Will Adani beat Ambani to become the richest Indian?
Ambani may be smarter due to an agreement reached with Saudi Aramco and a legal dispute over the acquisition of Retail, but he still has two assets that could put him ahead of the rich race.
Mukesh Dhirubhai Ambani and Gautam Shantilal Adani – two names found everywhere in India Inc, and currently the first and second rich Indians.
Mukesh Ambani, who owns India’s most important company, Reliance Industries, has held the position of India’s richest man for a long time. However, Gautam Adani closed the gap immediately with the growing number of his listed companies.
Adani cooked up China’s ‘Lone Wolf’ Zhong Shanshan on May 20 to move up to 14th place in the Bloomberg Billionaires Index and become the second richest man in Asia. Above him, in 13th place, is Ambani. The difference between the fortunes of the two Indians stands at just $ 8.7 billion.
So, is Adani determined to win this race for riches against Ambani? The answer is a resounding no. Ambani may be smarter as a result of an agreement reached with Saudi Aramco and a legal dispute over the acquisition of Retail Retail, but he still has two assets that could widen the gap in his services to a large extent – Jio Platforms and Reliance Retail.
Both Reliance Industries units have signed oil stock deals deals – with an increase, about Rs 2 lakh crore – in last year’s crisis. After much investment, the Jio Platforms are worth Rs 4.36 lakh crore (about $ 60 billion), while Reliance Retail is estimated at Rs 4.6 lakh crore ($ 63.2 billion). The next step for Reliance Industries, soon, is expected to be a public problem to enter this financial hole.
Last year, Ambani rose slightly in the Bloomberg Billionaires Index as shares of Reliance Industries broke a series of records following several investments in the digital segment of Jio Platforms and Reliance Retail. The 64-year-old has managed to surpass the likes of Warren Buffet, Larry Page and Sergey Brin to take fourth place in the list of billions in August 2020.
The dip continued. Within the year to May 21, 2021, Ambani lost $ 398 million, taking its net worth to $ 76.3 billion, according to the Bloomberg Billionaires Index.
Adani, on the other hand, added $ 33.8 billion in cash at the same time. His total value is now $ 67.6 billion. So far this year, Adani Enterprises Chairman has been the best founder of the 13 billion people above him on the Bloomberg list, including Jeff Bezos, Elon Musk, Bill Gates, Mark Zuckerberg, Warren Buffet, Larry Page and Sergey Brin. Only Bernard Arnault of Moet Hennessy Louis Vuitton has acquired more wealth than Adani so far in 2021.
The stock market helps Adani accumulate more wealth. Adani Enterprises, a company with $ 58 billion, saw its value increase by about 846.27 percent in the past one year. Adani Total Gas, Adani Transmission and Adani Green Energy are among the most funded, with a return of 1,044.51 per cent, 744.07 per cent and 467.89 per cent respectively, over the past one year. During this period, Adani Power and Adani Ports and the Special Economic Zone delivered a return of up to 206.21 percent and 146.80 percent, respectively.
In contrast, Ambani’s Reliance Industries recovered 38.71 percent from last year’s stock. No other Reliance Industries business, not even the beloved investment partner Jio Platforms, is on the stock list. It means that Ambani has not fully disclosed the value of his business.
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