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After flying across India on a corporate jet owned by billionaire Gautam Adani prior to last year’s election, Prime Minister Narendra Modi is returning the favour.
In New York, Adani sat in the audience as Modi addressed the United Nations. In Canberra, he shared breakfast with Modi and signed business deals. Adani was also in Bhutan, Brazil, Japan, France and—earlier this month—China.
Adani, 52, has travelled with Modi in the past year more than any other billionaire, helping him emerge as the most prominent face of India Inc. to the wider world. His wealth has more than quadrupled since Modi announced his candidacy in September 2013, the biggest gain among the country’s elite.
The Adani Group, founded in 1988, has grown along with Modi’s political stature. The relationship between the two men was forged more than a decade ago in Gujarat, one of India’s wealthiest states.
On the day Modi became chief minister of Gujarat in 2001, Adani Enterprises Ltd—then his only listed unit—was a trading company with a market value 500 times smaller than Reliance Industries Ltd, which is headed by Mukesh Ambani, India’s richest man.
$8.7 billion
He’s also had success where other companies have failed. Adani Ports is expanding a shipyard on India’s eastern coastline that proved a burden for previous operators, including Tata Steel Ltd and Larsen and Toubro Ltd.
All of this has boosted Adani’s wealth. His fortune has climbed 26% to $8.7 billion since the day before Modi’s election win on 16 May 2014, according to the Bloomberg Billionaires Index. Ambani’s wealth fell 17% to $20.8 billion in that time.
Perception matters when it comes to getting loans. A company like Adani with ties to Modi is more likely to get financing than a similar business with no political connections, according to two India-based executives who help arrange corporate debt, including in the past for Adani companies. They asked not to be named because they aren’t authorized to speak with the media.
Gautam Adani, the billionaire who trots the globe with Narendra Modi - Livemint
In New York, Adani sat in the audience as Modi addressed the United Nations. In Canberra, he shared breakfast with Modi and signed business deals. Adani was also in Bhutan, Brazil, Japan, France and—earlier this month—China.
Adani, 52, has travelled with Modi in the past year more than any other billionaire, helping him emerge as the most prominent face of India Inc. to the wider world. His wealth has more than quadrupled since Modi announced his candidacy in September 2013, the biggest gain among the country’s elite.
The Adani Group, founded in 1988, has grown along with Modi’s political stature. The relationship between the two men was forged more than a decade ago in Gujarat, one of India’s wealthiest states.
On the day Modi became chief minister of Gujarat in 2001, Adani Enterprises Ltd—then his only listed unit—was a trading company with a market value 500 times smaller than Reliance Industries Ltd, which is headed by Mukesh Ambani, India’s richest man.
$8.7 billion
He’s also had success where other companies have failed. Adani Ports is expanding a shipyard on India’s eastern coastline that proved a burden for previous operators, including Tata Steel Ltd and Larsen and Toubro Ltd.
All of this has boosted Adani’s wealth. His fortune has climbed 26% to $8.7 billion since the day before Modi’s election win on 16 May 2014, according to the Bloomberg Billionaires Index. Ambani’s wealth fell 17% to $20.8 billion in that time.
Perception matters when it comes to getting loans. A company like Adani with ties to Modi is more likely to get financing than a similar business with no political connections, according to two India-based executives who help arrange corporate debt, including in the past for Adani companies. They asked not to be named because they aren’t authorized to speak with the media.
Gautam Adani, the billionaire who trots the globe with Narendra Modi - Livemint
