widen the company’s shareholder base.

Small investors remained away when the market price fell below the offered range, and it was only fully subscribed after assistance from Abu Dhabi-based International Holding Company, as well as fellow Indian tycoons Sajjan Jindal and Sunil Mittal, according to Bloomberg citing unidentified sources.

Nonetheless, Adani Enterprises’ stock dropped another 28.45 percent in Mumbai on Wednesday.

According to Bloomberg, the trigger was news that Swiss banking behemoth Credit Suisse has stopped recognizing Adani bonds as collateral for loans advanced to private banking clients.

Adani Enterprises lost another 10%, prompting trade in its shares and those of many other Adani companies to be halted.

In a late-night announcement, Adani Enterprises stated it had chosen not to proceed with the share sale “in the interest of its subscribers,” and that all deposits would be reimbursed.

Going forward with the matter “would not be morally proper,” according to the firm.

Adani himself delivered a video message on Thursday in which he stated that the “fundamentals of our company are very strong, our balance sheet is good and assets robust”.

Serious investigation

Adani’s personal wealth has fallen out of the top ten real-time Forbes wealthy list, and he has been surpassed as Asia’s richest man by fellow Indian Mukesh Ambani.

Adani, 60, has seen his business grow at rapid speed, with shares in Adani Enterprises rising more than 1,000% in the last five years.

This helped him become the world’s third-richest man last week, trailing only Elon Musk and France’s Bernard Arnault and family.

According to Hindenburg Research, Adani artificially raised its unit share values by funneling money into the equities through offshore tax havens.

This “brazen stock manipulation and accounting fraud scheme” is “the largest con in corporate history”, Hindenburg said in its report.

Adani said it was the target of a “maliciously mischievous” reputational campaign and issued a 413-page statement on Sunday that said Hindenburg’s assertions were “nothing but a lie”.

In response, Hindenburg, which earns money by betting on stocks plummeting, stated that Adani’s statement failed to answer the majority of the problems presented in its study.

Critics claim that Adani’s close ties with Prime Minister Narendra Modi have aided him in gaining business and avoiding necessary regulatory supervision.

Modi, who, like Adani, is from Gujarat state, has not reacted publicly since the Hindenburg claims, which observers believe have harmed India’s image at a time when the country is attempting to entice foreign investors away from China.

The firm’s diverse holdings include ports (it just acquired one of Israel’s largest), telecoms, airports, media, coal, oil, and solar power.

Following the Hindenburg charges, India’s opposition Congress party asked for a “serious inquiry” of Adani’s enterprises by the federal bank and regulator this week.

“For all its rhetoric about black money, has the Modi government opted to ignore illegal acts by its favorite corporate group?” Congress declared.

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Share sale fails to halt Adani market slide in India

by
Adani
  • Shares in Adani Enterprises fell more than 5%.
  • Adani fell to the ninth position by Wednesday.
  • Adani said it was the target of a “maliciously mischievous.”

MUMBAI: Despite a successful initial public offering, investors continued to dump shares in Indian tycoon Gautam Adani’s corporate empire on Wednesday, citing suspicions of significant accounting fraud from a short-seller investment group.

According to Bloomberg News, the fall has already wiped out about a third — or $76 billion — of the conglomerate’s value, while Adani’s personal fortune has dropped by more than $40 billion.

Adani Total Gas, which is owned by the French conglomerate TotalEnergies, led the collapse on Wednesday, with trading paused again following another 10% decrease.

Shares in Adani Enterprises fell more than 5%, despite the fact that a stock sale in the company on Tuesday was oversubscribed, despite smaller retail investors mostly staying away.

Adani, a school dropout, has seen his business grow at dizzying speed, with Adani Enterprises shares increasing by more than 1000% in the last five years.

This helped him become the world’s third-richest man last week, after Elon Musk and Bernard Arnault and family, but he had fallen to ninth position by Wednesday.

Adani has artificially raised the share prices of its units, according to US investment firm Hindenburg Research, by funneling money into the stocks through offshore tax havens.

This “blatant stock manipulation and accounting fraud scheme” is the “biggest swindle in business history,” according to Hindenburg’s scathing report released last week.

Adani said it was the target of a “maliciously mischievous” reputational campaign and on Sunday issued a 413-page statement that said Hindenburg’s assertions were “nothing but a falsehood”.

