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viralbake · 2 years

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On the occasion of his 60th birthday on June 24, Gautam Adani, Asia’s richest man and the Adani family commits a huge corpus of ₹60,000 Cr towards social welfare. The decision is also a tribute to the 100th Birth Anniversary of his Father, and this large sum is going to be administered by Adani Foundation, as per a media statement.

#investment towards india #Adani Family #Gautam Adani

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thelegend9798 · 2 years

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Adanis commits $75 million in Borouge's $2-billion IPO, says report

Adanis commits $75 million in Borouge’s $2-billion IPO, says report

The Adani family has committed $75 million towards the $2-billion initial public offering of Borouge, set to be the biggest ever listing in the emirate. Seven cornerstone investors have agreed to subscribe for $570 million worth of shares in the IPO, including the Adani family, Abu Dhabi wealth fund ADQ, which will buy shares worth $120 million, and Alpha Dhabi Holding, which has committed $100…

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#Adani family #Adanis #biggest IPOs #borouge #Borouge IPO #Crude prices #IPO news

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techandtravel · 4 months

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Adani Family Pours Big Bucks into Green Energy for India's Future

Adani Family Pours Big Bucks into Green Energy for India’s Future Green Energy -Gautam Adani, the big boss of the Adani Group, and his family are tossing a massive Rs 9,350 crore into Adani Green Energy Limited (AGEL). Why? They’re on a mission to help AGEL hit a whopping 45 GW target by 2030. This juicy investment news spilled out in AGEL’s stock exchange filing just the other day. Powering Up…

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#350 crore #Adani #Adani Green Energy #AGEL #arm #Business news #crore #Energy #family #Gautam #Gautam Adani #Green #green energy #infuse #investment #Rs 9

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shrikkantt · 2 years

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Best Startup for Investment? FLYING METALS - Aerospace B2B

We have an excellent Investment Opportunity - FLYING METALS - The Aerospace B2B Supply Chain Management Ecommerce the world's First. Solving the Supply Chain problems for Aerospace Industry. Invest in the Best Startup and multiply your investments 10x

FLYING METALS – THE AEROSPACE B2B ECOMMERCE SUPPLY CHAIN MANAGEMENT FLYING METALS PTY LTD www.flyingmetals.com What ‘Flying Metals’ is all about / The Product: FLYING METALS At ‘Flying Metals’, we provide the latest and the most modern B2B Marketplace specifically for the aerospace Industry connecting Buyers with Suppliers. We are building the World’s Largest E Commerce B2B platform for…

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digitaligyaan · 2 years

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Gautam Adani Indian Billionaire Becomes Second Richest Man In The World 2022.

Gautam Adani:- At period of time billionaires list, Adani’s net worth stands at $155.7 billion as of 16 Sept. 2022, up by $5.5 billion or nearly 4%. Adani has overtaken the Amazon’s Jeff Bezos to secure the second richest spot. now read more below in this article on our website “Digitali Gyaan“.

Gautam Adani Net Worth 2022

Gautam Adani is an Indian industrialist billionaire and chairman of the Adani Groups, had a major increase in fortune that propelled him to the position of second richest man within the world. As of 16 Sept 2022, Adani’s net worth was $155.7 billion, up $5.5 billion or over 4%. Website visit and read more About Gautam Adani.

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krtart · 10 months

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Art Fight Prep: Various Incarnations | 2023

I do enjoy coming up with incarnations for Diamond, hah. Particularly fond of the teacher incarnation.

(Diamond was trans in his original incarnation, which shaped his gender experience. But I’m using the translucent flag to indicate incarnations that happen to be AMAB.)

[Backup image description:

An info panel for Diamond in a generic fantasy incarnation. Diamond is a reincarnating mage. This fantasy incarnation's last name is Adani. He is 6 ft 3 in (i.e. 191 cm) tall, uses he/him pronouns, and has a transparent trans flag and a full-opacity bi pride flag. General details state that he is a family doctor & consulting mage. His epilepsy is better-managed than in most incarnations, he is a smoker, and he keeps detailed illustrated journals. Illustrations range from 5 to 60 years old. He is a thin man with warm, medium brown skin, a strongly hooked nose, and long curly black hair, graying with age. He is missing his left eye, and scars stretch across his face.

