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Gautam Adani in striking distance of entering the top 20 richest club once again

India’s largest lender <keyword id="6354731" type="CITY" weightage="100" keywordseo="State-Bank-Of-India">State Bank of India</keyword> (<a href="http://www.businessinsider.in/SBI-aims-for-unbanked-rural-India-for-business-correspondent-model/articleshow/53315581.cms">SBI</a>) has approved the merger of its operations with six associate banks, viz. <keyword id="6560713" type="COMPANY" weightage="100" keywordseo="State-Bank-of-Travancore">State Bank of Travancore</keyword>, <keyword id="4376211" type="COMPANY" weightage="100" keywordseo="State-Bank-of-Mysore">State Bank of Mysore</keyword>, <keyword id="4376209" type="UNKNOWN" weightage="100" keywordseo="State-Bank-Of-Bikaner-and-Jaipur">State Bank of Bikaner and Jaipur</keyword>, <keyword id="143585" type="COMPANY" weightage="100" keywordseo="State-Bank-of-Hyderabad">State Bank of Hyderabad</keyword>, <keyword id="4376212" type="COMPANY" weightage="100" keywordseo="State-Bank-of-Patiala">State Bank of Patiala</keyword>, and Mahila Bank. 
 It was in June that the centre had given the go-ahead to merge <keyword id="13222" type="CITY" weightage="100" keywordseo="SBI">SBI</keyword> with five of its associate lenders and <keyword id="6560712" type="UNKNOWN" weightage="100" keywordseo="Bharatiya-Mahila-Bank">Bharatiya Mahila Bank</keyword>, thus increasing the chances of it breaking into the top 50 list of Bloomberg's largest bank by asset ranking. 
 
Marking the first ever large-scale consolidation in the Indian banking industry, the merger will result in SBI becoming a huge banking entity with an asset book of Rs 37 lakh crore. 
 
Also read: <a href="http://www.businessinsider.in/SBI-directs-associate-banks-to-clean-up-books-before-merger/articleshow/53611963.cms">Clean up books before merger, SBI directs associate banks</a> 
 
As per the terms of the merger, SBI will give 28 of its shares for every 10 shares held of State Bank of Bikaner and Jaipur, while for every 10 shares held of State Bank of Mysore as well as State Bank of Travancore, it will give 22 of its shares. 
 
For for every 100 crore equity shares of Bhartiya Mahila Bank, SBI will be giving 4,42,31,510 shares with face value of Re. 1. 
 
Also read: <a href="http://www.businessinsider.in/SBI-Chairman-blames-stalled-projects-for-Indian-banking-sector-stress/articleshow/53080413.cms">Stalled projects from 2011 to 13 have put Indian banking sector into stress, says SBI Chairman</a> 
 
Comparing post-merger SBI with India’s second largest bank <a href="http://www.businessinsider.in/At-745-million-this-ICICI-Pru-Life-IPO-is-Indias-biggest-in-six-years/articleshow/53265064.cms">ICICI</a>, its asset base will become five times as big as ICICI’s. 
 
<a href="http://3.bp.blogspot.com/_NfBLGD5BAo8/TVOzs86G8WI/AAAAAAAAASE/H6PHjHGPWcY/s1600/IMG_1930.JPG">Image source</a>

Six banks are going to merge into SBI

<ul><li>In terms of wealth, the global rank of both <keyword id="3820" type="General" weightage="20" keywordseo="mukesh-ambani" source="Orion">Mukesh Ambani</keyword> and <keyword id="111343" type="General" weightage="20" keywordseo="gautam-adani" source="Orion">Gautam Adani</keyword> continues to be the same.</li><li>The difference between their wealth, however, has reduced to only $200 million.</li><li>Last month, Adani briefly overtook Ambani and became the richest man in Asia and India.</li></ul>The net worth of India’s richest two people Mukesh Ambani and Gautam Adani has crossed the $100 billion-mark, according to Forbes’ Real Time Billionaires List. However, the global rank of both Ambani and Adani continues to be the same. Ambani, who is the chairperson and managing director of Reliance Industries Limited (RIL), continues to be the 10th richest person in the world. Whereas Adani, founder and the Chairman of the Adani Group, is currently the 11th richest person in the world. The difference between their wealth, however, has reduced to only $200 million, the list noted. The net worth of Adani stands at $100.1 billion as on March 31, whereas Ambani’s net worth is at $100.3 billion. These two are also the richest people in Asia. Ambani’s net worth had first crossed the $100 billion mark last year in October, after his net worth crossed $100.6 billion. The data was based on Bloomberg Billionaires Index, a counterpart of the Forbes’ Real Time Billionaires List. Bloomberg Billionaires List noted that Ambani’s net worth is $99.8 billion as on March 31, 2022, whereas Adani’s is at $95.5 billion. Last month, Adani <a href="https://www.businessinsider.com/indias-gautam-adani-asias-richest-person-with-89-billion-2022-2#:~:text=India's%20Gautam%20Adani%20has%20overtaken,of%20his%20companies%20have%20soared.">briefly overtook</a> Ambani and became the richest man in Asia and India. Elon Musk, founder of SpaceX and chief executive officer (CEO) of Tesla, is the richest person in the world, followed by Amazon’s founder Jeff Bezos. The list also includes Louis Vuitton group’s Bernard Arnault, Microsoft’s Bill Gates, Berkshire Hathaway’s Warren Buffet, Google’s Larry Page and Serge Brin, founder of Oracle Larry Ellison and former Microsoft CEO Steve Ballmer. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/finance/banks/news/axis-bank-may-soon-become-the-third-largest-credit-card-player-after-hdfc-bank-and-sbi-post-the-citibank-deal/articleshow/90563751.cms" style="">Axis Bank may soon become the third largest credit card player after HDFC Bank and SBI post the Citibank deal</a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-lost-over-9-million-subscribers-in-january-but-that-is-a-good-thing/articleshow/90557442.cms" data-type="tilCustomLink" style="">Reliance Jio lost over 9 million subscribers in January, but that is a good thing – here’s why</a> <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-news-board-approves-14500-crore-fundraising-plan/articleshow/89983243.cms" style="">Even a big fundraise is not helping Vodafone investors as Russia-Ukraine conflict takes the wind out of global markets</a>

Mukesh Ambani and Gautam Adani are now worth more than $100 billion

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Gautam Adani in striking distance of entering the top 20 richest club once again

Rounak Jain

Six banks are going to merge into SBI

BI India Bureau

Mukesh Ambani and Gautam Adani are now worth more than $100 billion

Kritti Bhalla

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