MUMBAI: Riding on the back of a strong rally in the stock prices of his group companies over the last many months, billionaire Gautam Adani has moved past China’s Zong Shanshan to become the second richest person in Asia, according to Bloomberg Billionaire Index. In February, India’s richest person and Reliance Industries’ chairman Mukesh Ambani had replaced the Chinese billionaire as the richest person in Asia.

As per the Bloomberg Billionaire Index, Adani’s net worth stands at $66.5 billion against Zhong Shanshan’s $63.6 billion. Adani’s wealth has surged by $32.7 billion this year. Mukesh Ambani, on the other hand, has lost $175.5 million so far with his total wealth at $76.5 billion. Ambani is currently the 13th richest in the world followed by Gautam Adani at 14th, according to the Bloomberg Billionaire Index.

By early 2021, the Chinese tycoon was the sixth-wealthiest person in the world and the richest in China with a net worth of $63.6 billion following the listing of his two companies.

Adani’s wealth has come on the back of a rise in share prices of Adani Green, Adani Enterprises, Adani Gas and Adani Transmission. The Adani Total Gas stock has jumped 1145% in the last one year, while Adani Enterprises and Adani Transmission shares have rallied 827% and 617%, respectively. Adani Green Energy and Adani Power have gained 433% and 189%, respectively, during this period, while Adani Power has advanced 142%.

Gautam Adani, who started as a commodity trader, today owns companies across ports, airports, energy, resources, logistics, agribusiness, real estate, financial services, gas distribution, defense businesses, among others.

Adani Green Energy on Wednesday announced that it will acquire Softbank’s Indian renewable energy business SB Energy’s 5 GW renewable power portfolio for an enterprise valuation of $3.5 billion. The transaction marks the largest acquisition in the renewable energy sector in India, the company said.

Adani Green’s acquisition is just one of the examples of the dealmaking spree that the group has been engaged in over the last two years, in a bid to increase its dominance in India’s infrastructure sector.

In March, Adani Ports and Special Economic Zone Ltd acquired a 58.1% stake in Gangavaram Port Ltd from D.V.S. Raju and family for 3,604 crore, winning majority control of the private port at Visakhapatnam in Andhra Pradesh. It had earlier acquired a 31.5% stake in the port from Warburg Pincus.

In September, the group made its most audacious bet yet, taking over control of the Mumbai international airport from the GVK group, besides getting a controlling stake in the upcoming Navi Mumbai International Airport. It has also won 50-year operating rights for the recently privatized airports at Ahmedabad, Lucknow, Mangaluru, Jaipur, Thiruvananthapuram, and Guwahati.

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