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☆ Asia's 2 richest men have multiplied their fortunes since 2020, but they're known to spend them very differently. Here's how the tycoons' wealth, businesses, and properties stack up.
▼ + stars: | 2022-12-27 | by ( Matthew Loh | ) www.businessinsider.com time to read: +1 min

Billionaires Mukesh Ambani and Gautam Adani are both central figures in the rapid growth of India's industries. But it's in the last three years that the pair has seen its fortunes roar to heights unprecedented in Asia. Ambani is currently the world's ninth-richest person, with a net worth of $85 billion as of December 27, per the index. He's still seen a great leap in wealth since 2020, when he was worth around $32 billion. Representatives for Ambani and Adani did not respond to Insider's requests for comment.

NEW DELHI, Dec 27 (Reuters) - India is planning a $2 billion incentive programme for the green hydrogen industry, three sources told Reuters, in a bid to cut emissions and become a major export player in the field. The United States and the European Union have already approved incentives worth billions of dollars for green hydrogen projects. GREEN AMMONIA, TOOThe Indian government expects industry to invest 8 trillion rupees in green hydrogen and its derivative green ammonia by 2030, said the industry manager and another government official. The green hydrogen proposal is likely to be called "Strategic Intervention for Green Hydrogen Transition (SIGHT)" and will be split into 45 billion rupees for electrolyser manufacturing for five years and the 135 billion rupees for green hydrogen and green ammonia production for three years, the manager and second official said. The incentive for making green hydrogen is likely to be 50 rupees per kg for three years, they said.

[1/3] Drivers push auto rickshaws in a line to buy petrol from a fuel station amid Sri Lanka's economic crisis, in Colombo, Sri Lanka, July 29, 2022. India's foreign ministry did not respond to questions from Reuters on its plans and strategic aims in Sri Lanka. New Delhi has long been concerned about China's clout in its neighbourhood, including Nepal, Bangladesh and Sri Lanka. "And as far as Sri Lanka is concerned, we don't want to contribute to any escalation of tension between any countries." "Sri Lanka has clearly benefited from being the closest neighbour to the most powerful country in the region.

☆ Indian shares snap four-day losing run in low-volume session
▼ + stars: | 2022-12-26 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Dec 26 (Reuters) - Indian shares rose for the first time in five days in a low-volume session on Monday, with the rebound helped by mixed U.S. data that bolstered bets of smaller interest rate hikes by the Federal Reserve. The Nifty 50 index (.NSEI) was up 1.08% at 17,999.85 by midday, and the S&P BSE Sensex (.BSESN) gained 1.08% to 60,494.09. The Nifty fell 3.3% in the previous four sessions and dropped below the psychologically key 18,0000 mark on Friday. Banking stocks also rose with (.NSEBANK) and (.NIFTYPSU) rising over 1% and 3% respectively. Index heavyweight Larsen and Toubro (LART.NS) advanced 1.95% after bagging orders worth 10 billion rupees and 25 billion rupees.

☆ India's NDTV shares rise as founders plan to sell stake to Adani
▼ + stars: | 2022-12-26 | by ( ) www.reuters.com time to read: +2 min

After the deal, the Indian conglomerate, led by billionaire Gautam Adani, will control 64.71% of NDTV, while the founders will retain a combined 5%. Over the last four quarters, the broadcaster raked in revenues in the range of 900 million rupees ($10.88 million) to 1.20 billion rupees. In comparison, rival TV18 Broadcast Ltd (TVEB.NS) has amassed revenues in the range of 12.7 billion rupees to 15.7 billion rupees. Both NDTV and TV18 had flagged reducing ad revenues in the September quarter. Shares of NDTV were last up 2.4% at 348.70 rupees, which was at a discount to the 368.43 rupees per share at which the Roys sold their stake.

☆ Billionaire Adani to control nearly 65% of NDTV as founders sell stake
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +3 min

The husband-and-wife team will sell a 27.26% stake in NDTV to Adani-owned entity AMG Media Network and retain a combined 5%, regulatory filings by NDTV showed on Friday. "The AMG Media Network, after the recent open offer, is now the single largest shareholder in NDTV. Consequently, with mutual agreement we have decided to divest most of our shares in NDTV to the AMG Media Network," the founders said in a statement. Ravish Kumar, a senior executive editor of NDTV, resigned soon after Adani acquired the entity backed by NDTV's founders. Founded in 1988 and owned by the husband-and-wife team, NDTV had previously said that the move by Adani "was executed without any input from, conversation with, or consent of the NDTV founders".

