Mumbai: If 2020 belonged to Reliance Industries Limited (RIL) chairman Mukesh Ambani, 2021 was the year of Adani Group chairman Gautam Adani, who added the most wealth among Indian billionaires and is among the top 5 global billionaires.
Gautam Adani has increased his fortune by over $44 billion this year as compared to the $14 billion added by Mukesh Ambani. Four billionaires to add more wealth than Adani in 2021 include the world’s richest Elon Musk, who added $123 billion, followed by French billionaire Bernard Arnault at $60.9 billion, Larry Page at $47.4 and Sergey Brin at $45.1 billion .
Adani briefly became Asia’s richest on 24 November, surpassing Mukesh Ambani during intra-day trading as a net worth of $89.1 billion.
With a personal net worth of $77 billion as of December 29, Adani is ranked as Asia’s third richest after Mukesh Ambani ($90.9 billion) and Chinese billionaire Zhong Shanshan ($78.6 billion).
adani vs ambani
Mukesh Ambani chairs Reliance Industries, India’s most valuable firm with a market capitalization of Rs 16.25 trillion. At the same time, Gautam Adani is the chairman of the Adani Group, and the value of the listed entities of the Adani Group is more than Rs 10 lakh crore.
Ambani owns the world’s largest oil refining complex, which is responsible for India’s largest private sector oil imports. At the same time, Adani is India’s largest port operator. Adani is also India’s largest thermal coal producer and largest coal trader.
The rise of Indian billionaires comes as the net worth of most Chinese billionaires plummeted this year amid regulatory crackdown on big tech firms and a possible default by the country’s leading realty firm Evergrande.
going green
Mukesh Ambani and Gautam Adani – Asia’s richest and third richest, now compete to claim the title of world leader in renewable energy.
Both Ambani and Adani have announced investments of $10 billion and $20 billion, respectively, in the renewable energy sector by the end of this decade, to more than quadruple Prime Minister Narendra Modi’s renewable energy capacity to 450 gigawatts by the end of the decade. dream to be fulfilled. According to BloombergNEF, about $650 billion of investment is required in the power sector.
India has yet to set a net-zero emissions target, but its major companies are moving ahead with plans to invest billions of dollars in a decarbonization industry.
A Bloomberg report last week said that India is under pressure from world leaders to commit to the zero target as the COP26 climate meeting in Glasgow is due in a few weeks.
Despite India’s per capita income of around $2,000, while the world average is around $12,000, the country’s per capita electricity consumption accounts for only a third of the global consumption.
According to Mukesh Ambani, this “wealth inequality and energy inequality” is unacceptable.
Those who criticize India’s reluctance to adopt Western advice on climate change should take a deeper look at the disparity in the situation, Adani said. It is impractical to suggest alternatives that the developing world cannot use and cannot afford.
“In my country, over 1.25 billion households and millions of small businesses that generate jobs depend on the availability of cheaply produced electricity. Adani said that shutting down that power source without any cost-effective option would lead to millions of people rapidly going into darkness and many other countries are in a similar situation.
important quotes
“We are highly motivated by the target set by our Prime Minister Shri Narendra Modiji to achieve 450Gw of renewable energy capacity by 2030. Out of this, I am happy to announce that Reliance will install and enable at least 100Gw of solar power 2030. A significant portion of this will come from rooftop solar and decentralized solar installations in villages. These will bring enormous benefits and prosperity to rural India,” Mukesh Ambani announced during the Reliance AGM in June. He will be in the renewable energy business over the next three years. Plans to invest more than $10 billion.
Within weeks Gautam Adani announced $20 billion in the renewable energy sector. “We will invest more than $20 billion in renewable energy generation, component manufacturing, transmission and distribution over the next 10 years,” said Gautam Adani, chairman of the Adani Group, recently while addressing the JP Morgan India Investor Summit.
According to Adani, the group is on track to become the world’s largest renewable energy generation company by 2030.
Without naming Ambani, Adani said, “It’s not just us. Others from India’s strongest clusters have also announced significant plans in the renewable energy sector. As the country’s industrial giants pool their resources together, I have little doubt that India will continue to be a beacon of hope in its mission of creating a more sustainable world. We are in a position to set an example for most of the major countries of the world to follow.”
richest race
RIL chairman Mukesh Ambani, 64, is Asia’s richest person with a net worth of $90.9 billion as of December 29, according to Bloomberg estimates. Ambani, who is ranked 12th in the Bloomberg Billionaires Index, had a net worth of $103 billion as of October 19. Making it to the coveted $100 billion club.
Ambani’s fortune fell to $36.8 billion in April 2020 as the Covid-19 pandemic took a toll on Reliance’s shares. However, according to Forbes, Ambani’s record fundraising of $44.4 billion through equity in Jio Platforms and retail, rights issues and the monetization of assets during the pandemic has left Ambani Asia with a net worth of $84.5 billion as of April 2021. made the richest.
Adani, a 59-year-old billionaire, who had a net worth of $8.9 billion in April 2020, saw his fortune rise more than five-fold to $50.5 billion in April 2021, as he joined coal to become the promoter of India’s largest renewable firm. Received variety from the producer. Adani Green Energy Limited.
Similarities
- Both Ambani and Adani are from Gujarat, which is also the home of Prime Minister Narendra Modi.
- Both the billionaires are considered close to Modi as they invested billions in Gujarat when Modi was the chief minister of the state.
- Mukesh Ambani’s Reliance operates the world’s largest refinery in Jamnagar, Gujarat, while the Adani Group’s corporate headquarters are in Ahmedabad, Gujarat.
- Both billionaires are religious and eat vegetarian food
- Adani is a college dropout who turned down his father’s textile shop to set up a commodity export firm in 1988. Ambani is a Stanford dropout and counts Steve Balmer as his classmate. He had to drop his studies to help his father oversee the construction of a polyester plant
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