A panel describing an incarnation of Diamond's wherein he is a high school teacher. This incarnation's last name is Palermo, both the trans and bi flags are full opacity, he uses he/him pronouns, and he is 5 ft 6 in (i.e. 168 cm) tall. General details state that he is a divorced former foster parent, that he teaches English & AP English, and that he is more prone to migraines than in most incarnations. He worries about his sister. Illustrations all depict him at age 40. He is a fat white man with medium length, curly brown hair, an angular hooked nose, and tired eyes. He is missing his left eye and scars stretch across his face.

End ID.]

#(I am… on the fence abt. the alt text. On the one hand! They finally let us add enough to be functional.)#(And it seems to be properly accessible even without a screenreader now.)#(On the other hand… genuinely worried it might disappear or get fucked up with future updates ¯\_(ツ)_/¯ )#(I don’t trust tumblr as far as I can throw them)#art #Diamond #Diamond: other incarnations #finished art #digital art #art: abime spire #abime spire #character bios #krtart

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metamatar · 8 months

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i wanted to fact check my grandfather on some hindutva story he was peddling on the family whatsapp group and went on the ndtv website reflexively and... they're now publishing soros wants to cause regime change by targetting adani type screeds lol (x) the buyout of all media channels is really complete not even one is anti modi

#misery posting

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anxhoredheart · 4 months

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( archie renaux, nonbinary, he/they ) — 🎬 just announced, jaiden ‘jaime' adani is casted as chuck bhatt (chuck bass) in upcoming gossip girl series reboot. the twenty six year old is trending as people are debating if the worn out checkered vans with the hole on the heel, the thrill of surviving imposter syndrome, bruised && bloody knuckles worn proud with a smile, finding yourself stuck in the method acting that they are known for is enough to make them as good as original. a quick google search shows that their fans call them deeply devoted, but internet trolls think they’re more desperate. i guess their newest interview for variety where they talk about how this is their breakout role and the dream of a lifetime will let people to know them better.

basics:

traits: athletic, hedonistic, ambitious, devoted, idealistic, argumentative, stubborn, resilient, colorful, individualistic, non-conforming, hyper-active, spontaneous, forceful, destructive, domineering, envious, greedy.

relationship status: mingling.

sexuality: pansexual/gender blind.

religion: agnostic.

date of birth: nov 9th.

zodiac sign: scorpio.

skills & hobbies: basketball, acting, watching movies, everything 90s, skateboarding, opposing authority, bare-knuckle boxing, parties, fast cars, being listened too, painting fingernails.

dislikes & fears: their mother, rules, and the answer no // losing his apartment, never making it to the spotlight, half of their co-workers.

quirks: diagnosis: with adhd in 3rd grade, hates authority, doesn't drink beer

fun facts: had auditioned for the roles of troy bolton and ryan atwood but never got call-backs. was shocked to get a call for chuck bass.

pets: their apartment doesn't allow them, but they have one unauthorized cat who has only one eye, and her tail was amputated. she is a rescue and his baby. her name is pizza.

family: no longer in contact with any of them.

inspirations: fiona & lip gallagher (shameless), killmonger (black panther), jordan wilder (famous in love)

backstory:

they were just a kid from oakland - with about a million and two dreams && a penchant for trouble.

kicked out of public high school only two weeks into their freshman year for fighting, and they didn't regret it. no one made fun of jaime when they returned, painted nails && long hair (or shaved hair, or neon pink hair...) && all, that was for sure.

adversity was part of the lifestyle. they bounced between the houses of their mom's boyfriends or cheap rundown places, and jaime (as the eldest) would come home from school && take care of their two younger brothers while their mom worked, partied, dated, or slept.

