The world’s biggest wealth gainer of this year and Asia's richest man — India’s Gautam Adani — is looking to raise at least $10 billion to fund the expansion of his conglomerate in clean energy and ports.
What Happened: The billionaire's Adani Group is in the early stages of talks with global investors, including Singapore’s sovereign wealth fund GIC Pte and Temasek Holdings Pte, according to a report in Mint.
The report, citing two people with direct knowledge of the matter, said Adani — whose net wealth swelled at a record rate in 2022 after a series of fundraising for his business — is also talking to other wealth funds and private equity firms.
A source told the publication that the group would raise funds in multiple tranches, including the sale of stakes in Adani Group firms.
This came after the Adani Group chairman said the company would invest more than $100 billion over the next decade, most of it in the energy transition business, as the ports-to-energy conglomerate accelerates an already aggressive expansion plan.
Earlier, Adani Group’s combined market cap crossed $200 billion in India, making it a part of a three-member elite club of country's bourses. Following the record jump, Adani’s net wealth climbed through the global wealth rankings and peaked at No.2 on the Bloomberg Billionaires Index behind Tesla Inc. TSLA CEO Elon Musk last month, when he overtook Amazon Inc.’s AMZN founder Jeff Bezos. However, since then, he has slipped back to fourth, with an estimated wealth of $125 billion as of Oct. 10.
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