Mukesh Ambani has been roped in by Gautam Adani in Bloomberg’s list.

In the Bloomberg Billionaire Index, Gautam Adani, Chairman of the Adani Group, has surpassed Mukesh Ambani, Chairman and Managing Director of Reliance Industries, to become the wealthiest individual in India. Adani now holds the 12th position globally with a net worth of $97.6 billion, slightly exceeding Ambani’s $97 billion, who is currently ranked 13th. The year 2023 has been tumultuous for Adani, marked by allegations of corporate misconduct, opposition claims of preferential treatment, Supreme Court intervention, and financial setbacks for investors.

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A significant development occurred when the Supreme Court, on Wednesday, declined to order a Special Investigation Team (SIT) to probe allegations of fraud, misgovernance, and stock price manipulation by US short-seller Hindenburg Research. The court expressed confidence in the ongoing investigation conducted by the Securities and Exchange Board of India (Sebi) and mandated the regulator to complete its thorough probe within three months. Sebi has already completed investigations on 22 out of the 24 mandated items. The Supreme Court further directed the Center and Sebi to strengthen the regulated market and evaluate recommendations from a six-member expert team led by retired Supreme Court Judge AM Spare.

Gautam Adani’s rise to the 12th position in the Bloomberg Billionaire Index comes on the heels of a significant increase in the Adani Group’s stock, leading to a $7.67 billion boost in his net worth. Year-to-date, Adani has witnessed the most substantial increase among the top 100 billionaires globally, with his wealth growing by $13.3 billion. This follows a period last year when Adani temporarily lost his title as the richest Indian due to a critical study by a US enterprise company, causing his net worth to dip below $40 billion as the group’s market capitalization decreased by $150 billion.

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However, the Adani Group staged a robust recovery in the market value of its listed businesses in the subsequent months, propelled by strategic initiatives such as debt reduction and significant financing from US boutique investment firm GQG Partner. Positive rulings in the ongoing Supreme Court case, Adani-Hindenburg, have also contributed to increased investor confidence in the conglomerate, resulting in a substantial uptick in the shares of listed firms.

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