the house was a revolving door, and there was almost always 1-4 guests crashing on couches, or even the floor.

what brought everyone together were movies - and jaime loved them, dreamed of living the lives they saw play out on social media && on tv, always thinking of a bigger, brighter future.

the day of their 18th birthday, they left oakland, and somehow got their junker car to los angeles.

it then, immediately, broke down. and so began, the harrowing experience of trying to get your name out in hollywood. it was an uphill battle from the start, and aside from minor roles, posing as extras, and commercials... jaime struggled.

their brothers did not forgive jaime for leaving to pursue his dream, especially as years passed, and jamie continued to struggle. eventually, they stopped communicating at all, finding their own trouble && dream in other ways. the family fractured without jaime.

for eight freaking years, they have been showing up to every casting call, every audition, stalking directors on social media, trying to get into the classy clubs, buying the cheap weed... bouncing between place to place like a bouncy ball.

almost ready to give up, jaime gave it one last go - and landed the role, somehow, for chuck bass. he couldn't more different from them, but it's time to own up to the challenge.

jaime's dreams are coming true... but only if they can hack it on the screen, and bring justice to the legacy of chuck bass. it wasn't until filming began they realized the only reason they landed the role at all instead of one of the bigger names floating around was because their co-star demanded a "nobody" to star alongside romantically; and now, jaime has even more to prove.

wanted connections:

gossip girl cast: they already have a lot of tension with his co-star portraying blair, and though they want to make friends with the crew... they may be acting a little aloof due to the nerves of it all. i imagine tension here but hopefully someone can break the ice? share snacks during break?

rival: someone trying to steal their thunder

showing them the ropes: literally brand new to fame, despite having been in la for 10 years now. they don't know the ins and outs, they still get starstruck, and they have no idea how to say no at the wild parties. someone needs to help him.

the judge-y snobs who think they can't hack it: pretty much self-explanatory but as a brand new face, a nobody from oakland who took this long to finally land something, i'm sure jaime will face a lot of adversity and he will work to win them over in unique ways.

crushes/hook-ups/tinder dates: tbh jaime is here to mingle and mingle they shall do. this is their dream life they are living and the love is overflowing.

the mom friend: eventually i will have jaime lean a little hard into the "chuck bass" personna as the show continues filming... being more of a douche, partying too hard, etc. someone will need to care enough to help them out, would love for this to be a slow burn/slow blossom effect so when they spiral, your muse is there!

party/stoner pals: life of the party, and comes down every night with a well-rolled joint. who else?

taken connections:

#2000.INTRO #. << MUSE >> . JAIME.

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sageglobalresponse · 1 year

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Full list of Forbes’ 25 world billionaires in 2023

American business magazine, Forbes, in its 2023 list of 25 richest people in the world, featured Bernard Arnault on the No. 1 spot, followed by Twitter Chief Executive Officer, Elon Musk.

In its previous list in 2022, Musk was on the No. 1 spot.

Forbes described the drop of Musk from the top spot as ” this year’s second-biggest loser”, adding that “Elon Musk, had it worse.”

For Jeff Bezos, fortune knocked him from number. 2 in the world in 2022 to No. 3 this year as Amazon shares crashed by 38 per cent.

So This Happened (202) Reviews Lagos Bizman’s Arraignment Over Wife’s Death, Others | Punch

Musk lost his title of the world’s richest person after his pricey purchase of Twitter, which he funded in part by the sale of Tesla shares, helping to spook investors. Musk, who is worth $39 billion less than a year ago, is now No. 2.

For Jeff Bezos, fortune knocked him from number. 2 in the world in 2022 to No. 3 this year as Amazon shares crashed by 38 per cent.

Also, among the top 25, two billionaires — Zhang Yiming, Changpeng Zhao lost their spots and were unable to make it on the list for this year.

Yiming, the founder of Tik Tok-parent Bytedance, dropped one place, from No. 25 to No. 26, as his embattled company has taken a haircut from investors while Zhao, Binance founder, known as CZ, fell from No. 19 last year all the way to No. 167 amid the crypto winter.

