Gautam Adani’s wealth grew four times to Rs 5 lakh crore in one year

The Adani Group, founded in 1988, has grown along with Narendra Modi’s political stature.

Indian billionaire industrialist Gautam Adani’s wealth grew almost four times from INR 1.04 lakh crore to INR 5.05 lakh crore in the last year,  a report released by IIFL Wealth and Hurun India has said.

“With Rs 5,05,900 crore, Gautam Adani, 59, storms into the no. 2 spot, almost quadrupling his wealth from Rs 1,40,200 cr,” read the statement.

The Adani group has a combined market capitalization of INR 9 lakh crore, according to The IIFL Wealth Hurun India Rich List 2021. The report also said that all of the industrialist’s listed companies except Adani Power were valued at more Rs 1 lakh crore.

“Gautam Adani is the only Indian to build not one, but five INR 1 lakh crore companies,” Anas Rahman Junaid, MD and Chief Researcher, Hurun India said.

The Adani Group, founded in 1988, has grown along with Narendra Modi’s political stature. The relationship between the two men was forged more than a decade ago in Gujarat, the laboratory of Hindutva nationalism. Opponents of Narendra Modi say Adani’s success is largely due to his closeness to Modi and his propensity to align his investments with Modi’s policy objectives.

Adani is the second richest man in Asia. Reliance Industries chairperson Mukesh Ambani continued to hold the top spot for the tenth time straight.

Adani’s brother Vinod Shantilal Adani also featured among the top 10 in the list for the first time, moving 12 places to the eighth spot. The wealth of Shantilal Adani who resides in Dubai manages trading businesses in Dubai, Singapore, and Jakarta tripled to Rs 1.31 lakh crore.

The top 10 list also features HCL’s Shiv Nadar, Hinduja Group chairperson SP Hinduja, Managing Director of the Serum Institute of India Cyrus Poonawalla, DMart founder Radhakishan Damani and Chief Executive Officer of IT security company Zscaler Jay Chaudhry, steel magnate Lakshmi Mittal and Kumar Mangalam Birla of the Aditya Birla Group.

According to the report, the wealth by Cyrus S Poonawalla who occupied the sixth position in the list, increased by 74 percent to INR 1,63,700 Cr, on the back of providing 60 cr doses or 92 percent of the coronavirus vaccines delivered in India.