Adani Group has become India’s most valuable business house in terms of market value of its companies, surpassing the Tata Group. The completion of the acquisition of Ambuja Cement and helped Adani overtake the Tata Group.
The combined market capitalisation of the Adani Group, including the newly-acquired Ambuja and ACC, stood at ₹22.25 lakh crore as on Friday. The total market value of all Tata Group firms was ₹20.81 lakh crore. On Friday, the nine listed firms of Adani group lost overall ₹40,000 crore market cap while Tata Group’s market cap declined by nearly ₹60,000 crore. Mukesh Ambani-led
is in third place with ₹17.07 lakh crore market value.
According to Forbes real-time Billionaires list, Adani Group’s chairman Gautam Adani briefly surpassed Amazon’s Jeff Bezos to become the world’s second richest man. But, LVMH’s founders Bernard Arnault and family took the second spot in the list on Friday following the sell-off in Adani Group shares. According to Forbes real-time Billionaires List at the time of going to print on Friday, Tesla’s Elon Musk was the world’s richest with $269.1 billion net worth. Arnault, the French business magnate, was worth $153.9 billion while Gautam Adani and family was worth $152.2 billion.
Excluding ACC and Ambuja Cement, the Adani Group’s market capitalisation has increased by nearly ₹10.16 lakh crore this year thanks to the sharp run-up in stock prices of most of its companies. During this period, Tata Group has lost ₹2.57 lakh crore in market cap as its flagship company
declined by over 17%.
On Friday, Swiss-based Holcim said that the group had closed the sale of its business in India to the Adani Group for $ 6.4 billion.
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Agencies