Gautam Adani's Net Worth Reaches $100 Billion Again

Gautam Adani has made a remarkable comeback to the prestigious $100 billion fortune club within a year. The Indian tycoon has managed to recover a significant portion of his wealth following a dip caused by a short-seller assault in early 2023. Adani's net worth has surged by $2.7 billion to reach $100.7 billion, marking its highest point since Hindenburg Research leveled accusations of market manipulation and fraud against his conglomerate, allegations firmly refuted by the Adani Group.

The shares of Gautam Adani's flagship company, Adani Enterprises Ltd., have been on an upward trend for the eighth consecutive day following a strong earnings report last week, revealing a remarkable 130% increase in profit. Presently, he ranks as the 12th wealthiest individual globally, trailing just one spot behind his compatriot Mukesh Ambani. Although Ambani's wealth reached a new peak earlier this month, Adani's fortune still lags behind by approximately $50 billion compared to its peak in 2022. Following the report, Adani's wealth experienced a significant decline, plummeting by over $80 billion within a month and hitting a low of $37.7 billion. His conglomerate, which endured a market value loss of over $150 billion at one point, dedicated months to regaining investor and lender confidence, settling debts, and addressing regulatory concerns.

Rajiv Jain's GQG Partners LLC poured about $4 billion into Adani Group companies last year, while the Qatar Investment Authority invested almost $500 million and TotalEnergies SE bet $300 million on a joint venture with Adani Green Energy Ltd., the conglomerate's green arm. Earlier this week, people familiar with the discussions said Adani Green is in talks to raise about $500 million via dollar bonds in its first overseas issuance since the Hindenburg report.

In January, the Supreme Court of India directed the domestic markets regulator to finalize its inquiry into the group within a three-month timeframe and declared that further investigations were unnecessary, thereby contributing to the rise in Adani Enterprises' shares. Adani's resurgence, along with the broader increase in wealth in India, coincides with growing global investor interest in the country, which has bolstered stock markets. Institutions like Goldman Sachs Group Inc. and Morgan Stanley have advocated for India as the premier investment destination for the forthcoming decade.

Adani, 61, dropped out of college to try his luck in Mumbai's diamond industry in the early 1980s later diversifying into coal and ports. Over time, his business empire has expanded to encompass a wide array of sectors including airports, data centers, media, and green energy, aligning closely with Prime Minister Narendra Modi's vision for fulfilling India's long-term economic objectives. At its pinnacle, Adani's wealth peaked at $150 billion, securing him the position of the third-wealthiest individual globally. Despite experiencing the most significant wealth decline in 2023, Adani has managed to reclaim $16.4 billion in wealth this year.