PM Modi’s friend Gautam Adani is now world’s 3rd richest tycoon – 1st Asian to be in top 3

News Network
August 30, 2022

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Few outside of India had heard of Gautam Adani just a few years ago. Now the Indian businessman, a college dropout who first tried his luck as a diamond trader before turning to coal, has become the world’s third richest person. 

It’s the first time an Asian person has broken into the top three of the Bloomberg Billionaires Index -- fellow citizen Mukesh Ambani and China’s Jack Ma never made it that far. With a $137.4 billion (Rs 10.97 lakh crore) fortune, Adani has overtaken France’s Bernard Arnault and now trails just Elon Musk and Jeff Bezos of the US in the ranking. 

Adani, 60, has spent the past few years expanding his coal-to-ports conglomerate, venturing into everything from data centers to cement, media and alumina. The group now owns India’s largest private-sector port and airport operator, city-gas distributor and coal miner. While its Carmichael mine in Australia has been criticised by environmentalists, it pledged in November to invest $70 billion in green energy to become the world’s largest renewable-energy producer. 

As his empire has expanded to one of the world’s largest conglomerates fueling the remarkable wealth gains, concerns have grown over the rapid growth. Adani’s deals spree has been predominantly funded with debt and his empire is “deeply over-leveraged,” CreditSights said in a report this month. 

Some lawmakers and market watchers have also raised concerns over opaque shareholder structures and a lack of analyst coverage at Adani Group companies. Yet the shares have soared -- some of them more than 1,000 per cent since 2020, with valuations hitting 750 times earnings -- as the tycoon focused on areas that Prime Minister Narendra Modi deems crucial to meeting India’s long-term goals. 

The pivot to green energy and infrastructure has won investments from firms including Warburg Pincus and TotalEnergies SE, helping Adani enter the echelons previously dominated by US tech moguls. The surge in coal in recent months has further turbocharged his ascent. 

All told, Adani has added $60.9 billion to his fortune in 2022 alone, five times more than anyone else. He first overtook Ambani as the richest Asian in February, became a centibillionaire  in April and surpassed Microsoft Corp.’s Bill Gates as the world’s fourth-richest person last month. 

Adani was able to move past some of the world’s richest US billionaires partly because they’ve recently boosted their philanthropy. Gates said in July he was transferring $20 billion to the Bill & Melinda Gates Foundation, while Warren Buffett has already donated more than $35 billion to the charity. 

The two, along with Gates’s ex-wife Melinda French Gates, started the Giving Pledge initiative in 2010, vowing to give away most of their fortunes in their lifetimes. The billions of dollars spent on philanthropy has pushed them lower on the Bloomberg wealth ranking. Gates is now fifth and Buffett is sixth. 

Adani, too, has increased his charitable giving. He pledged in June to donate $7.7 billion (Rs 61,512 crore) for social causes to mark his 60th birthday. 

Interestingly, Mr Adani comes from the western state of Gujarat, where he was a key supporter of Mr Modi and his ruling Bharatiya Janata party as it rose to dominate national politics.

When Mr Modi took office, he flew from Gujarat to the capital New Delhi in Mr Adani’s private jet — an open display of friendship that symbolised their concurrent rise to power. Since Mr Modi came into office, Mr Adani’s net worth has increased thousands of times as he won government tenders and built infrastructure projects across the country. 

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News Network
November 21,2024

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Prominent NRI community leader SM Syed Khalilur Rehman, fondly known as CA Khalil, passed away in Dubai on Thursday at the age of 86 after a brief illness.

Khalil had been admitted to Aster Hospital in Mankhool on Tuesday after experiencing severe leg weakness. Despite the best efforts of the medical team, he succumbed to a double heart attack that worsened his condition, his son Rais Ahmed confirmed.

The news of his passing has sent waves of grief across communities, particularly in his hometown of Bhatkal, Karnataka, where he was a celebrated figure. Tributes have been pouring in on social media, highlighting his significant contributions to international trade, social service, and education.

