Gautam Adani overtakes Mukesh Ambani as Asia’s richest person

MUMBAI: Gautam Adani, with a net worth of $88.5 billion, has been named Asia’s richest person, overtaking even Mukesh Ambani ($87.9 billion).

With a hefty $12 billion increase in personal fortune, he is also the world’s biggest wealth-gainer this year.

According to Forbes, besides being the most affluent man in India and Asia, he is also among the world’s 10 richest persons. The Adani group controls Mundra port in Gujarat, which is one of the largest in the country, and has a 74 per cent stake in Mumbai’s international airport.

His group is also investing $70 billion into green energy projects over the next few years. The entrepreneur has aggressively diversified into airports, ports, power plants, green energy and mines. His group controls seven airports, accounting for nearly a quarter of India’s air traffic.

It owns a dozen ports and plans to be the world’s largest port operator by 2030. Top international firms have been investing in Adani’s ventures. They include Total SE and Warburg Pincus LLC.

A college dropout, Adani began his career in the diamond business in Mumbai in the early 1980s. He set up Adani Enterprises in Gujarat in 1988, but has seen several ups and downs.