Man Of The Year: Gautam Adani

Gautam Adani's ascent to the top ranks of the wealthiest persons in the world has been rapid. The only top-ten individual in the Bloomberg Billionaires Index who has increased his wealth this year is Adani.

His group enterprises, including ports and energy businesses, have been flourishing and increasing Adani's and other investors' wealth. Adani increased his wealth by $44.6 billion from 2022 to the present. The combined losses for the period were $259.3 billion for the other nine billionaires on Bloomberg's Billionaires Index.

This year, the market capitalization of the seven listed Adani Group firms has increased by 8.55 lakh crore.

Due to this phenomenal increase in wealth, he momentarily trailed Elon Musk in terms of global wealth.

Adani, who is currently in third place on the Bloomberg Billionaires Index, is thought to have a net worth of $121 billion, down from a peak of $150 billion reached in September of this year.

The only two persons richer than Adani are Elon Musk ($138 billion) and Bernard Arnault ($165 billion), the founder of LVMH and a French business magnate. Frequently compared to Mukesh Ambani, the second-richest man in India, Adani has far beyond the head of Reliance Industries, whose net worth is estimated to be $86.9 billion, in the race for wealth.

“The busiest dealmaker in Asia”

Adani, who was born in Ahmedabad, came in first place in the sixth edition of the "Bloomberg 50" list of this year's most influential persons in global business. 

The crown jewel of his aggressive acquisitions during the year was the $10.5 billion purchase of cement goliaths ACC and Ambuja Cements from Swiss construction giant Holcim, earning him the title of "Asia's busiest dealmaker."Gautam Adani has already made deals in the ports, building, media, and energy sectors in 2022.

In February, Adani listed its FMCG business, Adani Wilmar, on the stock exchanges to kick off the year. The Russia-Ukraine war increased the price of edible oil, the company's earnings, and the stock price precisely in time for this to benefit from it.

Adani Ports and Special Economic Zone announced its victory in a $1.18 billion proposal to privatize Israel's Haifa port later in July. In the long run, this is a beautiful port as we anticipate Israel, according to Karan Adani, CEO of Adani Ports and Special Economic Zone, who announced the purchase. The new possible trade channels created when they link Europe and the Middle East will benefit us.

The $10.5 billion purchase of ACC and Ambuja Cements from Holcim in September was the Adani Group's most significant transaction of the year. Based on market valuation, these two businesses helped the Adani Group overtake UltraTech Cement to become the second-largest cement producer in the nation.

Ambitions for green energy worth $70 billion and worries about being "over-leveraged."

Adani also unveiled an ambitious $70 billion new energy strategy in September of this year. Under the proposal, the company will build three Giga factories by 2030, one for each of the following: solar modules, wind turbines, and hydrogen electrolyzers.

The Adani Group's ambitious growth plans could turn into a debt trap, according to a study from CreditSights, a Fitch Ratings business, which the billionaire had to deal with. Investors were alarmed by this, which caused the Adani Group companies to lose $94,000 crore in market value in a single day.

But a few weeks later, the research company softened its stance and updated its projections for the cash flow position of the two group companies.

According to a stock exchange filing, the group's flagship Adani Enterprises has secured board clearance to fund 20,000 crores through a follow-on public offer (FPO), subject to shareholder approval. The Adani group will utilize these monies to further its green energy and digital commerce goals.

Overall, Gautam Adani has had a busy year. He began the year with $77 billion in wealth and rose to become the third-richest person in the world. It is uncertain whether Adani will surpass Bill Gates as the wealthiest person in the world in 2023.