Gautam Adani bounces back to become Asia’s richest man

ISLAMABAD: You may not have heard of him, but Gautam Adani is a big deal in India. He’s the founder and chairman of the Adani Group, a massive conglomerate that has its fingers in everything from ports and airports to power and green energy.

But Adani’s rise to fame and fortune hasn’t been smooth sailing. Last year, he faced a serious challenge when a US research firm called Hindenburg Research accused him and his companies of “brazen” corporate fraud. The report claimed that Adani had inflated the value of his businesses by creating a web of shell companies and fake transactions. It also said that some of his companies were under investigation by Indian regulators for market manipulation and money laundering.

The report sent Adani’s stocks tumbling, wiping out more than $150 billion from his group’s market value. Adani denied the allegations, saying they were a “deliberate attempt” to tarnish his reputation and benefit short-sellers, who make money by betting that stocks will go down.

But Adani didn’t give up. He fought back in court, and this week, he got a big win. India’s top court threw out a petition that wanted to expand the probe into the Hindenburg allegations, saying that the existing investigations by the regulators were enough. Adani celebrated the verdict on X, the social media platform formerly known as Twitter, saying that “truth has prevailed” and that he was grateful to his supporters. He also vowed to continue his “humble contribution to India’s growth story”.

The court’s decision boosted Adani’s stocks, which have been on a tear since the beginning of the year. According to the Bloomberg Billionaires Index, Adani’s net worth increased by about $7.7 billion this week, reaching $97.6 billion. That makes him the richest man in Asia, beating out another Indian tycoon, Mukesh Ambani, who runs the oil and telecom giant Reliance Industries. Adani is also the 12th richest person in the world, ahead of Tesla’s Elon Musk.

Adani’s success story is remarkable, considering that he started out as a college dropout who sold diamonds and imported scrap metal. He has built a sprawling empire that spans several key sectors, including coal mining, renewable energy, ports and airports. He has also been a key ally of Modi, who has given him lucrative contracts and policy support for his projects.

But Adani’s close ties with Modi have also drawn criticism from opposition parties and activists, who accuse him of getting unfair advantages and avoiding proper scrutiny. They say that Adani’s businesses are harming the environment, the farmers, and the poor, and that he is using his influence to silence dissent and evade accountability.

Adani has dismissed these charges, saying that he is a patriotic entrepreneur who is creating jobs and wealth for the country. He has also said that he is committed to social responsibility and environmental sustainability, and that he is investing in clean energy and education. He has also donated millions of dollars to various causes, including the fight against COVID-19.