Gautam Adani becomes world’s 2nd-richest person all of a sudden

News Network
September 16, 2022

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Mumbai, Sept 16: Indian industrialist Gautam Adani briefly became the world's second-richest person on the Forbes real-time billionaire tracker on Friday, weeks after becoming the first Asian to break into the top three.

The self-made billionaire's net worth surged $4 billion overnight to $154 billion, according to Forbes, ranking him ahead of LVMH's Bernard Arnault and Amazon's Jeff Bezos.

Tesla founder Elon Musk remained well out in front with a fortune of more than $270 billion.

Arnault -- who at times held the top spot in May 2021 -- and Adani traded the number two position during the day as the share prices of their companies fluctuated.

Adani, 60, made his fortune in ports and commodities trading and now operates India's second-largest conglomerate with interests ranging from coal mining and edible oils to airports and news media.

His ballooning net worth reflects a stratospheric rise in the market capitalisation of his publicly listed companies, as investors back the Adani Group's aggressive expansion of old and new businesses.

Shares in the flagship Adani Enterprises -- of which the billionaire owns 75 per cent -- have soared more than 2,700 per cent since March 2020, and doubled in value in the past six months.

Stock price surges in other group companies including Adani Transmission, Adani Power, Adani Ports and Adani Green Energy catapulted Adani past fellow Indian billionaire Mukesh Ambani this year.

Analyst estimates indicated the market capitalisation of Adani's seven listed companies also briefly overtook those of the Tata group on Friday morning, making the Adani Group India's largest conglomerate.

Born in the city of Ahmedabad in the western state of Gujarat to a middle-class family, Adani dropped out of college to work in the diamond industry before starting his export business in 1988.

In 1995, he won a contract to build and operate a commercial shipping port at Mundra in Gujarat, which has since grown to become India's largest port.

At the same time, Adani expanded into thermal power generation and coal mining in India and overseas.

In recent years, the conglomerate has forayed into petrochemicals, cement, data centres and copper refining, in addition to establishing a renewable energy business with ambitious targets.

Recent investments in Indian news media and a bid for 5G airwaves this year have raised speculation that the billionaire's empire could soon impinge on sectors dominated by Ambani's Reliance Industries.

But Adani's rapid expansion into capital-intensive businesses has also raised financial alarms, with Fitch Group's CreditSights last week reiterating that they "remain concerned over the Adani Group's leverage".

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coastaldigest.com news network
April 16,2025

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Mangaluru: Starting April 22, 2025, the Mangaluru City Corporation (MCC) will strictly enforce separate disposal of sanitary waste, along with existing waste segregation norms. This decision was formally announced by MCC Commissioner Ravichandra Naik on Tuesday (April 15) during a training session at the Town Hall for civic workers.

What’s Changing?
All households and establishments must now segregate waste into the following four categories:
 
Categories of Waste (Effective April 22)
1.    Wet Waste
– Food scraps, vegetable peels, garden waste, etc.

2.    Dry Waste
– Paper, cardboard, plastic bottles, glass, metal, etc.

3.    Sanitary Waste (Now mandatory to separate)
– Sanitary pads, baby napkins, adult diapers, medical dressings, etc.

4.    Rejected Waste / Non-Recyclables
– Broken glass, ceramics, unusable plastics, thermocol, etc.

Rules and Penalties
•    Sanitary waste must be placed in a separate bin and must not be mixed with any other waste.
•    Violators will be fined ₹500 for the first offense, with higher fines for repeat violations.
•    Mixing plastic items like tubs and bottles with wet waste will also attract penalties.
“Improper segregation is a serious issue. MCC areas generate 5 to 10 tonnes of sanitary waste daily,” said Commissioner Naik.

MCC’s Awareness Campaign
To help the public understand the new system:
•    MCC will distribute pamphlets and notices this week.
•    These materials will explain the four waste categories and penalty clauses in detail.

QR Code Monitoring Returns
The MCC is also relaunching its QR code-based tracking system to monitor waste collection and staff attendance.

