Mukesh Ambani ranked as Asia’s richest, surpasses Gautam Adani – Times of India

NEW DELHI: The battle between two of India’s richest businessmen for the richest spot in Asia is getting increasingly interesting.
Reliance Industries Chairman Mukesh Ambani on Friday regained the tag of being Asia’s richest person with a net worth of $99.7 billion. He left behind the head of the Adani Group Gautam Adani Who has held this position for the last few months because the shares of his company have risen.

In the Bloomberg Billionaires Index, Ambani ranked 8th, while Adani slipped to the 9th position with a net worth of $98.7 billion.
In February this year, Adani overtook Ambani. richest asian and the sixth richest person in the world after the rally in his port-to-power group.

Hence, both have been swapping positions at the top of Asia’s rich list for some time now.
However, despite being richer than Adani’s Ambani, Reliance Industries remained India’s most valuable company with an 80 per cent jump in its value over the past 2 years.
Ambani vs Adani
Gautam Adani has been the biggest wealth maker during the pandemic, adding around $49 billion at the rate of Rs 6,000 crore per week.
Mukesh Ambani has long been the richest person in Asia on the Bloomberg Index. But the main catch is that the two major sources of revenue for Reliance Group – Jio Platforms and Reliance Retail – are not listed on the stock exchanges.
In contrast, the Adani Group consists of seven publicly traded companies. Some of these have increased by more than 600% in the past two years as the group moves more towards green energy and infrastructure.
Shares of Adani Green and Adani Total Gas, a Mumbai-listed joint venture with French firm Total SE, have soared more than 1,000 percent since 2000. Adani Enterprises over 730 per cent, Adani Transmission over 500 per cent and Adani Ports 95 per cent during the same period.
Reliance gains, Adani shares fall
Earlier this week, some shares of Adani’s group took a hit on the stock exchanges.
Adani Green Energy, the group’s largest firm by market cap, led the way with a record 12 per cent drop in trading volume, nearly nine times the average of the past three months.
Adani Total Gas, Adani Transmission and Adani Power each fell by at least 5 per cent.

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Shares of Adani Group declined as investors adjusted their holdings to reflect changes in composition and weights in the MSCI India index.
MSCI Inc. published additions and deletions to its global indices last month, but the announcement did not detail changes in the weighting of individual stocks in its index. The changes took effect at the end of trading on Tuesday and analysts said Adani Green lost weight in the MSCI India index as it accepted fresh shares.
On the other hand, Reliance Industries shares tumbled to a record high on Friday as they rose over 3 per cent to hit a one-month high of Rs 2,816.35.
This is the second consecutive session that Reliance shares have led the stock market rally and jumped over 5 per cent in 2 days.

Both continue to bag great deals
The petrochemical empire Ambani inherited from his father has diversified into consumer-oriented businesses and acquired a more glamorous sheen, including a $1 billion commercial hub in Mumbai filled with international brands, according to Bloomberg. shown in the report.
His clout is still undeniable, as Amazon discovered in a takeover battle where Ambani scoured the stores of bankrupt Future Retail from right under the nose of the US giant.
According to a Reuters report, Reliance will acquire dozens of smaller grocery and non-food brands as it aims to build its own $6.5 billion consumer goods business to challenge foreign giants such as Unilever.
It plans to build a portfolio of 50 to 60 grocery, home and personal care brands within six months and employ an army of distributors to take them to mom-and-pop stores and large retail outlets across the country. keeping on.
But where Ambani is going for the consumer, Adani is resting mostly on infrastructure. It is useful for New Delhi, not only to generate financial resources by monetizing public assets, but also as a foreign-policy tool.
Last month, Adani acquired the cement business of Holcim AG for $10.5 billion. The purchase made the Adani Group the second largest cement producer in India with an annual capacity of at least 70 million tonnes.
(with inputs from agencies)