☆ Indian shares dip on weak global cues; autos, FMCG stocks slide
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Dec 20 (Reuters) - Indian shares opened lower on Tuesday on fears of a recession in the U.S. and a surge in COVID-19 cases in China, which has offset optimism over loosening strict pandemic restrictions. Barring Adani Enterprises (ADEL.NS) and State Bank of India (SBI.NS), all the other 48 constituents in Nifty 50 logged losses. All the major sectoral indices declined with auto (.NIFTYAUTO), FMCG (.NIFTYFMCG), information technology (.NIFTYIT) and metal (.NIFTYMET) stocks shedding over 0.5%. Asian markets declined on weak cues, such as a surge in new COVID-19 infections in China and weak macroeconomic indicators, with MSCI Asia ex Japan (.MIAPJ0000PUS) falling 0.54%. ($1 = 82.7200 Indian rupees)Reporting by Bharath Rajeswaran in Bengaluru; Editing by Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

☆ Bernard Arnault just became the world’s richest person. So who is he?
▼ + stars: | 2022-12-14 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —Bernard Arnault, the chairman of French luxury goods giant LVMH (LVMHF), has just become the first European to top Bloomberg’s list of the world’s richest people, relegating Elon Musk to second place. Arnault had already ousted Musk from the top spot on Forbes’ list of “Real Time Billionaires” last week. Arnault bought control of the group, returning it to profitability and embarking on a strategy to develop the world’s leading luxury goods company. Arnault has long held the title of Europe’s richest person, but the 73-year old keeps a much lower profile than Musk and isn’t personally active on any major social media platforms. Arnault is married and has five children, all of whom currently work at LVMH or one of its brands, according to Bloomberg.

[1/2] Police officers stand guard near the barricades during a protest rally by the supporters of the proposed Vizhinjam port project in the southern state of Kerala, India, November 30, 2022. An Adani Group official who declined to be identified said construction would restart on Thursday. The port has strategic importance for both India and Adani, an ally of Prime Minister Narendra Modi and Asia's richest man. The Adani Group says the port complies with all laws and has cited studies that show it is not linked to shoreline erosion, which the Kerala government says is due to natural causes. Adani has previously faced protests in Australia, where environmental activists protested against his Carmichael coal mine project in the northeastern state of Queensland.

☆ Billionaire Adani becomes NDTV's biggest shareholder after open offer
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Dec 5 (Reuters) - Indian billionaire Gautam Adani's conglomerate on Monday raised its stake in New Delhi Television Ltd (NDTV.NS) to more than 37% through an open offer, making it the biggest shareholder of one of the country's most popular news networks. Although Adani's group was looking to take another 26% stake in NDTV, the open offer attracted bids for just 5.3 million shares, translating to an 8.3% interest in the company. Last week, Adani acquired a stake of about 29.2% in NDTV by buying a company backed by the television network's founders, Radhika Roy and Prannoy Roy, who have a 32.3% stake in NDTV. In the open offer that concluded Monday, corporate investors tendered 3.9 million shares, while retail investors offered to sell over 706,000 shares. Adani had offered to buy NDTV shares at 294 rupees in the open offer, which represents a 25% discount to Monday's closing price.

☆ Indian state will proceed 'no matter what' with protest-hit Adani port-minister
▼ + stars: | 2022-12-03 | by ( Munsif Vengattil | ) www.reuters.com time to read: +3 min

[1/3] Police officers stand guard near the barricades during a protest rally by the supporters of the proposed Vizhinjam port project in the southern state of Kerala, India, November 30, 2022. The local fishing community, led by Catholic priests, has blocked construction of Vizhinjam port by Adani Group for almost four months, erecting a makeshift shelter at the port's entrance. The protesters say the huge project causes coastal erosion that has undermined their livelihoods, calling for a complete halt on the construction. "We want to complete the port project no matter what. "The possibilities being opened up by Vizhinjam port are unmatched by any other in India," Devarkovil said.

"We have denied permission to the rally by the Hindu United Front. The port is of strategic importance to both India and billionaire Gautam Adani, Asia's wealthiest man and the world's third-richest. Critics say Adani, who comes from the same state as Modi, has benefited from the policies of the federal government. Earlier, Hindu United Front member C Babu told Reuters they would go ahead with the rally. The Adani Group has said in court filings that the protests have caused "immense loss" and "considerable delay".

