Indian billionaire Gautam Adani has triumphantly rejoined the exclusive club of individuals with fortunes exceeding $100 billion after a turbulent year.
His net worth experienced a notable upswing, climbing $2.7 billion to reach $100.7 billion on Wednesday, marking the highest point since the controversial Hindenburg Research report that led to a substantial decline in early 2023.
Adani’s wealth faced a substantial setback, plummeting by over $80 billion within a month following the Hindenburg Research report, ultimately hitting a low of $37.7 billion.
His conglomerate, grappling with a market value loss exceeding $150 billion, devoted months to rebuilding investor trust, settling debts, and addressing regulatory concerns.
While the resurgence in Adani’s fortune is noteworthy, it still lags approximately $50 billion behind its peak in 2022. In the wake of the short-seller attack accusing Adani Group of market manipulation and fraud, the group vehemently denied these allegations.
Adani’s flagship company, Adani Enterprises Ltd., witnessed a surge in its shares, contributing to the revival of his financial standing.
The conglomerate’s strategic efforts to regain investor confidence included significant investments from entities like GQG Partners LLC, Qatar Investment Authority, and TotalEnergies SE.
Rajiv Jain’s GQG Partners LLC injected about $4 billion into Adani Group companies in the past year, reinforcing investor trust.
Furthermore, Qatar Investment Authority committed nearly $500 million, and TotalEnergies SE engaged in a $300 million joint venture with Adani Green Energy Ltd., the conglomerate’s sustainable energy arm.
Recent discussions indicate that Adani Green is exploring a potential $500 million through dollar bonds in its inaugural overseas issuance since the Hindenburg report.
In January, the Supreme Court of India’s directive to the local markets regulator to conclude an investigation within three months provided additional support to Adani Enterprises’ shares.
Amid India’s surging appeal to global investors, Adani’s remarkable rebound aligns with the broader trend of escalating wealth in the country.
International banks like Goldman Sachs Group Inc. and Morgan Stanley have identified India as a prime investment destination, reinforcing the nation’s stock market.
Adani, a 61-year-old entrepreneur, commenced his journey in Mumbai’s diamond industry before diversifying into sectors such as coal, ports, airports, data centers, media, and green energy.
Despite the setbacks in 2023, where Adani experienced the most significant wealth loss globally, he has successfully regained $16.4 billion this year, positioning him among the noteworthy wealth recoveries among the world’s super-rich.