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Sri Lanka's Board of Investment has approved the two wind power plants of AdGreen Energy to be built in <keyword id="248936" type="General" weightage="80" keywordseo="mannar" source="Orion">Mannar</keyword> and Pooneryn at a total investment of USD 442 million. According to the statement released by the Board of Investment of Sri Lanka on Friday, it has issued a letter of approval to <keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> Green Energy Limited, for the two wind power plants. Also, the new project will generate 1,500-2,000 new employment opportunities. The wind power plant in Mannar will operate at a capacity of 250 megawatt (MW) while the wind power plant in Pooneryn will operate at a capacity of 100 MW. The two wind power plants of 350 MW are scheduled to be commissioned in two years and accordingly, will be added to the national grid by 2025. <keyword id="82981" type="General" weightage="50" keywordseo="fitch" source="Orion">Fitch</keyword> Ratings on Thursday affirmed the 'BBB-' ratings on the USD 400 million senior secured notes issued by the restricted group of India-based Adani Transmission Ltd (ATL, BBB-/Stable). The outlook is stable, the statement from Fitch said. The restricted group includes six co-issuers -- Barmer Power Transmission Service Limited, Chhattisgarh-WR Transmission Limited, Hadoti Power Transmission Service Limited, Raipur-Rajnandgaon-Warora Transmission Limited, Sipat Transmission Limited and <keyword id="16465511" type="General" weightage="50" keywordseo="thar-power-transmission-service-limited" source="Orion">Thar Power Transmission Service Limited</keyword> and one non-issuing Special purpose vehicle (<keyword id="6366358" type="General" weightage="50" keywordseo="spv" source="Orion">SPV</keyword>), Adani Transmission (Rajasthan) Ltd (ATRL). The Dhaka Tribune in a report on Thursday said the Adani Group will supply electricity to Bangladesh for the next 25 years. According to the agreement the company signed with the Bangladesh government, Adani is setting up a power plant in the Godda district of Jharkhand and once the plant starts to produce power, it will supply electricity to Bangladesh. The report added that Bangladesh signed the deal with Adani Power back in 2017. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/googles-impressive-magic-eraser-can-now-be-used-on-apple-iphone-and-samsung-galaxy-devicesheres-how/articleshow/98202224.cms">Google's impressive magic eraser can now be used on Apple iPhone and Samsung Galaxy devices—here’s how</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/what-to-expect-at-this-years-mobile-world-congress-2023/articleshow/98205888.cms">MWC 2023: Here's what to expect at this year’s Mobile World Congress</a>

