Indian Billionaire On Track To Surpass Warren Buffett, Bill Gates In Wealth As Green Energy Stock Skyrockets 115%

Over 115% jump in the Adani Green Energy stock year-to-date has caused a sharp rise in the wealth of the Indian billionaire Gautam Adani — putting him just a few billion dollars away from surpassing Berkshire Hathaway (NYSE: BRK-A) (NYSE: BRK-B) Chairman Warren Buffett and Microsoft Corporation MSFT co-founder Bill Gates.

The Adani conglomerate's stocks have seen a massive rally on the Indian stock market indices ever since the COVID-19 pandemic took a wild turn in 2020 in India. One of the biggest multi-baggers for its investors was the Adani Green Energy stock, whose market cap neared $59 billion (Rs. 4,48,050 crore) — making it the 10th most valued listed company in India.

Top 10 richest people in the world
Billionaires  Net Worth
Elon Musk $259B
Jeff Bezos $180B
Bernard Arnault $142B
Bill Gates $130B
Warren Buffett $125B
Gautam Adani $118B
Larry Page $116B
Sergey Brin $111B
Steve Ballmer $101B
Larry Ellison

$100B

According to Bloomberg's Billionaire Index, self-made Indian billionaire industrialist and philanthropist Gautam Adani – founder of Adani Conglomerate – stood sixth on the world's billionaire list, with a wealth of $118 billion. He was also the only Indian billionaire in the top 10 list, while Reliance Industries Limited Chairman and Billionaire Mukesh Ambani stood eleventh.

Buffett, who is just ahead of him, has a net worth of around $125 billion, and Gates' wealth is valued at $130 billion by Bloomberg. Tesla Inc. TSLA CEO Elon Musk is the world's richest person at $259 billion.

What Brought The Rally In Its Stock: Out of the 115% rally, near 29% came in the latest five trading sessions. As per communication to Indian exchanges by Adani Green Energy, its total operational capacity surged 56% YoY to 5,410 MW in the quarter ended March 31. While at the same time, its energy sale was up by 84% at 2,971 mn units against 1,614 mn units in the same period last year.

The conglomerate's energy arm also informed the exchanges about fresh investment coming its way. "Initiating an inter-generational relationship with Adani group, Abu Dhabi-based International Holding Company PJSC (IHC) will invest around $500 million ( ₹3,850 crore) as primary capital in AGEL. This will help deleverage the balance sheet, strengthen the credit rating profile, thereby helping reduce the cost of capital and support future growth," it said.

Photo: Courtesy of Wikimedia

Posted In: Adani GreenBill GatesElon MuskGautam AdaniWarren BuffettAsiaNewsEntrepreneurshipGlobalMarketsGeneral

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