Mukesh Ambani is wealthiest Asian again as China’s Zhong loses $22 billion

Agencies
February 27, 2021

Mukesh Ambani says he will make batteries ahead of a boom in electric  vehicles⁠ | Business Insider India

Mumbai, Feb 27: Reliance Industries Ltd boss Mukesh Ambani is back to being the wealthiest person in Asia.

Despite a brutal week for markets, RIL was relatively unscathed as it said it would spin off its oil-to-chemicals business into an independent unit. With a net worth of about $80 billion, Ambani is again richer than Zhong Shanshan, whose bottled-water company tanked a record 20 per cent this week. The Chinese tycoon is worth $76.6 billion, down more than $22 billion from a peak just last week, according to the Bloomberg Billionaires Index.

Ambani spent most of the past two years leading the ranking of Asia’s richest people, taking over from Alibaba Group Holding Ltd.’s Jack Ma. Then the listing of two companies put Zhong on the map: He grabbed the title from Ambani at the end of December and by early 2021 was the sixth-wealthiest person on Earth, surpassing Warren Buffett. Zhong’s Nongfu Spring Co. more than tripled from its initial public offering to a peak in January as investors flocked to consumer shares, while his vaccine maker, Beijing Wantai Biological Pharmacy Enterprise Co., surged as much as 3,757 per cent.

But the rally faded as the Hong Kong and Chinese stock markets were among the world’s biggest decliners this week. Nongfu shares have erased their gains for the year, while Wantai’s posted a record monthly plunge.

Ambani has focused on pivoting his empire to tech and e-commerce, moving away from energy. Last year, he sold stakes in Reliance’s digital and retail units worth $27 billion to investors including Google and Facebook Inc., lifting his fortune by $18 billion. The spin-off announced this week of the oil-to-chemicals unit — which accounted for more than 60 per cent of the conglomerate’s revenue in the last fiscal year — will help the tycoon bring in more investors and expedite a proposed stake sale to Saudi Arabian Oil Co.

Zhong and Ambani are not the only two swapping titles lately. Tesla Inc.’s Elon Musk became the world’s richest person at the start of January before Jeff Bezos regained the No. 1 spot earlier this month as shares of the electronic-car maker fell. Musk lost $15 billion on Monday alone after he tweeted that the prices of cryptocurrencies seemed high — just two weeks after Tesla said it invested $1.5 billion in Bitcoin.

Since then, Musk and Bezos have swapped places twice more. The Amazon.com Inc. founder topped Musk by a $7 billion margin as of Friday.

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News Network
November 17,2024

Mangaluru: District-in-Charge Minister and Minister for Health and Family Welfare, Dinesh Gundu Rao, announced that a day-care chemotherapy centre will soon be established at District Wenlock Hospital. Speaking to mediapersons after reviewing the activities at Wenlock and Government Lady Goschen Hospital, he shared the government’s plans to enhance healthcare services in the region.

Key Initiatives Announced

•    Day-Care Chemotherapy Centre:

  • Ten beds will be reserved for cancer patients.
  • The government will collaborate with Yenepoya Hospital to provide chemotherapy treatments.
  • All required facilities for the centre are already in place, awaiting inauguration by the Chief Minister.

•    Wenlock Hospital Facelift:

  • Critical Care Block: To be built at a cost of ₹24 crore.
  • Integrated Public Health (IPH) Lab: Planned with a budget of ₹1 crore.
  • New OPD Block: As per a 2017 agreement, KMC Hospital will take up construction. Discussions with KMC management are underway.

•    Additional Requirements:

  • A new mortuary and post-mortem building.
  • Paramedical college building.
  • Modern kitchen.
  • Bridge connecting two buildings within the hospital.

•    Total facelift cost: ₹6 crore to ₹10 crore, utilizing funds from the Department of Health and Family Welfare and CSR contributions.