Sri Lanka okays Adani's USD 442-millon wind power plants in Mannar and Pooneryn

<ul><li><keyword id="111343" type="General" weightage="20" keywordseo="Gautam-Adani" source="Orion">Gautam Adani</keyword>, India’s richest and the world’s third richest person, has been crowned ‘Asia’s busiest dealmaker’ by Bloomberg.</li><li><keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> stands out for being the only person on the Bloomberg billionaires list to have gained wealth this year – he added $44.6 billion to his wealth while the other nine combined lost $259.3 billion.</li><li>Key among Adani’s deals this year were the $10.5 billion ACC and Ambuja Cements acquisition from Swiss construction giant Holcim, and Israel’s Haifa port purchase.</li></ul>Gautam Adani’s rise to the top echelons of the world’s richest people has been meteoric. Adani is also the only person in the top ten in the Bloomberg’s Billionaires Index to have actually added to his wealth this year His group companies – spanning ports and energy – have been firing on all cylinders and making both Adani as well as other investors richer – Adani added $44.6 billion to his wealth in 2022 till date. In contrast, the other nine billionaires on Bloomberg’s Billionaires Index cumulatively lost $259.3 billion in the period. Overall, the seven listed Adani Group companies have added ₹8.55 lakh crore in market capitalisation this year. This stellar growth in his wealth saw him briefly rank as the second-richest person in the world, only behind Elon Musk. Currently ranked third on the Bloomberg Billionaires Index, Adani’s wealth is estimated at $121 billion, down from a peak of $150 billion, scaled in September this year. French business magnate and LVMH founder Bernard Arnault – with $165 billion and Elon Musk – with $138 billion are the only two people richer than Adani. Often pitted against India’s other richest man Mukesh Ambani, Adani has left Reliance Industries’ chief – whose wealth is estimated at $86.9 billion – far behind in the race of the richest. <cmsannotation type="cmsannotation" annotationid="‘Asia’s busiest dealmaker’" comment="subhead" text="‘Asia’s busiest dealmaker’">‘Asia’s busiest dealmaker’</cmsannotation> Success of the Ahmedabad-born Adani’s business empire has helped him top the list of the sixth edition of the ‘Bloomberg 50’ –a list <a href="https://www.bloomberg.com/features/2022-bloomberg-50/">of the most</a> influential people in global business this year. His aggressive acquisitions during the year have also earned him the tag of ‘Asia’s busiest dealmaker,’ with the crown jewel being the acquisition of cement giants ACC and Ambuja Cements from Swiss construction major Holcim for $10.5 billion. So far in 2022, Gautam Adani has struck deals across the ports, construction, media and energy businesses. Adani started the year with the listing of Adani Wilmar, an FMCG company, on the bourses in February. This was just in time to leverage the benefits of the Russia-Ukraine war, which sent edible oil prices boiling and<a href="https://www.businessinsider.in/business/corporates/news/adani-wilmar-revenue-rockets-fuelled-by-boiling-edible-oil-prices/articleshow/91260794.cms"> boosted</a> the company’s revenue and stock price. Later in July, Adani Ports and Special Economic Zone announced it had won a tender to privatise Israel’s Haifa port in a deal valued at $1.18 billion. “In the long run, this is a tremendous port as we anticipate Israel becoming a connection both for Europe and the Middle East, and therefore we stand to benefit from the new possible trade lanes that will be created,” said Karan Adani, CEO, Adani Ports and Special Economic Zone, announcing the purchase. The biggest deal of the year for the Adani Group, was the $10.5 billion acquisition of ACC and Ambuja Cements from Holcim in September. Together, these two companies propelled the Adani Group to become the<a href="https://www.businessinsider.in/business/corporates/news/heres-why-adani-and-jsw-group-are-racing-to-acquire-ambuja-cements-and-acc-from-holcim/articleshow/91465197.cms"> second-largest cement maker</a> in the country in terms of market capitalization, only behind UltraTech Cement. <cmsannotation type="cmsannotation" annotationid="$70-billion green energy ambitions and the ‘over-leveraged’ concerns" comment="subhead" text="$70-billion green energy ambitions and the ‘over-leveraged’ concerns">$70-billion green energy ambitions and the ‘over-leveraged’ concerns</cmsannotation> In September this year, Adani also announced an ambitious $70 billion new energy plan that would see the conglomerate setting up three giga factories – one each to manufacture solar modules, wind turbines and hydrogen electrolysers – by 2030. However, the billionaire faced a bazooka from CreditSights, a Fitch Ratings company, which came out with a<a href="https://www.businessinsider.in/business/corporates/news/gautam-adanis-overly-ambitious-growth-plans-can-spiral-into-a-massive-debt-trap-fitch/articleshow/93725014.cms"> report</a> stating that the Adani Group’s ambitious growth plans could spiral into a debt trap. This spooked investors, resulting in the Adani Group companies<a href="https://www.businessinsider.in/stock-market/news/adani-group-sheds-94000-crore-in-value-after-a-report-says-its-deeply-over-leveraged/articleshow/93728528.cms"> shedding ₹94,000 crore</a> market capitalisation in a single day. A couple of weeks later, though, the research firm<a href="https://www.businessinsider.in/business/corporates/news/creditsights-tones-down-its-comments-on-adani-groups-debt-position-after-a-meeting-with-the-company/articleshow/94071491.cms"> toned down</a> its comments, revising estimates about the cash flow position of two group companies. More recently, the group’s flagship Adani Enterprises <a href="https://www.businessinsider.in/business/news/adani-to-raise-rs-20000-cr-through-fresh-share-issue/articleshow/95764529.cms">received</a> board approval to raise ₹20,000 crore via a follow-on public offer (FPO), pending shareholder approval, according to its stock exchange filing. These funds will be used for the Adani group’s green energy and digital business ambitions. All in all, it has been a busy year for Gautam Adani – from starting the year with a wealth of $77 billion to becoming the third-richest person in the world. It remains to be seen if 2023 will be the year Adani becomes the world’s richest person. SEE ALSO: <a href="https://www.businessinsider.in/india/news/ice-cubes-to-gulab-jamuns-and-50-lakh-kilos-of-organic-fruits-and-veggies-how-india-swiggyd-in-2022/articleshow/96275305.cms">Ice cubes to gulab jamuns and 50 lakh kilos of organic fruits and veggies – how India Swiggy’d in 2022</a> <a href="https://www.businessinsider.in/policy/economy/news/indian-economy-to-outpace-world-average-growth-in-2023-can-it-duck-global-headwinds/articleshow/96256621.cms">Indian economy to outpace world average growth in 2023 – Can it duck global headwinds?</a> <a href="https://www.businessinsider.in/business/corporates/news/tpg-to-acquire-adar-poonawalla-led-groups-housing-finance-arm-at-3900-crore-valuation/articleshow/96256578.cms">TPG to acquire Adar Poonawalla-led group’s housing finance arm at ₹3,900 crore valuation</a>