In response, Hindenburg, which earns money by betting on stocks plummeting, stated that Adani’s statement failed to answer the majority of the problems presented in its study.

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Adani group gets $400 Million in share sale investment from UAE

by
Adani group
  • Gautam Adani’s conglomerate saw its value plummet by nearly $ 70 billion.
  • His group issued a 413-page response in an attempt to restore trust in the corporate empire.
  • The response was ineffective, as stock prices for most group companies continued to tumble.

Adani group, Billionaire Gautam clung to a $ 400 million (Rs 3,260 crore) investment by Abu Dhabi’s International Holding Co. in its flagship firm’s share sale to restore confidence in the conglomerate, which saw its value plummet by nearly $ 70 billion after a tiny New York short seller issued a damning report.

Gautam Adani, 60, who was the world’s third richest man until a day before Hindenburg Research released its report on January 24 that raised concerns about its debt levels and alleged stock manipulation, accounting fraud, and the use of tax havens, has slipped to eighth place, closing the gap with rival Mukesh Ambani, whom he surpassed in April last year, to just $4 billion.

His group issued a 413-page response to the Hindenburg report late Sunday night in an attempt to restore trust in the corporate empire, but it was ineffective, as stock prices for most group companies continued to tumble and crucial dollar bonds fell to new lows on Monday.

The US short seller denied that its report on Adani Group’s wrongdoing was a “calculated attack” on India, claiming that a “fraud” cannot be disguised by nationalism or a bloated response that neglected major allegations.

Hindenburg published the analysis on January 24, the same day that Adani Enterprise Ltd’s 20,000-crore follow-on share offering became available to investors. While anchor investors poured about 6,000 crore into the FPO on that day, public subscription remained modest, with only 3% of the shares on offer being subscribed to as of Monday evening, according to the report.

The offer expires on January 31, and the retail investor part, which accounts for the majority of the FPO, is only 4% enrolled.

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Adani Group says Hindenburg fraud claim ‘calculated attack on India’

by
Hindenburg
  • The stock market value of Adani Group was reduced by more than $50 billion.
  • Adani group accused the Hindenburg report.
  • Adani Enterprises prepares to sell $2.5 billion in shares this week.

Gautam Adani‘s firm has offered a detailed reply to claims of malfeasance made by short-seller Hindenburg Research.

Adani Group describes the research as a “planned attack on India” in a 400-page paper.

Later that day, Hindenburg stated that “Adani failed to specifically address 62 of our 88 queries” in the report.

Last week, the stock market value of Adani Group, an Indian conglomerate, was reduced by more than $50 billion ($40.4 billion).

It also stated that it had followed all local regulations and made all required regulatory disclosures.

“All transactions entered into by us with businesses that qualify as related parties’ under Indian laws and accounting standards have been appropriately declared,” Adani Group said in a 413-page statement released late Sunday.

It went on to accuse the Hindenburg report of being designed to allow the US-based short seller to make profits without providing evidence.

“This is fraught with conflict of interest and is meant simply to establish a phony market in securities to allow Hindenburg, an admitted short seller, to earn significant financial gain through illegitimate means at the expense of innumerable investors,” the statement continued.

The term “short-selling” refers to betting against a company’s share price in the belief that it would fall.

Hindenburg response

In response, Hindenburg said: “To be clear, we believe India is a vibrant democracy and an emerging superpower with an exciting future.”

“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.”

It comes as Adani Group’s flagship firm, Adani Enterprises, prepares to sell $2.5 billion in shares this week.

Hindenburg issued research this week that questioned the Adani Group’s ownership of firms in offshore tax havens such as Mauritius and the Caribbean.

It also said Adani companies had “significant debt” which put the entire group on a “precarious financial standing”.

However, Adani Group announced on Thursday that it was considering “remedial and punitive measures” against Hindenburg Research in the United States and India.

Adani stated that it has always complied with all laws.

Also on Thursday, Hindenburg responded to Adani’s comments, claiming the corporation had not addressed “a single substantive problem we have presented”.

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India’s Adani Group loses $50bn in stocks over fraud claims

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India’s Adani Group
  • Shares in the company’s flagship Adani Enterprises fell nearly 20%.
  • The fallout comes just days after Hindenburg Research.
  • His company has stated that it is considering legal action against Hindenburg.

