The fortune of the founder of the Adani Group conglomerate, once the richest man in Asia, Gautam Adani, has risen to $100.7 billion, and he, according to Bloombergtook 12th place in the list of the richest people in the world, returning to the so-called club of those with fortunes over $100 billion. At the beginning of 2023, in a matter of days, the Indian billionaire’s fortune dropped to $37.7 billion, which was preceded by the publication of an investigation by the American analytical company Hindenburg Research.
IN investigation Hindenburg Research, published on January 24, 2023, the company’s analysts presented evidence they collected over two years allegedly that “the Adani Group has been involved in brazen stock manipulation and accounting fraud schemes for decades.” Hindenburg Research questioned the “sky-high valuations” of the group’s companies and said the conglomerate actually has “substantial debt.” After the publication of the investigation, companies included in the Adani Group lost about $150 billion in market capitalization, and state Mr. Adani himself with $120 billion decreased more than $80 billion.
In the year following the publication of this report, the Adani Group was able to significantly recover, pay off debts, deal with regulatory claims, and regain investor confidence. The conglomerate has attracted funds from several major investors, including Qatar Investment Authority and TotalEnergies. After the publication of good financial statements of the main division of the conglomerate Adani Enterprises, whose profits soared by 130%, the shares of the conglomerate are growing steadily. In January, India’s Supreme Court ordered market regulators to complete all ongoing probes and investigations into the Adani Group within three months and said no further probes into the matter were required. Since the beginning of this year alone, Gautam Adani’s personal fortune has grown by $16.4 billion.
Read more about Gautam Adani in the Kommersant publication “To be in time for $60 billion”.