Gautam Adani: Man of the year

<ul><li><keyword id="111343" type="General" weightage="20" keywordseo="Gautam-Adani" source="Orion">Gautam Adani</keyword>’s total wealth now stands at $149 billion, while Amazon founder <keyword id="191583" type="General" weightage="50" keywordseo="jeff-bezos" source="Orion">Jeff Bezos</keyword>’ wealth stands at $150 billion.</li><li>In 2022 so far, <keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> has nearly doubled his wealth, from $77 billion at the beginning of this year to $149 billion now.</li><li>Since the COVID-19 pandemic outbreak, Adani’s wealth has increased by a whopping 2,400%.</li></ul>Gautam Adani is now just $1 billion shy of becoming the second richest person in the world, behind Amazon founder Jeff Bezos. Just last month, Adani became the third richest person in the world, beating Bernard Arnault of LVMH. According to Bloomberg Billionaires Index, Gautam Adani’s wealth stood at $149 billion, within striking distance of Jeff Bezos, whose wealth stands at $150 billion. In 2022 so far, Adani has nearly doubled his wealth, from $77 billion at the beginning of this year to $149 billion now. <a href="https://www.businessinsider.in/business/corporates/news/gautam-adani-is-now-the-third-richest-person-in-the-world-as-per-bloomberg/articleshow/93868294.cms">Since becoming the third richest person at the end of August</a>, Adani has added $12 billion to his net worth, while Bezos has lost $3 billion. Adani is now $115 billion away from <keyword id="6355315" type="General" weightage="50" keywordseo="elon-musk" source="Orion">Elon Musk</keyword>, the richest person in the world. Adani’s rise to the top echelons of the richest people in the world has been nothing short of meteoric. The Gujarat-based businessman struck gold at the onset of the Covid-19 pandemic, when his total net worth stood at a little over $6 billion. Since then, Adani’s net worth has surged 2,400%, catapulting him to the top three of the world’s richest people. Essentially, if you had invested ₹1 lakh across Adani stocks on March 24, 2020, today your investment would be worth ₹24 lakh. <div type="Article" hostid="261" msid="94220904" title="For every ₹100 pulled out by foreign investors from the Indian equity markets, domestic investors have ploughed back ₹89 this year" mstype="2" mssubtype="0"></div> <cmsannotation type="cmsannotation" annotationid="Adani Group beats Tatas to become the most valuable group in India" comment="subhead" text="Adani Group beats Tatas to become the most valuable group in India">Adani Group beats Tatas to become the most valuable group in India</cmsannotation> Adding another feather in Gautam Adani’s cap is the fact that the Adani Group is now the most valuable amongst India Inc. – Adani has beaten the mighty Tatas when it comes to the total market cap. According to data from stock exchanges, the Tata Group’s total market cap stood at a little under ₹21 lakh crore. Now, the Adani Group has edged past with a combined market cap of over ₹21 lakh crore. Here’s where the seven Adani Group companies listed on the stock exchanges stand: <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Share price </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Market cap (in crore) </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">YTD performance </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Transmission </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4,105 </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4,57,954 </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">137% </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Enterprises </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,749 </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4,27,352 </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">118% </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Total Gas </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,601 </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,96,080 </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">106% </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Green </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,344 </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,71,281 </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">73% </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Ports </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹969 </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,04,593 </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30% </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Power </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹399 </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,53,969 </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">285% </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Wilmar </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹730 </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹94,928 </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">170% </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹21,06,157 </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Source: NSE, as on September 15, 2022 <cmsannotation type="cmsannotation" annotationid="Leaving Ambani behind" comment="subhead" text="Leaving Ambani behind">Leaving Ambani behind</cmsannotation> Mukesh Ambani, who held the tag of the richest Indian for several years, is now a distant 8th in the Bloomberg Billionaires Index, with a total wealth of $91 billion. Earlier this year, both Ambani and Adani were in a neck-and-neck race and constantly beating each other in terms of their wealth, before Adani hit the nitro and blazed past the likes of Bill Gates, Warren Buffett, Larry Page, and others. Interestingly enough, while Bezos’ Amazon had a turnover of $470 billion in 2021, Adani Enterprises – the flagship of the Adani empire – posted a turnover of a meagre $5.3 billion in the same year. <cmsannotation type="cmsannotation" annotationid="What over-leverage?" comment="subhead" text="What over-leverage?">What over-leverage?</cmsannotation> Last month, <a href="https://www.businessinsider.in/stock-market/news/adani-group-sheds-94000-crore-in-value-after-a-report-says-its-deeply-over-leveraged/articleshow/93728528.cms">Fitch Group’s CreditSights raised concerns</a> about the Adani Group being “deeply over-leveraged”, tanking the Adani Group’s seven listed stocks. This wiped out over ₹94,000 crore in investor wealth. However, two weeks later,<a href="https://www.businessinsider.in/business/corporates/news/creditsights-tones-down-its-comments-on-adani-groups-debt-position-after-a-meeting-with-the-company/articleshow/94071491.cms"> the ratings agency came back and toned down its comments</a> and made a couple of corrections in its previous calculations. Interestingly, its follow-up report also did not contain any references of “deeply over-leveraged”. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/for-every-100-pulled-out-by-foreign-investors-from-the-indian-equity-markets-domestic-investors-have-ploughed-back-89-this-year/articleshow/94220904.cms">For every ₹100 pulled out by foreign investors from the Indian equity markets, domestic investors have ploughed back ₹89 this year</a> <a href="https://www.businessinsider.in/thelife/personalities/news/gautam-adani-a-story-on-how-to-generate-wealth-via-hope-fomo-and-of-course-debt/articleshow/91829090.cms">Understanding Gautam Adani’s rise: a story on how to generate wealth via hope, equity and of course debt</a> <a href="https://www.businessinsider.in/stock-market/news/for-every-100-pulled-out-by-foreign-investors-from-the-indian-equity-markets-domestic-investors-have-ploughed-back-89-this-year/articleshow/94220904.cms">For every ₹100 pulled out by foreign investors from the Indian equity markets, domestic investors have ploughed back ₹89 this year</a>

