Adani Enterprises, established 33 years ago, has become the country’s largest solar manufacturing company despite being a relative newcomer to the Indian corporate scene. In addition, the group has holdings in power generation and transmission and also gas distribution. Its Mundra Port is now India’s largest port. It’s now the country’s biggest port and airport operator.

The Adani Group has entered a remarkably wide swathe of sectors in recent years. And group flagship Adani Enterprises has moved from Rs 1,129.95 a year ago to Rs 2,196 on Wednesday. Similarly, Adani Transmission was trading at Rs 2,779, up from Rs 2,268 just a month ago and its 52-week low of Rs 860.

The joint venture between Adani and France’s Total Gas has ambitious plans to distribute gas around the country and has already won several contracts to do this. For Adani, the tie-up gives him funds to plough into new initiatives such as green hydrogen as well as “tap the solar-rich” Middle East market.Īnother fast-riser is Adani Total Gas which hit Rs 2,510 on Wednesday, up from Rs 1,650.35 on March 14. IHC, the UAE’s second largest company by market value, says the “landmark transaction” marks just the “start of a wider relationship” with the Adani group. In the last year, Adani Green’s shares have gained 115 per cent.ĭeven Choksey, managing director at KRChoksey Investment Managers, said Adani group’s green portfolio as well as India’s pledges to use more clean energy makes the deal “a compelling (investment) proposition” for IHC, founded in 1998 as part of an drive to diversify and grow non-oil business sectors in the UAE. That’s added to its already vertiginous climb that took it from Rs 1,822 barely a month ago. The company’s share price has soared from Rs 2,231 to Rs 2,869 in barely five days. Adani Green Energy is now India’s 8th-most valuable company, overtaking HDFC and Bajaj Financial. The Abu Dhabi investments have had a huge knock-on impact on each of the companies. A crucial attraction for IHC is that all three companies have massive plans in the green energy sector and with India aiming to cuts its reliance on fossil fuels and achieve net carbon zero status by 2070, the Adani Group is in pole position. Ambani’s now reckoned to be worth $99 billion and could ascend into the ranks of centi-billionaires very soon.Īdani’s wealth moved into lift-off mode once again after Abu Dhabi’s International Holding Co (IHC) invested $2 billion last week in three key green-focused companies that the businessman runs: Adani Green Energy, Adani Transmission and Adani Enterprises. (March 11 is important because it was the cutoff date for the Forbes Global Richest List which appeared only a few days ago on April 5). On March 11, he was worth $90 billion – still $700 million behind Mukesh Ambani, making him India’s second richest man. His wealth has soared by $33 billion in 33 days.Ĭonsider the rate at which Adani’s wealth has climbed. Adani, who’s a college dropout and first made his fortune in the coal industry, also is now the richest Asian ever and one of eight men worth more than $100 billion, according to the Forbes Real-Time Billionaires Tracker.

Forbes wealth tracker