Gautam Adani surpasses China’s Shanshan to become the second richest man in India



News24

LAST UPDATED: May 21, 2021, 2:38 p.m.

New Delhi (Anish Yande): Indian billionaire Gautam Adani has become the second richest person in Asia. The founder of the Adani Group has surpassed the wealth of Chinese tycoon Zhong Shanshan according to the Bloomberg Billionaire Index.

Indian billionaire Gautam Adani becomes second richest man in India:

Adani is now the second richest man in India, behind Indian billionaire Mukesh Ambani. The Chairman of Reliance Industries Limited had overtaken Chinese billionaire Zhong Shanshan back in February of this year. According to the Bloomberg Billionaire Index, Mukesh Ambani has become the 13th richest man in the world while Gautam Adani is the 14th richest man in the world.

Zhong Shanshan is the richest man in China with a net worth of $63.6 billion. He is the founder and chairman of Nongfu Spring, which is a popular mineral water company in China. Shanshan is the owner of Beijing Wantai Biological Pharmacy Enterprise, a pharma company that is developing Covid-19 test kits.

However, as of late, his net worth has dropped in Chinese markets. Comparatively, Gautam Adani’s wealth has surged to reach $66.5 billion in 2021 with an increase of $32.7 billion. Adani’s net worth increased due to a surge in the share prices of Adani Gas, Adani Green, Adani Enterprises, and Adani Transmission. 

Shares of Adani Group companies surge:

The shares of Adani Enterprises, Adani Transmission have risen 827 percent and 617 percent respectively over the past year. Stock prices of Adani Green Energy and Adani Power rose 433 percent and 189 percent respectively as well. 

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Gautam Adani had started as a commodity trader, today owns companies across segments such as financial services, gas distribution, logistics, ports, airports, energy,  agribusiness, real estate, and defense.

A subsidiary of the Adani Group, Adani Green Energy Limited had recently signed an agreement to acquire the entire stake in SB Energy India. The subsidiary of SoftBank Group was acquired by the renewable energy firm for $3.5 billion. The company’s acquisition is the largest in the renewable energy segment in India.

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