The potential inclusions are seen further boosting wealth for Adani, who has added $20.2 billion to his net worth this year, the second-biggest increase among the world's billionaires
Billionaire Gautam Adani is likely to see three more companies from his coal mining-to-data centers conglomerate join the MSCI India Index after shares in each one of them more than doubled this year, according to analysts.
The group’s flagship Adani Enterprises Ltd., gas supplier Adani Total Gas Ltd., and power distributor Adani Transmission Ltd. may get included in MSCI Inc.’s country benchmark after the index provider’s semi-annual review of its gauges in May, according to broker Edelweiss Financial Services Ltd. and independent research provider Smartkarma. Adani Green Energy Ltd. and Adani Ports & Special Economic Zone Ltd. are already there.
The potential inclusions are seen further boosting wealth for Adani, who has added $20.2 billion to his net worth this year, the second-biggest increase among the world’s billionaires. The tycoon -- who started out as a commodities trader in the late 1980s -- has diversified from mines, ports, and power plants into airports, data centers, and defense. The rally in stocks shows investors have rewarded his strategy of interlocking his group’s interests with the Indian government’s infrastructure program.
There is a “very high probability of these Adani names to come in the index primarily due to the surge in their market capitalization,” Brian Freitas, a New Zealand-based analyst at Smartkarma, said by phone. “ETFs and other passive funds will have to buy, adding to Adani’s fortune.”
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