Gautam Adani is $1 billion away from beating Jeff Bezos as the second richest person in the world

<ul><li><keyword id="76451" type="General" weightage="80" keywordseo="adani" source="Orion">Adani</keyword> group announced an open offer for up to 26 percent stake in <keyword id="6420486" type="General" weightage="100" keywordseo="ndtv" source="Orion">NDTV</keyword> at a price of ₹294 per share.</li></ul><ul><li>The statutory announcement for an open offer has also been filed with the stock exchanges. </li><li>The share price of NDTV closed at ₹366.20 on <keyword id="35140" type="General" weightage="50" keywordseo="bse" source="Orion">BSE</keyword> on Tuesday. </li></ul><keyword id="258914" type="General" weightage="50" keywordseo="adani-enterprises-ltd" source="Orion">Adani Enterprises Ltd</keyword> has intimated the stock exchanges on tge exercise by VCPL, its wholly-owned subsidiary, of warrants of <keyword id="14520737" type="General" weightage="80" keywordseo="rrpr" source="Orion">RRPR</keyword> to acquire 99.5 percent of RRPR and consequent indirect acquisition of 29.18 per cent NDTV shares held by RRPR. It has also announced an open offer for up to 26 per cent stake in NDTV at a price of ₹294 per share. The share price of NDTV closed at ₹ 366.20 on BSE on Tuesday. The warrant exercise has been hand delivered to the RRPR team and acknowledgement obtained on the original and the warrant exercise money has been remitted to RRPR's bank account before the press release was sent to the stock exchanges. The statutory announcement for an open offer for acquiring 26 per cent of NDTV shares has also been filed with the stock exchanges. SEEL ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/adani-group-sheds-94000-crore-in-value-after-a-report-says-its-deeply-over-leveraged/articleshow/93728528.cms">Adani group sheds ₹94,000 crore in value after a report says it’s ‘deeply over-leveraged’</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/gautam-adanis-overly-ambitious-growth-plans-can-spiral-into-a-massive-debt-trap-fitch/articleshow/93725014.cms">Gautam Adani’s overly ambitious growth plans can spiral into a massive debt trap: Fitch</a>

