Adani’s net worth is now Rs 3 lakh crore more than that of Mukesh Ambani (Rs 7.94 lakh crore) who added Rs 210 crore every day last year.
After the takeover, Adani Group chairman Gautam Adani said they expect a significant margin expansion to become the most profitable cement manufacturer in the country.
The Board of Ambuja Cements has also approved an infusion of Rs 20,000 crores into Ambuja by way of preferential allotment of warrants.
Adani Group last week completed buyout of Swiss major Holcim's stake in the two firms.
Adani Enterprises, the umbrella company that holds several of his diversified businesses, was started as a commodity trading company in 1988.
Adani Group named its founder chairman Gautam Adani as the head of Ambuja Cements and Karan was named as a director of both the cement firms and as chairman of ACC.
Shares in the flagship Adani Enterprises -- of which the billionaire owns 75 percent -- have soared more than 2,700 percent since March 2020, and doubled in value in the past six months.
Soon after Adani's takeover, the two cement firms announced the resignation of their board of directors, including the CEOs and CFOs.
Elon Musk's net worth is way higher at USD 273.5 billion. India's Mukesh Ambani is at number eight with a total net worth of USD 91.9 billion.
When the case came up for hearing, the state government sought time to file a counter affidavit.
In the petition, Adani group said though the High Court has passed an order on September 1 directing police protection, the government has not taken any effective steps.
The deal gave Adani Group a strong base in the distribution business and now Adani Transmission is India’s largest private player in the transmission and power distribution space.
NDTV said RRPR Holding and the company has received a letter from Vishvapradhan Commercial Private Ltd (VCPL) informing that the Adani Group firm had approached the IT department on the issue.
According to the latest regulatory filing by ACC Ltd, till 6.40 pm on Friday, around 40.51 lakh equity shares were tendered against the original offer of 4.89 crore shares, which is just 8.28 per cent
This letter comes even as there is no clarity as to when the NDTV founders will allot shares held by promoter holding vehicle RRPR to Vishvapradhan Commercial Private Limited.
These corrections did not change our investment recommendations,” CreditSights said in a new report dated September 7.
Adani Group will build 3 giga factories for manufacturing solar modules, wind turbines and hydrogen electrolyzers as part of a $70 billion investment in clean energy by 2030.
The project is significant as Bangladesh has been recognised as an important partner under India’s ‘Neighbourhood First’ policy.
Adani, 60, has in the last few years expanded his coal-to-ports conglomerate into airports, data centres, cement, aluminium and city gas.
Sharing similar views, Sudit K Parekh & Co LLP Partner Anita Basrur said Section 281 applies when there is a transfer of an asset or when a charge is created on an asset.