A Legacy of Leadership and Service

A chartered accountant by profession, Khalil was a founding member of the Dubai chapter of the Institute of Chartered Accountants of India (ICAI), where he served as chairman from 1987 to 1994. His illustrious career included key leadership roles, such as general manager of Khaleej Times, group executive director of the Ilyas and Mustafa Galadari Group, and vice-chairman of the Jashanmal Group of Companies.

He also chaired Maadhyama Communications and Sahil Online, a web-based news platform, and was a director and trustee of several media companies and charitable organisations in Dubai and India.

A Champion for Education and Philanthropy

Khalil’s impact extended far beyond his professional achievements. As president and general secretary of Anjuman Hami-e-Muslimeen, he played a pivotal role in the development of educational institutions, including schools and colleges in Bhatkal and surrounding areas. His dedication to social upliftment earned him recognition from the Government of Karnataka, which honoured him with a prestigious award for his philanthropic contributions.

A Life Celebrated

The Bhatkal Muslim Khaleej Council (BMKC) recently released a documentary celebrating Khalil’s remarkable life and service to the community—a testament to his enduring legacy.

CA Khalil is survived by his family and countless admirers across the globe. His passing marks the end of an era for Indian expatriates in the UAE and beyond, leaving behind a legacy of leadership, generosity, and commitment to community service.

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News Network
November 12,2024

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The UN humanitarian coordinator for Lebanon has warned that the “picture of life in Lebanon remains grim,” highlighting an "alarming" level of human suffering and significant humanitarian consequences due to the ongoing Israeli carnage.

Imran Riza, the UN Deputy Special Coordinator and Resident and Humanitarian Coordinator for Lebanon (UNSCOL), provided a stark overview of the Arab country's dire circumstances in a statement released on Monday.

“The current picture of life in Lebanon remains grim. Yesterday, airstrikes reportedly killed 23 people, including seven children, in the village of Aalmat in Mount Lebanon,” Riza said on X.

An airstrike in the city of Tyre on the same day resulted in the tragic deaths of five siblings from a single family, all of whom had special needs, according to his statement.

He added that in the last week, Israeli airstrikes have killed at least 241 individuals and left 642 others injured in Lebanon, as reported by the Ministry of Health.

“In the past month, more than 185,000 people have fled their homes in their search for safety within the country, bringing the total to over 870,000 people internally displaced,” Riza said

The UN official highlighted that numerous individuals, including the elderly and those with health issues, are staying behind while witnessing the ruins of their ancestral homes.

He urged for the swift safeguarding of civilian people and infrastructure, emphasizing the necessity to uphold international humanitarian law and end the ongoing violence.

Lebanon’s National News Agency reported that Israeli forces bombed a house in the town of Maydoun in Bekaa on Monday night, killing three people and destroying the house.

Earlier, Israel bombed the northern town of Ain Yaaqoub, killing at least 14 people.

The killings came as Israeli military continued to pound Lebanon, bombing shops selling electrical appliances in the southern city of Tyre and carrying out air raids on the towns of Shamshtar in eastern Baalbek and Roumine in southern Nabatieh.

Lebanon’s Ministry of Health said Israeli attacks killed at least 54 people across the country on Monday.

Israel’s merciless attacks continue despite calls from the UN Security Council for an immediate ceasefire and directives from the International Court of Justice urging measures to prevent genocide and alleviate the dire humanitarian situation in Gaza and Lebanon.

In Lebanon, at least 3,243 people have been killed and 14,134 others wounded in Israeli attacks since the war on Gaza began on October 7, 2023.

The Lebanese resistance movement Hezbollah opened a support front for Palestinians in Gaza only a day after the Israeli regime unleashed its genocidal war on the besieged territory.

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News Network
November 13,2024

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Beirut: The Israeli army on Tuesday continued to launch attacks against civilians in Lebanon, targeting them in several areas without prior evacuation warnings.