Adani group subsidiary to indirectly acquire 29.18% stake in NDTV, makes open offer

<ul><li>RIL’s annual general meetings have been labelled ‘carnivals’ by market experts due to huge attendance.</li><li>The company has been acquiring many companies across sectors, above and beyond the many interests it already holds.</li><li>Here are some of the questions that investors can ask the chairman at the <keyword id="45644" type="General" weightage="80" keywordseo="agm" source="Orion">AGM</keyword> about the future course of the conglomerate. </li></ul>It’s been decades since <keyword id="6418409" type="General" weightage="50" keywordseo="dhirubhai-ambani" source="Orion">Dhirubhai Ambani</keyword> famously said that a phone call should be cheaper than a postcard. No one writes postcards anymore. But <keyword id="10924" type="General" weightage="100" keywordseo="ambani" source="Orion">Ambani</keyword> generations are still experimenting with newer and newer ways to bring people ‘closer’. During the first pandemic year, Isha and Akash Ambani conversed in their 2D and 3D avatars via a holographic call at the company’s 41st annual general meeting; showcasing their futuristic product – <keyword id="9579590" type="General" weightage="50" keywordseo="jio-glass" source="Orion">Jio Glass</keyword>. The twins kept two important traditions alive – announcing the next-big thing of the group’s ever expanding interests; and of course the dazzle factor of AGMs. The celeb factor In 2019, <keyword id="3820" type="General" weightage="80" keywordseo="mukesh-ambani" source="Orion">Mukesh Ambani</keyword> connected to Alphabet CEO Satya Nadella after he announced a deal with Google. Two years later, he ‘welcomed’ Saudi Aramco’s chairman Yasir Al-Rumayyan onto the board. The $15 billion deal with the oil major was cancelled a few months later over valuation mismatch. Yet the optics around the ‘big announcements’ have worked so well that most of the time, RIL stock tends to appreciate ahead of an AGM. Especially since 2016, when telecom’s soft launch kicked off, it never did die down. Most of them also center around technologies of tomorrow – be it shopping via VR or retail going online. The range and depth of Relianceverse It’s not just metaverse or virtual reality that the group is banking on – the sheer number of acquisitions and interest that it has in startups has turned its interests into a mini Relianceverse. While they have acquired interests in over 20 companies since 2019. The ticket size of these acquisitions range from $2 million to $200 million from Sankhya Sutra Labs to Dunzo, respectively. The companies belong to niche specializations – from fluid dynamics software simulation software VR imaging to ERP and SaaS companies, e-commerce companies, creative home solutions to AI powered learning platforms. The latest acquisitions however pertain to lithium and sodium battery solutions as the group ventures into green hydrogen. According to a Bank of America research report, the historical M&amp;As show a pattern – they all were done to add value or fill gaps in RIL’s consumer offerings where management believed it was difficult to build in-house. “All investments fall under five categories– telecom, retail, education, healthcare, and agriculture. A new category of clean-energy was added in 2020-21 where further investments were made with an intention of getting access to clean-tech,” the report said. This BoFA rule however exceptions – the luxury hotel of Mandarin Oriental in New York for $98 million, UK based hotel StokePark for $79 million, SkyTran a clean tech podcar transport system based in the US, and also a smaller acquisition of IMG Reliance, an event management company for $7 million. This is the part that investors seek clarity from the management and the best way to do it is the annual general meeting that’s to be held on August 29, 2022. Questions to be asked Reliance AGMs are blessed with a large and wide attendance, making market watcher S P Tulsian once call it a ‘carnival’. While most people come to get a glimpse of India’s richest family members and some others entertain with shayaris, investors also need to do what AGMs are there for — to ask questions about the direction of the business and the value its creating. Currently, RIL is an oil to telecom to retail to new energy business that’s being driven in different directions. Here are some of the questions that can be answered at the AGM. <ol><li>Why are we acquiring so many companies across business and are we getting into hotels and lifestyle business, especially in international markets? </li><li><keyword id="8508699" type="General" weightage="50" keywordseo="jio-mart" source="Orion">Jio Mart</keyword> is nowhere close to Amazon, Flipkart or even startups like Swiggy Instamart. When can we expect a possible sync with Dunzo and become a serious e-commerce player?? </li><li>Reliance JioTV and JioFibre were launched with the promise of first show movies, but Voot and JioTV are nowhere close to Hotstar, Prime or Netflix. Will the $3 billion IPL media rights be a game changer? </li><li>We paid nearly $11 billion for 5G spectrum, when can we expect the payoff? And, when will we reach the 500 million subscriber target? </li><li>Reliance has plans for green hydrogen, biogas and solar PV manufacturing, which are capital intensive. When can we expect a demerger or fund raising? </li><li>The IPO market has become feeble due to international market conditions. Will that delay the demerger and listing of retail and telecom businesses? </li><li>Akash Ambani has been elevated as the head of telecom business. Is there a complete succession plan in place? </li></ol>SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/gautam-adanis-overly-ambitious-growth-plans-can-spiral-into-a-massive-debt-trap-fitch/articleshow/93725014.cms">Gautam Adani’s overly ambitious growth plans can spiral into a massive debt trap: Fitch</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/research/news/drdo-has-developed-a-facial-recognition-system-that-claims-to-see-through-masks-and-disguise/articleshow/93726351.cms">DRDO has developed a facial recognition system that claims to see through masks and disguise</a>

