Billionaire Gautam Adani faced a substantial setback in 2023, witnessing a 30% drop in net worth following the Hindenburg report on his organization. Despite this, Adani orchestrated a remarkable recovery, securing nearly $15 billion in debt and equity during the fiscal year.
Adani, currently the second richest in India, raised $5 billion in equity and around $10 billion in debt, catalyzing a gradual rebound in Adani Group shares.
Key Contributors to Recovery:
– Star investor GQG Partners acquired stakes worth nearly $4.3 billion in five group companies.
– Qatar Investment Authority (QIA) and TotalEnergies invested $770 million in Adani Green Energy Ltd.
The acquisition of Ambuja Cement and ACC proved pivotal, leading to a refinancing of the $3.5 billion debt, bolstering the firm’s bankability.
Adani Group expanded its industrial portfolio, acquiring Sanghi Cement, 49.38% in Indian Oil Tanking, Karaikal Port, and Coastal Energen, totaling over $1 billion.
Adani Group’s strategic diversification into airports, green energy, data centers, digital services, and media contributed to the rapid growth of its shares.
In 2023, Gautam Adani experienced the most significant net worth drop in India, losing nearly $60 billion post the Hindenburg saga. Prior to the report, his net worth exceeded $110 billion, securing the position of India’s richest man. However, a substantial decline in share prices and failed deals resulted in a 34% wealth reduction.
As of now, Adani is the second richest individual in the country, trailing behind Mukesh Ambani, with a net worth of $72.5 billion, according to Forbes data.
(With inputs from PTI)
