An Old Billionaire Speaks Out Against Gautam Adani

• Gautam Adani’s spectacular journey to the world’s ninth wealthiest person began in the 1990s with a port on India’s west coast.
• The rest has been spent looking for the next industry to expand his debt-fueled business.
• The competitor is not Adani’s archrival Mukesh Ambani, the only Indian businessman who is now wealthier than him.

Gautam Adani is spectacular journey to the world’s ninth wealthiest person began in the 1990s with a port on India’s west coast and an enduring friendship with a politician who is now prime minister. The rest has been spent looking for the next industry to expand his debt-fueled business.

Read More: Sebi’s front-running rule has had no effect on AMC, wealth business: IIFL

The port brought in coal, liquefied gas, and palm oil, therefore Adani invested in these and related companies. For example, after supplying coal to power plants, he ventured into mining in India, Indonesia, and Australia, as well as his own electricity generation and distribution. He delivered gas to Indian cities and set out to harness solar and wind energy. Extending his logistical domination to controlling airports, grain silos, and data centres was only natural, as was providing a cooking medium to Indians to fry their samosas: he only needed to refine the Indonesian palm-oil landing at Indian ports, of which he now owned 13.

Finally, if a single corporation was going to construct so much infrastructure, wouldn’t it make sense for it to also manufacture cement? The industrialist from Prime Minister Narendra Modi’s home state of Gujarat has encountered some pushback with his most recent expansion – Adani is spending $10.5 billion to acquire Swiss building-materials expert Holcim Ltd.’s entire India operations. The competitor is not Adani’s archrival Mukesh Ambani, the only Indian businessman who is now wealthier than him. Another billionaire has emerged.

For the latest Business News Follow BOL News on Google News. Read more on Latest Business News on oldsite.bolnews.com