What should investors ask Mukesh Ambani at his company’s AGM?

From Adani Group to Tata Motors and banks ⁠— these 17 stocks have already lost over 10% in last one month

New Delhi, Apr 15 () Billionaire Gautam Adani on Wednesday exuded confidence that the Indian economy would bounce back from the downturn caused by the COVID-19 outbreak, saying it might take time but it is possible. International agencies from the World Bank to IMF have projected that the Indian economy will grow at its slowest pace since the 1991 economic reforms. "Global economic history is full of major ups and downs. India's domestic economy has always stood as a great shield in protecting the country from global economic headwinds. "I have no doubts that the nation will be able to rise above this crisis. It might take time but there is ample optimism to show that it is possible," he wrote in a blog on Linkedin. The outbreak of pandemic has led to the government imposing a nationwide lockdown that has shut factories and businesses, suspended rail and air travel and restricted movement of people and goods. The result is a severe disruption in the economy. While the International Monetary Fund (IMF) has projected economic growth of 1.9 per cent in 2020-21, the World Bank sees India's growth at 1.5- 2.8 per cent as the coronavirus outbreak severely disrupts the economy. The Asian Development Bank sees India's GDP growth slipping to 4 per cent in the current fiscal, while S&amp;P Global Ratings has further slashed its economic growth forecast for the country to 3.5 per cent from a previous downgrade of 5.2 per cent. Fitch Ratings puts its estimate for India's growth at 2 per cent in FY21, while Moody's Investors Service has slashed its estimate of India's GDP growth during 2020 calendar year to 2.5 per cent, from an earlier estimate of 5.3 per cent. "However alarming the post-Coronavirus world might seem to appear, it does not pull me down. Instead, by looking around I get great hope and confidence to bounce back," Adani wrote in the blog titled 'How COVID-19 helped rediscover hope and goodness'. The coronavirus, he said, can restrict movement but it cannot contain the urge to fight and help each other. "It cannot stop us from being positive about the future," he said. "Together, let us stay resilient and hopeful." Adani, who heads the port-to-energy conglomerate Adani Group , said rising global concern on the vast implications of the COVID-19 outbreak on future is obvious with anxieties mounting on economies, jobs and the very existence of mankind. "However, amidst the gloom, there are several small discoveries that are worth cherishing," he said as he went on to cite new discoveries that have brought a ray of hope. He cited MyLab Discovery Solutions, a small startup in Pune, becoming the first Indian firm to produce indigenous coronovirus testing kits. "What is even more inspiring is the story of Minal Dakhave Bhonsale, the virologist who headed this project," he said adding she managed to deliver the project amid an advanced stage of pregnancy. The project was completed a day before she delivered a baby girl. "Hundreds of such incredible stories that demonstrate resilience, hope, and power of the human spirit are unfolding around us every day," he said. Continuing to cite examples of innovation, he said a team of engineers at Adani Port in Vizag created a sanitized water shower in just about 4 hours. "Difficult times bring us closer and make us stronger to face any eventuality. We must be able to look around ourselves and find these narratives," he said. Stating that he had come across several inspiring narratives on social media, he said several families from different sections of the society have invested their lockdown time in aggregating essentials for the underprivileged. These are common people leading humble lives but what makes them extraordinary is their intent to care for others. "Domestic helps, daily wage earners and scores of people who earn their living by doing odd-jobs are being looked after, not just by governments, large corporations or charitable organisations, but by common people living around them," he wrote. "There are also virtual groups of animal lovers who are feeding strays and ensuring that they find safe shelter." Similarly, a civil service aspirant, Naveen MS in Chitradurga district of Karnataka took up the responsibility of creating awareness and dispelling myths on coronavirus among rural communities. "What was most admirable was his vision. He thought that for the economy to resurrect it was essential that people's minds stay healthy," he said. "In fact, I feel gratified to see the community outreach work being delivered by young volunteers at the Adani Foundation. Over the past three weeks, millions settled in the remote corners of the country have been touched and empowered to stay safe against the COVID19 outbreak." He said this collective goodness and love for each other hadn't erupted suddenly but it was always there within. "The COVID19 crisis has only presented an opportunity for us to reflect upon this feeling of compassion and worked as a trigger to unite people." ANZ ANZ ANUANU

