Billionaire Gautam Adani became the world's second richest person on Monday, 19 September, according to Bloomberg, as his business house became India's most valuable conglomerate in terms of market value.
The completion of the acquisition of Ambuja Cement and ACC helped Adani Group overtake the Tata Group.
The combined market capitalisation of the Adani Group, including the newly-acquired Ambuja and ACC, stood at Rs 22.25 lakh crore as on Friday, 16 September. The total market value of all Tata Group firms was Rs 20.81 lakh crore, according to Economic Times.
Last week, Adani briefly became the world's second richest person on the Forbes Real-Time Billionaire rankings. LVMH's founders Bernard Arnault and and family took the second spot in the list following the sell-off in Adani Group shares.
Now he has once again reclaimed the second spot.
According to Forbes' real-time Billionaires List, Tesla CEO Elon Musk was the world's richest with a net worth of $273.2 billion. Adani and his family's net worth stood at $153.5 billion, while Arnault and his family were worth $153.1 billion.
Adani Group's wealth is fairly well divided among its firms. Adani Transmission is its most valued firm, accounting for one-fifth of the group's total market capitalisation.
Among the 27 companies listed under the Tata Group, Tata Consultancy Services (TCS) accounts for 53 percent of the conglomerate’s market capitalisation, according to Business Standard.
Meanwhile, the Ambani group has nine listed companies, but Reliance Industries (RIL) accounts for 98.5 percent of the group’s market capitalisation.
(With inputs from Economic Times and Business Standard)
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