Tuesday, March 5, 2024

Adani overtakes Bill Gates; World’s 4th richest person now

Indian businessman Gautam Adani has left behind Microsoft co-founder Bill Gates to become the world’s fourth richest person, according to Forbes’ Real-Time Billionaires List. 

The 60-year-old business tycoon’s net worth reached $115.5 billion on Thursday eclipsing Mr Gates whose fortunes are at $104.6 billion.

At $90 billion, fellow countryman Mukesh Ambani ranks 10th on the list.

Tesla and SpaceX founder Elon Musk, who has been involved in a huge controversy after his bid to buy Twitter only to abandon it later, tops the list with $235.8 billion.

The Adani group Chairman is famed for turning a small commodities trading business into a conglomerate spanning ports, mines and green energy.

“Some of Adani Group’s listed stocks have soared more than 600% in the past two years on bets his push into green energy and infrastructure will pay off as PM Modi looks to revive the $2.9 trillion economy and meet India’s carbon net-zero target by 2070,” Bloomberg had recently reported when he overtook Ambani as Asia’s richest person.

“In barely three years, Adani has gained control of seven airports and almost a quarter of India’s air traffic. His group now owns the country’s largest airport operator, power generator and city gas retailer in the non-state sector,” the business news agency added.

Adani on Thursday said the group has won the tender for the privatisation of a port in Israel in partnership with Gadot.

The Port of Haifa is the largest of Israel’s three major international seaports.

Adani Data Networks, along with Reliance Jio, Bharti Airtel and Vodafone Idea, has also applied to participate in the upcoming 5G auction. The spectrum auction, scheduled to start on July 26, may see aggressive bids for some frequency bands.

Adani Group on Saturday said it is in the race to acquire spectrum, which it said will be used to create a private network to support its businesses from airports to power as well as data centres.

To mark Mr Adani’s 60th birthday last month, his family had pledged to donate Rs 60,000 crores to a range of social causes.

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