Shares of most of his firms have surged, including those of his
mining, gas and ports units
Gautam Adani has a
knack for surviving crisis. He was held for ransom more than two decades ago
and in 2008 was among the hostages of Mumbai’s Taj Mahal Palace hotel during
the terror attacks that killed more than 160 people.
Since then, his business acumen and ability to overcome obstacles have
propelled him to the ranks of India’s richest. And while the coronavirus
outbreak sank the nation into an unprecedented recession this year, Adani’s
group has kept growing. His conglomerate secured global partners, investments
and pushed into new sectors.
Shares of most of
his firms have surged, including those of his mining, gas and ports units. Adani
Green Energy Ltd. has jumped more than sixfold this year as it received a
record $6 billion solar-power deal, another step toward the company’s goal of
becoming the world’s largest renewable-energy maker by 2025.
“The market is
having FOMO syndrome when it comes to Adani stocks,” said Sanjiv Bhasin,
director at investment-management firm IIFL Securities Ltd. “Its businesses are
aligned to the current central-government vision. Therefore, the road ahead is
smooth for this conglomerate for at least five to six years.”
With a fortune
valued at $32.4 billion, Adani is India’s wealthiest person after Mukesh
Ambani, who has dominated news headlines for partnering with some of the
major names of Silicon Valley. This year alone, the stock surges have added
$21.1 billion to Adani’s net worth -- even more than Ambani’s gain, according
to the Bloomberg Billionaires Index.
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