☆ Indian billionaire Adani’s firm wins bid to develop vast Mumbai slum
▼ + stars: | 2022-11-30 | by ( ) edition.cnn.com time to read: +2 min

The real estate unit of Indian billionaire Gautam Adani’s Adani Enterprises has won the right to redevelop India’s largest slum, Mumbai’s Dharavi neighborhood, with a 50 billion rupee ($612 million) bid, a state official said on Tuesday. Adani’s winning bid of 50 billion rupees was more than double that of real estate group DLF, which bid 20 billion rupees ($244.87 million), said SVR Srinivas, CEO of the Dharavi Redevelopment Project, a government enterprise in the western state of Maharashtra. There have been no major protests to date against the Dharavi redevelopment. The redevelopment of Dharavi will be the fourth project Adani Realty has taken on in Mumbai and the 24th across four cities, according to its website. A spokesperson for the Adani group did not respond to a request for comment on the Dharavi bid.

☆ Indian shares set to open lower after Wall Street slide
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Nov 29 (Reuters) - Indian stocks were on Tuesday set to ease from all-time highs hit in the previous session, following an overnight slide in Wall Street on worries about China's COVID-19 management and as oil prices pared losses. U.S. crude rose 1.3% to $77.24 per barrel, while Brent crude trimmed losses to close above $83 per barrel. Foreign institutional investors bought net of 9.36 billion rupees ($114.65 million) equities on Monday, while domestic investors purchased 879.3 million rupees ($10.66 million) worth of shares, as per provisional NSE data. Stocks To Watch:** NDTV (NDTV.NS): NDTV said an entity backed by its founders had issued shares to a unit of Adani Group. ($1 = 81.6400 Indian rupees)Reporting by Bharath Rajeswaran in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ Police in India's Kerala step up security after clashes over Adani port
▼ + stars: | 2022-11-29 | by ( Jose Devasia | ) www.reuters.com time to read: +3 min

[1/3] Police officers are deployed as fishermen protest near the entrance of the proposed Vizhinjam Port in the southern state of Kerala, India, November 9, 2022. REUTERS/Munsif VengattilKOCHI, India Nov 29 (Reuters) - Police in southern India on Tuesday ramped up security around Vizhinjam port being built by billionaire Gautam Adani's group after scores of people were injured during clashes with protesters from a fishing community over the weekend. Kerala state police were sending reinforcements to the Vizhinjam area to prevent further violence, he added. The Adani Group says the port complies with all laws and cited studies that show it is not linked to shoreline erosion. Five years ago, Australian environmental activists had launched a "Stop Adani" movement to protest his Carmichael coal mine project in Queensland state.

Another group project, a $900 million port redevelopment in Kerala state, has been stalled for months by protesters. There have been no major protests to date against the Dharavi redevelopment. The redevelopment of Dharavi will be the fourth project Adani Realty has taken on in Mumbai and the 24th across four cities, according to its website. A spokesperson for the Adani group did not respond to a request for comment on the Dharavi bid. ($1 = 81.6750 Indian rupees)Reporting by Shilpa Jamkhandikar in Mumbai and Nandan Mandayam in Bengaluru; Editing by Conor HumphriesOur Standards: The Thomson Reuters Trust Principles.

☆ India's NDTV says Prannoy, Radhika Roy resigned as directors of promoter group
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +1 min

Nov 29 (Reuters) - New Delhi Television Ltd (NDTV.NS) said late on Tuesday founders Radhika Roy and Prannoy Roy had resigned as directors on the board of the promoter group vehicle RRPR Holding Private Ltd. The resignation comes a day after NDTV said an entity backed by the founders had issued shares to a unit of Adani Group, taking the billionaire Gautam Adani-led conglomerate a step closer to taking over the media firm. NDTV, founded in 1988 and owned by husband-and-wife team Prannoy Roy and Radhika Roy, had previously said the takeover move "was executed without any input from, conversation with, or consent of the NDTV founders". The promoter group vehicle, which owns 29.2% and is the largest shareholder of NDTV, approved the appointment of Sudipta Bhattacharya, Senthil Sinniah Chengalvarayan, Sanjay Pugalia as directors on its board, NDTV said in a regulatory filing. Reporting by Kanjyik Ghosh and Akriti Sharma in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

[1/5] Policemen are deployed as people from the fishing community protest near the entrance of proposed Vizhinjam Port in the southern state of Kerala, India, November 29, 2022. The port is of strategic importance to both India and Adani, Asia's wealthiest man and the world's third-richest. The Adani Group has said in court filings that the protests have caused "immense loss" and "considerable delay". The Adani Group says the port complies with all laws and has cited studies that show it is not linked to shoreline erosion. Adani has previously faced protests in Australia, where environmental activists had launched a "Stop Adani" movement to protest his Carmichael coal mine project in Queensland state.

