Adani becomes the second richest man in the world

Gautam Adani, a billionaire tycoon, has surpassed Bernard Arnault on the Forbes list to become the world’s second richest man. The net worth of the Adani Group chairman has increased to $155.5 billion (12.37 lakh crore).

Adani’s net worth increased by $5.2 billion, or 3.49 per cent, according to the Forbes Real Time Billionaires List. He is just ahead of French business magnate Bernard Arnault and Amazon founder Jeff Bezos. Elon Musk, the founder of Tesla, remains at the top of the rich list.

Mukesh Ambani, chairman of Reliance Industries, is the second richest Indian on the list, with a net worth of $92.2 billion. Bill Gates, Larry Ellison, Warren Buffett, Larry Page, and Sergey Brin are among the other top ten billionaires.

Adani surpassed Louis Vitton CEO Bernard Arnault on August 30 to become the world’s third wealthiest person. It was the first time an Asian was named one of the top three billionaires.

According to Bloomberg, the Adani Group’s kitchen essentials firm Adani Wilmar Ltd is now looking for local and international acquisition targets to grow its food operations business. According to Angshu Mallick, the company’s chief executive officer and managing director, the company is looking to acquire brands in staple foods and distribution companies to expand its consumer goods offering and reach.

Adani Wilmar has set aside 500 crores from its initial public offering for the acquisitions. He said the additional funding will come from internal accruals and the 30 billion rupees in planned capital expenditure for next year, which will begin in April. Since its $486 million IPO in February, the food company’s stock has more than tripled.