How it works:
•    QR codes are installed at buildings.
•    Civic workers will scan them using a new mobile app.
•    The app will send real-time updates to the Integrated Command and Control Centre (ICCC).

Current Status:
•    MCC manages 2.37 lakh properties.
•    90,000 properties in 60 wards already have QR codes installed.
“The new system will help us track both garbage pickup and civic worker attendance more accurately,” said Naik.

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News Network
April 26,2025

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A powerful explosion at Shahid Rajaee port in southern Iran has caused widespread damage and casualties, with emergency teams rushing to the scene to bring the situation under control.

According to the Hormozgan Emergency Department, at least 561 people were injured after a fuel tanker exploded for unknown reasons at Shahid Rajaee port in Hormozgan Province on Saturday, Tasnim News Agency reported.

The wounded were transferred to Hormozgan hospitals.

The director general of Hormozgan’s crisis management department said the explosion was extremely strong, but the cause has not yet been determined.

Initial reports indicate that the blast originated in an administrative building within the port complex. The blast was so intense that it completely destroyed the administrative building and severely damaged many vehicles.

Following the incident, all port operations were suspended as security and emergency teams worked to secure the area. Authorities immediately declared a state of emergency at hospitals across Bandar Abbas in preparation for possible mass casualties.

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News Network
April 26,2025

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Srinagar: The Prime Minister Narendra Modi-led union government’s explanation for the lack of security at the site of Tuesday’s deadly terrorist attack in Pahalgam has triggered widespread skepticism, with local officials and tourism stakeholders offering accounts that sharply contradict the government’s claims.

At an all-party meeting in New Delhi on Thursday, the Central government reportedly informed lawmakers that Baisaran meadow — where 26 civilians were killed — was not officially open to tourists until June. The absence of police and paramilitary presence, they argued, was due to this status.

However, investigations on the ground reveal a very different reality.

Baisaran meadow — popularly known as "Mini Switzerland" — remains accessible to tourists for most of the year. According to local tour operators, pony ride associations, and tourism officials, the area typically stays open except during peak winter months when snowfall blocks access.

"Tourists have been visiting Baisaran daily this season. No police clearance or special permission has ever been required," said Sheikh Mohammad Sultan, senior tour operator and President of the Indian Association of Travel & Tourism Experts (Kashmir chapter). "Nearly 70 percent of visitors to Pahalgam make it a point to visit Baisaran."

Further evidence lies in the operational signboard installed by the Pahalgam Development Authority at the meadow's entrance, listing an entry fee of ₹35 per person. Officials confirmed that this fee collection is outsourced annually through auction — a clear indication that the site was officially functioning and welcoming tourists at the time of the attack.

"Infrastructure projects have been developed for Baisaran tourism, and more are in the pipeline. Visiting Baisaran has never required security clearance or police authorization," a tourism official said on condition of anonymity.

The lack of security now stands under intense scrutiny.

The dirt track connecting Pahalgam town to Baisaran was reportedly unguarded, with only four unarmed personnel from an auxiliary wing of the Jammu and Kashmir Police stationed there. The nearest Central Reserve Police Force (CRPF) camp was nearly five kilometers away — a critical gap that likely delayed the emergency response.

According to official sources, the first CRPF responder reached the attack site almost an hour later, with reinforcements arriving more than ninety minutes after the assault had ended.

Locals like Waheed Ahmad, president of the Pony Operators’ Association in Pahalgam, expressed concern over the lack of vigilance despite Baisaran’s heavy tourist footfall.

"We have been taking tourists to Baisaran for decades without ever needing police permission. But given today’s environment, one would expect much better security," Ahmad said.

Eyewitness videos and photographs from just days before the attack show tourists visiting Baisaran in significant numbers, enjoying pony rides and the vibrant spring bloom — further undermining the Centre’s assertion that the area was "closed" to visitors.

The glaring contradictions have fuelled growing suspicions that authorities failed to adequately assess the threat level, despite intelligence warnings about potential attacks targeting Kashmir’s fragile tourist season.

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