☆ Adani closes in on India's NDTV takeover as founder entity transfers shares
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +1 min

The transfer of shares will give Adani control over a 29.18% stake in the news group. Adani is also conducting an open offer running between Nov. 22 and Dec. 5 for a 26% stake in NDTV. read moreThe open offer drew bids for 5.3 million shares as of Monday's close, or around 32% the 16.8 million shares on offer, exchange data showed. More than a decade ago, NDTV founders Radhika and Prannoy Roy took a 4 billion Indian rupee ($49.00 million) loan from a company that Adani acquired in August. NDTV said the entity backed by its founders issued shares after the market regulator's restrictions on its founders expired on Nov. 26.

[1/2] Police officers are deployed as fishermen protest near the entrance of the proposed Vizhinjam Port in the southern state of Kerala, India, November 9, 2022. REUTERS/Munsif VengattilKOCHI, India Nov 28 (Reuters) - As many as 36 police were injured in clashes with protesters in India's southern state of Kerala who were demanding the release of a person arrested during a demonstration against a $900-million port project of the Adani Group, officials said. The location of the port on India's southern tip is seen as key to winning business from ports in Dubai, Singapore and Sri Lanka. Over the weekend, protesters blocked Adani's construction vehicles from entering the port, despite a court order for work to resume, prompting the arrest of many of them. Police attacked the protesters, among whom were some priests, said a clerical official, Eugine H. Pereira, the vicar general of the archdiocese.

☆ Here are the 7 richest people in the world who haven’t signed the Giving Pledge—Jeff Bezos is No. 3
▼ + stars: | 2022-11-27 | by ( Tom Huddleston Jr. | ) www.cnbc.com time to read: +7 min

But Bezos, whose recent announcement followed years of criticism over his relative lack of philanthropic giving, isn't the only billionaire who hasn't signed the pledge. Arnault has not signed the Giving Pledge, nor has he commented on the pledge publicly. Jeff Bezos: $116 billion net worthBezos has donated more than $2.4 billion in his lifetime, according to a Forbes estimate. But the billionaire has skirted questions about the Giving Pledge for years, especially after his ex-wife, Scott, signed it shortly after their 2019 divorce. Sergey Brin: $84.9 billion net worthLike fellow Google co-founder Page, Sergey Brin has not signed the Giving Pledge.

[1/2] Police officers are deployed as fishermen protest near the entrance of the proposed Vizhinjam Port in the southern state of Kerala, India, November 9, 2022. "We won't let them in," a protestor was seen screaming at police officers near the port entrance site. The Adani Group has said the project was in full compliance with all laws and that many studies in recent years have rejected allegations linking the project to shoreline erosion. The Kerala state government says erosion has occurred due to natural disasters. A previous attempt by Adani in October to move trucks out of the port also failed.

☆ Adani to raise $2.45 bln in India's biggest follow-on share sale
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Nov 25 (Reuters) - Adani Enterprises (ADEL.NS), the flagship company of ports-to-energy conglomerate Adani Group, said it would raise 200 billion Indian rupees ($2.45 billion) in India's largest follow-on public offering of new shares. The share offering would increase the company's public float from the current 27.4% level. "Adani needs capital at the holding company level. read moreThe company plans to file a draft prospectus before Dec. 31 and raise the funds before March 31, but it will depend on market conditions, the person added. The previous largest FPO was a 150 billion-rupee share sale in 2020 by Yes Bank (YESB.NS).

☆ Takeover of NDTV a 'responsibility', says India's richest man Adani - FT
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +2 min

The ports-to-energy conglomerate run by Adani, Asia's richest person, unveiled plans late in August to acquire a majority stake in NDTV, seen as a bastion of independent media. Founded in 1988 and owned by husband-and-wife team Prannoy Roy and Radhika Roy, NDTV previously said that the move by Adani Group "was executed without any input from, conversation with, or consent of the NDTV founders". "Independence means if government has done something wrong, you say it's wrong," Adani said in the FT interview. Adani added that he has invited NDTV's owner-founder Prannoy Roy to remain as chair when the acquisition is completed. NDTV's business rivals include Times Group's Times Now and Network18's CNN-News18, controlled by Indian billionaire Mukesh Ambani.

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