Below are the list of Forbes 25 richest people in the world in 2023 with their net worth

1. Bernard Arnault & family

(Net worth: $211 Billion | Source of Wealth: LVMH | Age: 74 | Citizenship: France)

2. Elon Musk

(Net worth: $180 Billion | Source of Wealth: Tesla, SpaceX | Age: 51 | Citizenship: U.S.)

3. Jeff Bezos

(Net worth: $114 Billion | Source of Wealth: Amazon | Age: 59 | Citizenship: U.S.)

4. Larry Ellison

(Net worth: $107 Billion | Source of Wealth: Oracle | Age: 78 | Citizenship: U.S.)

5. Warren Buffett

(Net worth: $106 Billion | Source of Wealth: Berkshire Hathaway | Age: 92 | Citizenship: U.S.)

6. Bill Gates

(Net worth: $104 Billion | Source of Wealth: Microsoft | Age: 67 | Citizenship: U.S.)

7. Michael Bloomberg

(Net worth: $94.5 Billion | Source of Wealth: Bloomberg LP | Age:81

8. Carlos Slim Helú & family

(Net worth: $93 Billion | Source of Wealth: Telecom | Age: 83 | Citizenship: Mexico)

9. Mukesh Ambani

(Net worth: $83.4 Billion | Source of Wealth: Diversified| Age: 65 | Citizenship: India)

10. Steve Ballmer

(Net worth: $80.7 Billion | Source of Wealth: Microsoft | Age: 67 | Citizenship: U.S.)

11. Françoise Bettencourt Meyers & family

(Net worth: $80.5 Billion | Source of Wealth: L’Oréal | Age: 69 | Citizenship: France)

12. Larry Page

(Net worth: $79.2 Billion | Source of Wealth: Google | Age: 50 | Citizenship: U.S.)

13. Amancio Ortega

(Net worth: $77.3 Billion | Source of Wealth: Zara | Age: 87 | Citizenship: Spain)

14. Sergey Brin

(Net worth: $76 Billion | Source of Wealth: Google | Age: 49 | Citizenship: U.S.)

15. Zhong Shanshan

(Net worth: $68 Billion | Source of Wealth: Beverages, pharmaceuticals | Age: 68 | Citizenship: China)

16. Mark Zuckerberg

(Net worth: $64.4 Billion | Source of Wealth: Facebook | Age: 38 | Citizenship: U.S.)

17. Charles Koch

(Net worth: $59 Billion | Source of Wealth: Koch Industries | Age: 87 | Citizenship: U.S.)

18. Julia Koch & family

(Net worth: $59 Billion | Source of Wealth: Koch Industries | Age: 60 | Citizenship: U.S.)

19. Jim Walton

(Net worth: $58.8 Billion | Source of Wealth: Walmart | Age: 74 | Citizenship: U.S.)

20. Rob Walton

(Net worth: $57.6 Billion | Source of Wealth: Walmart | Age: 78 | Citizenship: U.S.)

21. Alice Walton

(Net worth: $56.7 Billion | Source of Wealth: Walmart | Age: 73 | Citizenship: U.S.)

22. David Thomson & family

(Net worth: $54.4 Billion | Source of Wealth: Media | Age: 65 | Citizenship: Canada)

23. Michael Dell

(Net worth: $50.1 Billion | Source of Wealth: Dell Technologies | Age: 58 | Citizenship: U.S.)

24. Gautam Adani

(Net worth: $47.2 Billion | Source of Wealth: Infrastructure, commodities | Age: 60 | Citizenship: India)

25. Phil Knight & family

(Net worth: $45.1 Billion | Source of Wealth: Nike | Age: 85 | Citizenship: U.S.)

#sage response

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astraphone · 2 years

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wayfarer microfic challenge, part 5

prompts taken from here! pt 1, pt 2, pt 3, pt 4

Earth

Sereia’s struggle with the sandwraith is brief, but messy. Her sword is slick with its blood, and there is sand in her mouth, boots, and hair, and she doesn’t care about any of it. She doesn’t care about anything except for the ghost standing across the sand, shouting her name. She drops her sword, and she runs.