Indian billionaire Gautam Adani‘s fortune was wiped out by more than $20 billion (£16 billion) on Friday, as investors fled his companies for a second day, prompted by fraud claims made by a US investment firm.

The Adani Group has dismissed the report as malicious, but this has not stopped the outrage.

The main opposition party in India has demanded an investigation.

The firm’s publicly traded companies have lost approximately $50 billion in market value.

Shares in the company’s flagship Adani Enterprises fell nearly 20% on Friday, while some of the group’s other publicly traded companies fell even more, causing trading in Mumbai to halt automatically.

Gautam Adani slips to the 7th spot

According to Forbes, Mr. Adani has dropped from the third richest person in the world to seventh on the rich list, with an estimated net worth of more than $96 billion.

The fallout comes just days after Hindenburg Research, a firm that specializes in “short-selling,” or betting against a company’s share price in the expectation that it will fall, published a report accusing the Adani Group of “brazen” stock manipulation and accounting fraud over a decade.

Its report came ahead of Adani Enterprises’ planned share sale, which is now seeing little demand.

Mr. Adani is a self-made billionaire who has amassed a fortune through investments in ports, airports, renewable energy, and other industries. In the last three years, the value of his companies’ shares has skyrocketed, increasing his wealth.

His company has stated that it is considering legal action against Hindenburg.

Mr. Adani, an ally of Indian Prime Minister Narendra Modi, has long faced allegations from opposition politicians that he has benefited from his political connections, which he denies.

Many Indian banks and state-owned insurance companies have invested in or loaned billions of dollars to Adani Group companies.

Some of India’s leading public sector banks told Reuters they were unconcerned about the risks associated with their exposure to the firm.

The incident, however, has had an impact on the wider stock market, helping to send India’s benchmark Nifty 50 stock index down more than 1% on Friday.

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Indian billionaire Gautam Adani faces fraud claims

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Gautam Adani fraud claims

Indian billionaire Gautam Adani lost more than $20 billion (£16 billion) on Friday amid fraud claims. Investors withdrew from his companies for a second day. The Adani Group has brushed off the allegations as malicious. Indian billionaire Gautam Adani lost more than $20 billion (£16 billion) on Friday as investors withdrew from his companies for … Read more

Indian Cricket Board auctions Women’s IPL teams for $572.5 million

by
Indian Cricket Board

The Indian cricket board earned $572.5 million on Wednesday. The BCCI also sold the men’s IPL rights for $6.2 billion for five seasons last year. Three of the five women’s league franchises already have IPL teams. The Indian cricket board earned $572.5 million on Wednesday when it announced the winners of the bids to own … Read more

Himachal Pradesh: Thousands devastated as India Adani plants shutdown

by
Adani

The Adani group intends to lower this price to six rupees. Ms. Sharma has relied only on the plant for her means of subsistence. The family obtained its small plot of property when the facility was constructed. “I’m not sure what we did wrong. Why are we getting this treatment now? “asks Kanta Sharma, referring … Read more

Indian tycoon replaces Jeff Bezos as the second-richest person

by
indian

Jeff Bezos was the second-richest person in the world. He has just dropped to third place. tycoon Gautam Adani rapidly advances up Bloomberg’s Billionaire Index. The second-richest person in the world, Jeff Bezos, has just dropped to third place as Indian business tycoon Gautam Adani rapidly advances up Bloomberg’s Billionaire Index. With $260 billion in … Read more

Third richest person in the world is Indian businessman Gautam Adani.

by
Gautam Adani

Bloomberg Billionaires Index, India’s Gautam Adani is now the third-richest man in the world. He has taken the spot previously held by Louis Vuitton’s Bernard Arnault Making him the first Asian to reach the top three. Adani’s net worth has now reached $137 billion, placing it third in the world after Jeff Bezos and Elon … Read more

An Old Billionaire Speaks Out Against Gautam Adani

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Gautam Adani

Gautam Adani’s spectacular journey to the world’s ninth wealthiest person began in the 1990s with a port on India’s west coast. The rest has been spent looking for the next industry to expand his debt-fueled business. The competitor is not Adani’s archrival Mukesh Ambani, the only Indian businessman who is now wealthier than him. Gautam … Read more

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