Gautam Adani says Indian economy will bounce back from lows inflicted by COVID-19

<ul><li><keyword id="12270967" type="General" weightage="100" keywordseo="chingari" source="Orion">Chingari</keyword> is a Tik-Tok-like platform where creators can own or trade the platform’s native token called $GARI.</li><li>Chingari’s NFT-marketplace <keyword id="14791470" type="General" weightage="80" keywordseo="creator-cuts" source="Orion">Creator Cuts</keyword> will let buyers of these NFTs get 10% of the daily income in <keyword id="1341738" type="General" weightage="80" keywordseo="gari" source="Orion">Gari</keyword>.</li><li>The income generated would be directly proportional to the reach and engagement a creator can generate. </li></ul>Short-video making app Chingari on Tuesday announced its first-ever video non-fungible token (<keyword id="4668945" type="General" weightage="80" keywordseo="nft" source="Orion">NFT</keyword>) marketplace, Creator Cuts, to let creators mint their videos and sell them on the marketplace. The platform said Creator Cuts will let buyers of these NFTs get 10 percent of the daily income in Gari, the platform's native token, earned by the creator on the engagement they receive on their videos on the Chingari app. "At Chingari, empowering and enabling creators to engage effectively and intrinsically with their community has been the cornerstone of our success since our inception," Sumit Ghosh, co-founder and CEO, Chingari and GARI token, said. "We believe in the immense potential of the <keyword id="10896897" type="General" weightage="50" keywordseo="creator-economy" source="Orion">Creator Economy</keyword> and are wholly committed to its growth and democratization across the spectrum," Ghosh added. Buyers of these NFTs will get 10% of the daily income in Gari earned by the creator on the engagement they receive on their videos on the Chingari app. "Towards this, we are always innovating and creating unique programs and propositions which lie at the cross-section of popular culture, ecosystem growth and our business priorities," Ghosh said. A unique price has been assigned to every video depending on the activity of the creator on the Chingari app. These NFTs can then be bought by anyone (Chingari user/non-user). "The introduction of Creator Cuts is one such unique initiative which empowers the creators as well as the community to not only form deeper connections but also grow together in the truest sense of the term," he added. With Inputs from IANS SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/gautam-adanis-overly-ambitious-growth-plans-can-spiral-into-a-massive-debt-trap-fitch/articleshow/93725014.cms">Gautam Adani’s overly ambitious growth plans can spiral into a massive debt trap: Fitch</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/india-on-the-cusp-of-the-post-covid-capex-boom-say-analysts/articleshow/93726444.cms">India on the cusp of the post-Covid capex boom, say analysts</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/instagram-is-reportedly-testing-a-new-feature-that-looks-like-an-imitation-of-fast-growing-app-bereal/articleshow/93727321.cms">Instagram is reportedly testing a new feature that looks like an imitation of fast-growing app BeReal</a>

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