•    Timeline:
By December or January, priority works will be finalized. The superintendents of Wenlock and Lady Goschen Hospitals are scheduled to visit Bengaluru next week to discuss these projects.

•    MRI Fee Allegations:
The minister assured that allegations of patients being charged for MRI scans at Wenlock Hospital will be resolved at the earliest.
These measures aim to improve healthcare accessibility and infrastructure, positioning Wenlock Hospital as a state-of-the-art facility in the region.

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News Network
November 19,2024

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News Network
November 21,2024

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After the US prosecutors charged Gautam Adani with bribery and fraud, Congress reiterated its call for a Joint Parliamentary Committee (JPC) probe into the transactions of the Adani group, and hit out at Prime Minister Narendra Modi, alleging an "internal nexus" between him and "his favourite businessman."

Senior Congress leader Jairam Ramesh said the indictment of Gautam Adani and others by the US Securities and Exchange Commission validates his party’s call for a Joint Parliamentary Committee investigation.

The Congress has been pushing for the probe since January 2023, raising concerns over alleged irregularities involving Adani and his business dealings, said Ramesh.

Ramesh referred to the party’s “Hum Adani ke Hain” series, where 100 questions were raised about the alleged scams and the links between Prime Minister Narendra Modi and Gautam Adani.
He noted that the questions remain unanswered, reiterating the need for accountability in the matter.

The US prosecutors have charged Adani with deceiving investors by concealing information about his firm's solar energy project in India, which allegedly involved bribery.

Adani has been charged with securities fraud and conspiracy, according to an indictment unsealed on Wednesday. The case focusses on an agreement between Adani Green Energy Ltd. and another organisation to supply 12 gigawatts of solar power to the Indian government.

'BETRAYAL OF INDIAN INVESTORS'

Congress leader Pawan Khera described the allegations against Gautam Adani and his conglomerate as a “betrayal of Indian investors.”

Taking to X, Khera outlined the US charges, including claims that Adani’s group bribed Indian government officials between 2020 and 2024 to secure contracts. Citing media reports, he also pointed out that Gautam Adani personally met a government official to advance the scheme.

Khera referred to a March 2024 incident where the Adani Group allegedly misled the Bombay Stock Exchange and the National Stock Exchange, calling it a “grave violation of investor trust.”

He further highlighted a March 2023 FBI raid on the premises of Sagar Adani, Gautam Adani’s nephew, where electronic devices were seized as part of the investigation.

'SEBI NOT ABLE TO PROVE ANY CHARGES AGAINST ADANI'

Shiv Sena (UBT) leader Priyanka Chaturvedi criticised central probe agencies following US charges against Gautam Adani and others in an alleged bribery case linked to solar energy contracts.

Chaturvedi raised concerns about corporate governance and regulatory oversight in the country. “They talk about corporate governance, responsibility, and accountability. The industrialists should be asked to follow the rules and regulations, but even the agencies were defending him. The SEBI has not yet been able to prove charges against him,” she said, pointing to what she viewed as failures in ensuring accountability.

'BROUGHT DISREPUTE TO INDIA'

On US charges against Gautam Adani, AAP leader Sanjay Singh called for a probe against the industrialist. He said that the probe should be conducted by an investigation agency under the Supreme Court.

"Adani Group has brought disrepute to India. This is a very serious matter. The PM of India should come forward and answer this. All the pending matters against Adani should be probed by an investigation agency under Supreme Court monitoring, and all the corruption done by him, within and outside the country, should come out before the country and action should be taken against him," he said.

BJP DFENDS

BJP IT cell chief Amit Malviya responded sharply to the Opposition’s criticism regarding allegations involving Adani Green Energy and US-based Azure Power. He pointed out that the charges in the indictment are only allegations and emphasised, “The defendants are presumed innocent unless and until proven guilty.”

Malviya argued that the crux of the case concerns agreements to supply 12 GW of power to the Solar Energy Corporation of India (SECI), contingent on SECI securing power purchase agreements with state electricity distribution companies (SDCs).

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