Profile of Gautam Adani, the Figure who Regains the Title of the Richest Person in Asia with a Wealth of Rp1.5 Quadrillion

Profil Gautam Adani, Sosok yang Kembali Jadi Orang Terkaya di Asia dengan Harta Rp1,5 Kuadriliun

Profile Gautam Adani, Figure who Returns as the Richest Person in Asia with Wealth of Rp1.5 Quadrillion

After fluctuating rankings in 2023, Gautam Adani once again takes the top position as the richest person in Asia. This event happened a few days after the Indian High Court decided not to conduct any new investigation regarding the claims made by Hindenburg Research against the billionaire.

Referring to The Business Times, Adani's net worth increased by USD 7.7 billion in one day, reaching USD 97.6 billion or equivalent to Rp. 1.5 quadrillion. This achievement also restores his position as the richest person in India, replacing Mukesh Ambani, according to the Bloomberg Billionaires index. Ambani, who serves as the chairman of Reliance Industries, is now behind with a net worth of USD 97 billion, according to the index.

The return of this first-generation entrepreneur, who started his career as a diamond trader in the 1980s, marks an important year for the conglomerate in the electricity sector.

"Deny Allegations of Fraud Accusations"

Although it has denied Hindenburg's allegations of fraud in its company, Adani Group experienced a market value decline of more than USD 150 billion or around Rp. 2.3 quadrillion last year. The company also spent months restoring investor confidence, regaining lender support, resolving debts, and addressing regulatory concerns.

Stocks Return Strong

The following 'Bahasa' text translated to 'English' while preserving any html tags: "Adani Group shares strengthened after the Supreme Court of India ordered the local market regulator to complete the investigation against the conglomerate within three months, and decided that further investigation is not necessary."

The decision to suspend the court's sentence brought a wealth increase of USD 13.3 billion for Adani, after experiencing one of the world's largest wealth losses in 2023.

"Previously, the company owned by Gautam Adani has committed to investing USD 100 billion over the next decade to support environmentally friendly transition in all sectors of its business. In addition, they have also quickly diversified their business from coal trading to sectors such as data centers, artificial intelligence, urban development, airports, and media."

Three companies owned by Indian billionaire Gautam Adani plan to raise funds up to IDR 74 trillion. For what purpose?

Three Gautam Adani companies are considering fundraising efforts that could reach USD 5 billion or around IDR 74 trillion, according to several sources. This comes as these companies are facing challenges to rebuild investor trust after experiencing a severe crisis in less than four months.

"Collecting Funds"

As reported by Gulf News on Monday (15\/5\/2023), Adani Enterprises, Adani Green Energy, and Adani Transmission are considering raising funds between USD 3 to 5 billion to support their business operations, revealed sources who requested anonymity due to the sensitive nature of the information.

"Previously, representatives from 3 companies held a meeting on Saturday to discuss options for fundraising through the sale of shares or other financial instruments, in accordance with the exchange submission on Wednesday night. However, they did not disclose the amount of funds they want to raise or with whom they are collaborating for potential deals. Generally, approval from the company's board of directors is required for fundraising plans so that management can enter the market promptly when opportunities arise."

"Decline Give Comment"

Meanwhile, the plan is still in the discussion stage and there is no certainty whether the company will announce the amount of funds they want to raise after the board meeting on Saturday. Unfortunately, representatives from the Adani Group declined to comment on the details of the fundraising.

Every step taken by the Adani Group company to leverage a wider group of investors for funding can have negative implications if the market is not convinced that the uncertainties surrounding the shares have been resolved.

"Decrease in Stock Value"

Although the conglomerate, which focuses on coal to cement, denied the fraud allegations made by Hindenburg Research in January, the impact of the report caused a week-long decline in stock value, wiping out over USD 100 billion in market value and forcing the billionaire to cancel the sale of USD 2.4 billion worth of shares.

On Thursday, the global MSCI index manager announced that two companies from the Adani Group, namely Adani Transmission and Adani Total Gas, will be removed from the India gauge starting from the end of May. This decision is expected to trigger an outflow of funds of nearly USD 400 million, according to estimates from independent equity analyst, Brian Freitas.

"Fix Damage"

"In early March, the Adani family successfully raised approximately USD 1.9 billion through the sale of shares in four companies to the US investment firm, GQG Partners."

They also conduct investor roadshows and prepayment debt payments as efforts to build trust and address the negative impacts of allegations by short sellers. In line with that, Bloomberg's analysis regarding exchange submissions shows that Adani Enterprises and Adani Transmission have sought board approval for fundraising every year in April or May since 2019. Adani Green Energy also obtains permission every year except in 2021.

The three companies successfully raised nearly USD 2 billion from the International Holding Company based in Abu Dhabi in April last year.

If this fundraising round is successfully carried out, it will be the first for Adani after being attacked by Hindenburg and experiencing a market decline. The success of this stock sale is expected to help Adani recover from the crisis it faces, although the outcome will also depend heavily on the terms of the agreement and the profile of the investors involved.

In addition, the stock value of Adani company has decreased due to the early losses this year. With the decrease in value, further discounts can make it more attractive to investors. It should be noted that Adani Enterprises recorded a profit surge of 138 percent in the last quarter, while revenue increased by 26 percent. This increase was largely driven by mining and airport businesses, while the company's gross debt decreased by about 6.5 percent.

Adani Green also recorded a profit growth of more than four times in the March quarter, while its operational capacity surged by almost half to over 8 gigawatts. The company targets a capacity of 45 gigawatts by 2030.

Source: Liputan6

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