Gautam Adani Foundation

16/09/2023

The Indian entrepreneur has seen his wealth plummet after a research firm accused him of ‘brazen stock manipulation’

16/09/2023

11/07/2023

Indian billionaire, Gautam Adani, has become the second richest person in the world two weeks after he climbed to the third spot on Bloomberg Billionaire Index, closing the gap on Tesla’s founder, Elon Musk.

The billionaire, who founded Adani Enterprises in 1988, had surpassed the Chairman of LVMH Moët Hennessy, Bernard Arnault and American business magnate, Bill Gates in August, with only Jeff Bezos and Musk standing between him and becoming the richest person in the world.

Adani has now surpassed Bezos, after the Amazon founder lost $2.74 billion at the close of trading on Friday, dragging his wealth down to $147 billion.

Bezos’ networth dropped by -1.82 percent from $149.74 billion. This sent the e-commerce guru to the third spot but tied with Adani, who also has $149.74 billion.

11/07/2023

Billionaire tycoon Gautam Adani's net worth sank between January and June this year, Bloomberg reported. The Adani Group chairperson lost 60.2 billion (over ₹4 trillion) in the past six months. He also registered the biggest one-day loss of any billionaire, losing $20.8 billion on January 27, the day Hindenburg Research in its report accused his group of accounting fraud and stock manipulation. Adani has denied allegations by the the US research firm.

25/05/2023

Commenting on the results, Gautam Adani said that Adani Enterprises has lived up to its standing as not only India’s most successful business incubator but also as one of the world’s most successful infrastructure foundries.

“The past year’s results represent indisputable evidence of the strength and resilience of the Adani Group’s operational and financial performance,” said Adani, further adding that its mega-scale infrastructure project ex*****on capabilities and the O&M management skills are strengths that drive the Adani portfolio’s diversity to create long-term value for its investors.

25/05/2023

The company also said that it will host its Annual General Meeting on July 18 at 10 am through video conferencing and other audio visual means.

Meanwhile, the company reported a 138 per cent rise on a year-on-year basis, with its consolidated net profit at Rs 722.48 crore for the quarter ended March. The company, whose performance was buoyed by its key coal tradition division, saw its consolidated revenue from operations increase over 26 per cent to Rs 31,346.05 crore in the March 2023 quarter from Rs 24,865.52 crore in the March 2022 quarter.

25/05/2023

Adani Enterprises that declared its results for the quarter ended March on Thursday said that the board has approved the re-appointment of Gautam Adani as Executive Chairman of the company for a period of five years. The reappointment will be effective from December 1, 2023. His present term expires on November 30, 2023.

“Mr. Adani’s success story is extraordinary in many ways. His journey has been marked by his ambitious and entrepreneurial vision, coupled with great vigour and hard work. This has not only enabled the Group to achieve numerous milestones but also resulted in creation of a robust business model which is contributing towards building sound infrastructure in India,” the company said in the board meeting outcome filed with the exchanges.

25/05/2023

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He said the cost of creating an international media group would be “negligible” for the conglomerate and he had invited NDTV owner-founder Prannoy Roy to remain as chair. Adani’s AMG Media Network also bought a stake this year in business news platform BQ Prime, formerly BloombergQuint.

The surge in share prices of Adani’s companies this year has puzzled some analysts while boosting his fortune faster than that of any other billionaire. Now worth $136bn, according to Forbes, Adani jostles with tech tycoon Elon Musk and luxury mogul Bernard Arnault atop the global wealth rankings.

News, analysis and comment from the Financial Times, the worldʼs leading global business publication

25/05/2023

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On Friday, Adani’s flagship listed company, Adani Enterprises, announced it would seek shareholder approval to raise Rs200bn (roughly $2.4bn) in a public share offering.

Its chief’s comments demonstrate how the ports-to-power conglomerate — which has growing influence as the founder champions Indian prime minister Narendra Modi’s development agenda — is expanding abroad and pushing into the media and consumer sectors.

“Why can’t you support one media house to become independent and have a global footprint?” asked the billionaire, whose new media unit launched a hostile takeover of leading Indian broadcaster NDTV in August. “India does not have one single [outlet] to compare to Financial Times or Al Jazeera.”

News, analysis and comment from the Financial Times, the worldʼs leading global business publication

25/05/2023

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Gautam Adani wants to build a global news brand in a sign of the widening influence and vaulting international ambition of Asia’s richest man.

In a wide-ranging interview with the Financial Times, Adani highlighted investment plans ranging from launching a “super app” in India to bidding for power projects in Israel. He also defended the group’s controversial Carmichael coal mine in Australia but admitted he would not have gone through with its development if he had known how much opposition it would spark.

News, analysis and comment from the Financial Times, the worldʼs leading global business publication