Businessman Gautam Adani overtook Reliance Industries Chairperson Mukesh Ambani as Asia’s richest person, according to the Bloomberg’s Billionaires Index on Tuesday.

At 2.55 pm on Tuesday, real-time data on the index showed that Adani’s net worth stood at $88.5 billion (approximately Rs 6.6 lakh crore) and Ambani’s at $87.8 billion (approximately Rs 6.5 lakh crore). Adani was the 10th richest person in the world as of Tuesday afternoon.

The rankings on the Bloomberg Billionaires Index are dynamic as they change, often within a trading session in equity markets, depending upon the performance of shares held by the entrepreneurs.

Advertisement

“The Adani Group has spotted and entered all the happening sectors at the right time, which has appealed to a select band of foreign portfolio investors,” said Deepak Jasani, head of retail research at investments firm HDFC Securities Limited, according to The Indian Express.

In October, India’s clean energy sector got a massive push with the completion of Adani Green Energy’s 100% acquisition of Soft Bank’s SB Energy at $3.5 billion (approximately Rs 26,000 crore) for a total capacity of 5 gigawatts. The deal was termed one of the largest in the country’s renewable sector.

Adani also plans to invest $70 billion (approximately Rs 5 lakh crore)in the next 10 years across renewable energy generation, component manufacturing, transmission, and distribution.

Advertisement

In the last three years, Adani has acquired seven airports in the country, according to The Indian Express. His group of companies now includes India’s largest airport operator, power generator and gas retailer in cities.

Shares of Adani Green and Adani Total Gas have increased more than 1000% since 2020. Adani Enterprises has registered a growth of more than 730%, Adani Transmission has risen by 500% and Adani Ports by 95% during this period.