However, 13 airstrikes on Beirut’s southern suburbs in the space of only three hours were preceded by evacuation warnings.

The attacks caused no injuries but resulted in widespread destruction of residential buildings and commercial, medical and educational centers.

The airstrikes in southern Lebanon and Bekaa region, reaching Akkar in Lebanon’s far north, erased any hope of a near-term ceasefire settlement.

The strikes were accompanied by an announcement on Israel’s Channel 14 that “the Israeli army has expanded its operations in southern Lebanon to areas it had not reached since the beginning of the ground operation.”

About 50 days have passed since Israel intensified its hostile operations in Lebanon targeting Hezbollah. The death toll from these confrontations and attacks has passed 3,200, with more than 14,000 wounded.

For the first time, an airstrike targeted a mountainous area between Baalchmay and Aabadiyeh on the road leading to Aley, destroying a building housing displaced people.

The mayor of Baalchmay, Adham Al-Danaf, confirmed that “the airstrike targeted a residential building in the Dhour Aabadiyeh area.”

The initial toll from the Ministry of Health showed “five people killed and two injured.”

The raids that targeted Beirut’s southern suburbs for the first time in the morning, unlike nightly raids before, caused huge destruction. Those who evacuated their homes after Israeli warnings, used their phones to record the collapse of empty buildings in Sfeir, Haret Hreik, Bir Al-Abed, Mrayjeh, Laylaki and Hadath.

Israeli warplanes also targeted Tyre, where a strike on a building killed three people and injured many others, while a raid on Tefahta killed a man identified as Kifah Khalil and his family.

Attacks were widespread, with Yater and Zebqine subject to artillery shelling, a civilian being killed in Hermel, and further attacks on Bouday and an area between the towns of Srifa and Arsoun.

A raid on the town of Siddiqin killed two people and injured several others, while an attack on the Mechref farm led to one fatality and multiple injuries.

The search for those missing after an Israeli raid on the town of Ain Yaacoub in Akkar, in the northernmost part of Lebanon, continued until dawn.

During the operation, 14 bodies were retrieved, identified as those of residents displaced from the town of Arabsalim in the Iqlim Al-Tuffah area of the south, along with members of a Syrian family, a mother and three of her children. Additionally, there were 10 people in critical condition.

The targeted residence belongs to a Lebanese citizen, Hussein Hashim, who is reported to be a member of the Syrian Social Nationalist Party.

An airstrike on the town of Saksakiyeh in the Sidon region on Monday night resulted in yet another tragedy.

It appeared that the intended target was the Shoumer family, who just days before lost Hussein Amin Shoumer and his two sisters in a drone strike near Al-Awali River.

Israeli army spokesperson Avichay Adraee issued additional evacuation warnings for towns in the southern region along the Litani River, which, according to estimates from the mayors, are currently 90 percent uninhabited.

In the meantime, Hezbollah announced its continued efforts to “combat the intrusions of Israeli forces and to strike military installations and towns in the north.”

Hezbollah said in a statement that it confronted “an Israeli Hermes 450 drone in the airspace of Nabatieh and forced it to leave Lebanese airspace.”

The party also announced that it targeted “Kfar Blum settlement with a rocket salvo.”

On the Israeli side, air raid sirens sounded in areas of Upper and Western Galilee and in the town of Kiryat Shmona and its surroundings.

The Israeli army confirmed that “a drone exploded in Nesher, east of Haifa, without activating the air raid sirens,” and that “a drone launched from Lebanon crashed into a school in Gesher HaZiv, north of Nahariya.”

Israel’s Channel 13 reported the Israeli military’s assessment regarding Hezbollah’s military strength, claiming that the group currently possesses approximately 100 precision missiles, thousands of artillery shells, and hundreds of rockets. Additionally, it was highlighted that “there are around 200 Lebanese towns that remain unvisited.”

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