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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News Network
November 15,2024

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Iran’s Islamic Revolution Guards Corps (IRGC) has killed or captured 69 terrorists linked to the Israeli spy agency Mossad during a major counterterrorism drill in the country's southeast, its spokesman says.  

General Ahmad Shafaei, the spokesman for the “Martyrs of Security” drill, said Friday that a total of 23 terrorists have been killed and another 46 arrested in various clean-up operations ever since the IRGC Ground Force launched it in the Sistan and Baluchestan province on November 1.

Seven terrorists have also turned themselves in during the period.

“The undeniable fact about terrorists is that they rely on arrogant powers, particularly the intelligence service of the wicked and vicious Zionist regime," Shafaei said.

“Unfortunately, weapons and munitions at terrorists’ disposal are among the most sophisticated ones in the world. This accounts for their heavy dependence.” 

The official stated that several members of the disbanded terror teams were non-Iranian nationals, who had been hired by foreign intelligence agencies to carry out acts of sabotage and terror inside Iran.

In a most recent operation, six terrorists were arrested and four others were eliminated, three of whom were non-Iranians, he added. 

On October 26, ten members of Iran's law enforcement forces were killed in a terrorist attack in the Gohar Kuh district of Taftan in the Sistan and Baluchestan province.

The so-called Jaish al-Adl terrorist group claimed responsibility for the assault, which was one of the deadliest in the province in recent months.

The group has carried out numerous terrorist attacks in Iran, primarily in Sistan and Baluchestan.

Its tactics include the abduction of border guards as well as targeting civilians and police stations within the province to incite chaos and disorder.

In January, Iran launched a military operation during which the headquarters of the Pakistan-based terrorist group was targeted in missile strikes, destroying its infrastructure.

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News Network
November 10,2024

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Mangaluru: A heart-wrenching tragedy unfolded in the quiet Bellayuru village on the outskirts of Mangaluru as a man’s life ended on a railway track following an apparent double murder. Authorities from the Mulki police station identified the man as Karthik Bhat, 32, whose lifeless body was discovered on the tracks with his head positioned on the rail, indicating a tragic suicide.

Nearby, police recovered keys to a scooter and a house, which eventually led them to uncover a series of chilling events. Following the trail, officers located Bhat’s scooter parked near Mahammayi Temple. Inside the vehicle, they found documents confirming his identity, including an RC, insurance papers, and his driving license.

Their search continued to Bhat's home in Pakshikere, Kemral village, where they discovered a locked room. With the keys retrieved from the tracks, police unlocked the door, only to be confronted by a horrifying sight. The bodies of Priyanka (28) and her young son Hriday (4) lay in a pool of blood, pointing to a brutal murder that occurred just hours before Bhat’s suicide.

Initial investigations suggest Bhat, beleaguered by ongoing family disputes, committed the murders of his wife and son on the evening of November 8 before tragically ending his own life. A death note found in his diary hinted at his mental state and tragic intentions.

Priyanka’s family, residing in Shivamogga, was informed of the incident. The couple, married for six years, now leaves behind grieving relatives and unanswered questions. Police have initiated formal proceedings, collecting statements from family members as they continue their investigation into the tragic sequence of events.

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News Network
November 22,2024

Mangaluru: A man fell victim to an online scam, losing Rs 1.7 crore after fraudsters posed as officials from TRAI. According to a complaint filed at the CEN police station, the incident began on November 11, when the complainant received a call from an unknown number at 9:49 am.

The caller, claiming to represent TRAI, alleged that another mobile number registered under the complainant's name was involved in illegal activities in Andheri (East), Mumbai. The caller further stated that an FIR was lodged against the complainant for harassment under the guise of marketing. He was instructed to contact Andheri (East) police station immediately or risk his mobile service being deactivated within two hours.

The complainant was subsequently connected to an individual named Pradeep Sawant, who claimed the complainant was implicated in a money laundering scheme linked to the Naresh Goyal fraud case. Sawant alleged that a fraudulent bank account under the complainant's name was opened at Canara Bank, Andheri, and used to purchase a SIM card for illegal activities. He warned that the complainant could face arrest.

Later, the complainant was contacted via WhatsApp video call by individuals posing as Rahul Kumar (a police officer) and Akanksha (a CBI officer). They allegedly sent fabricated CBI documents to his WhatsApp number. The fraudsters demanded money to "resolve" the case. Fearing threats, the complainant allegedly transferred Rs 1.7 crore through RTGS in batches of Rs 53 lakh, Rs 74 lakh, and Rs 44 lakh between November 13 and 19. A case has been registered at the CEN police station and an investigation is ongoing.

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