Gautam Adani overtakes Mukesh Ambani as India's richest person

Billionaire Gautam Adani has overtaken Mukesh Ambani, Chairman of Reliance Industries Limited, to become the richest person in India. This comes after a significant increase in the shares of his conglomerate, the Adani Group. Currently, Gautam Adani's net worth is $97.6 billion, slightly above Mukesh Ambani's $97 billion, making him the 12th wealthiest individual globally, according to the Bloomberg Billionaires Index.

This development occurred after Adani Group shares rallied, increasing Gautam Adani's net worth by $7.67 billion. So far this year, his wealth has increased by $13.3 billion, the highest among the top 100 billionaires worldwide. Adani lost his position as India's wealthiest man to the RIL chairman almost a year ago due to a significant decrease in his ports-to-power empire's valuation.

However, the group saw a strong recovery in its listed companies' market value in the following months, aided by debt reduction measures and substantial investments from GQG Partners, a US boutique investment firm. Additionally, favourable verdicts in the ongoing Adani-Hindenburg case in the Supreme Court have increased investor confidence in the conglomerate.

Recently, the Supreme Court ruled against petitions asking for the case to be transferred to a special investigation team from the Securities and Exchange Board of India. Reacting to the verdict, Gautam Adani stated, 'Truth has prevailed. Satyameva Jayate. I am grateful to those who stood by us. Our humble contribution to India's growth story will continue'.