Mukesh Ambani leads, but Gautam Adani runs him close on the rich list
Owing to a big rise in the market capitalisation of group companies such as Adani Green Energy and Adani Transmission, the group promoters, the Gautam Adani family, have closed the wealth gap with Mukesh Ambani, the promoter and owner of Reliance Industries Ltd (RIL).
Ambani continues to top India’s billionaire league table.
The Ambani family’s net worth was estimated to be Rs 8.06 trillion (around $108 billion) on Tuesday against the Rs 6.87 trillion (around $92 billion) of the Adani family. Earlier during the day, Bloomberg reported Adani had overtaken Ambani to become India’s and Asia’s wealthiest promoter.
This is due to a straightline summation of the market value of the promoter stakes in the Adani group companies. The promoter stakes in six old Adani group companies, including Total Gas’s 37.4 per cent stake in Adani Total Gas, were valued at Rs 7.78 trillion on Monday.
In comparison, the 49.11 per cent promoter stake in RIL was valued at Rs 7.71 trillion, according to the Capitaline database. The BSE, on the other hand, puts the promoters’ stake in RIL at 50.61 per cent at the end of December 2021.
The Business Standard calculation is based on the RIL promoters’ stake as given by the BSE and excludes the value of the cross-holdings of the group companies. The calculation for the Adani group excludes the value of the Total Gas stake in Adani Total Gas.
ALSO READ: Mukesh Ambani’s latest buy: A Rolls Royce costing Rs 13.14 crore
Ambani’s net worth is down around 0.5 per cent since the beginning of the current calendar year and 5 per cent lower from the record high of Rs 8.48 trillion at the end of September 2021 due to a decline in the share price and market capitalisation of RIL, the group’s flagship entity. (See the adjoining chart)
For comparison, the Adani family’s net worth is up 13.5 per cent year-to-date in 2022 and has increased by 27.3 per cent since September 2021.
RIL ended Tuesday with a market capitalisation of around Rs 15.93 trillion, down from the Rs 16.02 trillion at the end of December 2021 and the record high of Rs 16.75 trillion at the end of September 2021.
In contrast, the six old Adani group companies had a combined market capitalisation of Rs 10.93 trillion on Tuesday, up from the Rs 9.62 trillion at the end of December 2021 and Rs 8.56 trillion at the end of September 2021.
This doesn’t include Adani Wilmar, which became seventh Adani company to list on the bourses on Tuesday. The company ended Tuesday with market cap of Rs 34,468 crore.
In all there are nine Mukesh Ambani group companies listed on the bourses but all other companies are step-down subsidiaries of RIL. Similarly, Adani Wilmer has been promoted by Adani Enterprises.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor