Tuesday, December 6, 2022
For any kind of suggestion or query feel free to mail us at hello@globaldaily.in   Your online source for any kind of news   Welcome to Global Daily

Richest Asian is also busiest dealmaker with a $17 billion spree – Times of India


NEW DELHI: Billionaire Gautam Adani became the richest person in Asia this year. Now, a vast empire-building exercise is making him one of the region’s busiest dealmakers.
A $10.5 billion pact announced Sunday to buy the Indian operations of Swiss building-materials firm Holcim Ltd., capped a run of some 32 acquisitions for Adani the past year, valued at about $17 billion, according to data compiled by Bloomberg News.
The tycoon’s conglomerate, the Adani Group, didn’t disclose the transaction value in many of the smaller deals, implying the total amount could be even larger. After years of focusing on coal and infrastructure-related plays, Adani is branching out in line with his growing fortune, buying up a range of assets from a premium rice brand and travel portal to a green energy firm from Softbank Group Corp.
A first-generation entrepreneur whose net worth currently sits at $102 billion, according to Bloomberg’s Billionaires Index, Adani has rapidly diversified into new areas like data centers, digital services, cement and media. After acquiring one of the most controversial coal mining projects in Australia, Adani is making a firm pivot toward sustainable energy longer term.

Adani is “a sharp and ambitious tycoon who wants to have a finger in nearly every pie,” said Arun Kejriwal, founder at KRIS, an investment advisory firm in Mumbai.
The 59-year-old businessman has now built the financial muscle needed to pull off a flurry of deals, Kejriwal said. “He is capable of getting financial support from sovereign funds and can resort to leveraged buyouts.”
Adani Group firms received almost $2 billion from the Abu Dhabi-based International Holding Company PJSC in April, while global giants TotalEnergies SE and Warburg Pincus LLC invested in Adani’s companies last year.
The tycoon is also said to be scouting for targets among local media firms and is exploring partnerships with Saudi Aramco, Bloomberg reported earlier. A pact with South Korea’s Posco was announced in January for a green steel mill.
“There is nothing slow about Adani,” Kejriwal said. “Everything is like a rapid fire.”





Source

Hits: 0

Leave a Reply

Your email address will not be published. Required fields are marked *

63 − = 57

Related Posts

Recent Posts

‘LGBT propaganda’ rule in Russia gets stricter as Prez Putin signs new law
'LGBT propaganda' rule in Russia gets stricter as Prez Putin signs new law
DR Congo Says ‘Around 300’ Dead in Massacre by Rebels
DR Congo Says 'Around 300' Dead in Massacre by Rebels
PM must use influence to push China on border issue: Mallikarjun Kharge | India News – Times of India
PM must use influence to push China on border issue: Mallikarjun Kharge | India News - Times of India
National Microwave Oven Day 2022: Quick and Easy Recipes to Celebrate the Day
National Microwave Oven Day 2022: Quick and Easy Recipes to Celebrate the Day
Ahead of Christmas, India to resume e-visas for UK citizens | India News – Times of India
Ahead of Christmas, India to resume e-visas for UK citizens | India News - Times of India
Mahaparinirvan Diwas 2022: Top 10 Inspiring Quotes by Dr Babasaheb BR Ambedkar
Mahaparinirvan Diwas 2022: Top 10 Inspiring Quotes by Dr Babasaheb BR Ambedkar
Love and Relationship Horoscope for December 6, 2022
Love and Relationship Horoscope for December 6, 2022
People prevented from voting, says Akhilesh; BJP trashes claim | India News – Times of India
People prevented from voting, says Akhilesh; BJP trashes claim | India News - Times of India
Make voting compulsory, says UP governor | India News – Times of India
Make voting compulsory, says UP governor | India News - Times of India
Aaj Ka Panchang, 06 December, 2022: Tithi, Shubh Muhurat, Rahu Kaal and Other Details for Tuesday
Aaj Ka Panchang, 06 December, 2022: Tithi, Shubh Muhurat, Rahu Kaal and Other Details for Tuesday

Archives

Categories

Tags

PHP Code Snippets Powered By : XYZScripts.com