INDIA: According to Forbes, business tycoon Gautam Adani has surpassed Bernard Arnault to take over as the second-richest person in the world.
The chairman of the Adani Group is currently valued at $155.5 billion (12.37 lakh crore). Gautam Adani’s net worth increased by $5.2 billion, or 3.49 percent, according to the Forbes Real Time Billionaires List.
He is narrowly ahead of French tycoon Bernard Arnault and Amazon founder Jeff Bezos. Elon Musk, the founder of Tesla, is still at the top of the list of the rich.
Mukesh Ambani, the chairman of Reliance Industries, is the second Indian on the top 10 list and has a net worth of $92.2 billion.
The top ten list also includes Bill Gates, Larry Ellison, Warren Buffett, Larry Page, and Sergey Brin as billionaires.
As of August 30, Gautam Adani had surpassed Louis Vitton CEO Arnault to take third place in the world’s wealth rankings. The inclusion of an Asian among the top three billionaires was a first.
The Adani Group’s kitchen essentials firm Adani Wilmar Ltd is now scouting for local and overseas acquisition targets to boost its food operations business.
To expand its consumer goods offering and reach, the company is aiming to buy brands in staple foods and distribution businesses, according to Angshu Mallick, chief executive officer and managing director of the company.
For the purchases, Adani Wilmar set aside 500 crores from its initial public offering. Internal accruals and the 30 billion rupees in planned capital investment for the following year beginning in April, he said, will provide the additional funding.
Since the company’s $486 million launch in February, the share price of the food company has more than tripled.
Reliance Industries, owned by Mukesh Ambani, had stated in August that it would enter the FMCG industry through its subsidiary Reliance Retail.