She’s half-convinced he’s a mirage until she crashes into him, solid and breathing and real. He’s unprepared for the force with which she slams into him, and they both go down hard into the sand. For a moment it’s like they’re back in training, flopped on the soft ground of the Spire’s training pits.

“Hi, Reia,” Aeran says with a strangled laugh, and Sereia feels a piece of her that’s been missing for three years click back into place.

“I thought you were gone,” Sereia half-sobs. “I thought it was only me.”

“I’m here.” His arms tighten around her. “I’m here.”

Jewelry

Before Cenric takes her away, Sereia’s parents adorn her with gifts. Sweets from Tol Covere’s markets, fine traveling clothes, and most of all, jewelry. Heavy, glittering silver and gold that she was always allowed to look at, but never touch.

She dreamed of being deemed worthy of her family’s riches, once. But that was before she watched money change hands and learned how much, exactly, she was worth to them.

Now, she stands beside Cenric on a ship bound for an uncertain future, and one by one, drops the pieces of jewelry over the side. She has lived eleven years without the favor of House Adanis. She will not take its pity now.

“Bold move, kid,” Cenric says. She hasn’t quite figured out how to read him yet, but she thinks she sees approval in his eyes.

Sereia shrugs. “I don’t need them,” she says, and finds she means it.

Hobbies

Aeran has heard this tale a dozen times before. But it’s a new night, in a new tavern, and that means a new audience for Sereia to regale with accounts of life on the road.

Familiar as he is with the story, Aeran can’t help but listen anyway. To say Sereia has a way with words is an understatement. It’s artful, the way she takes a simple story and weaves it into—he’d say something magical, if the thought wouldn’t leave a bitter taste in his mouth.

“You could’ve been a bard, you know,” he tells her later, once the crowd has dispersed.

Sereia laughs, face flushed purple with pleasure and alcohol. “A bard? You’re not serious.” At his nod, she seems to consider it for a moment. “I don’t know. It’s fun, and it passes the time. But I’m a Wayfarer, at the end of the day. Everything else is secondary.”

She speaks of their order so proudly, even now. Aeran can’t help the ruined places his mind goes to when she talks like this. But this has been a good evening, and tonight, at least, he can keep his stupid fucking demons at bay a while longer.

“Still. You’d have made a good one,” he says with a shrug, and Wayfarer or not, Sereia beams.

Sensitive

The problem with sharing so much of yourself with someone is that you understand exactly how best to wound each other.

“You act like you’re Varyn’s only living legacy, but you’re more mercenary now than Wayfarer,” Aeran says, knowing full-well how desperately Sereia hopes that she’s carrying on her order’s legacy, that she’s grown into someone their mentor would be proud of.

Well, fine. Two can play this game, and words have always been Sereia’s most powerful weapons. “That’s it?” Her mind is a wreck, but her voice is steady and ice-cold. “You’re going to walk away? What do you think that makes me believe about you, Aeran Kellis?”

That freezes him in place for a moment longer, but it’s a hollow victory. That’s the other problem with fighting someone who is a part of you; every blow that strikes them hurts you, too.

Happiness

When she reads Varyn’s letter on the worst day of her life, Sereia feels the hopeful side of her start to shrivel up and die.

She doesn’t let it. Even when she feels that nothing will be alright ever again, she clings to her steadfast determination to make a life worth living. And over five long years, hope slowly comes back.

She mostly finds it in small moments. In traipsing through new waters, in flirting with pretty girls in taverns, in lighthearted teasing with Aeran, in balancing atop a ship’s railing for a better view of a beautiful city.

This life is not an easy one. But Sereia will find the joy in it, wherever it leads.

#wayfarer if #wayfarer #cleo writes #DID THE THING #JUST ONE MORE BAYBIEEEEEE #this has been a lot of fun but i am EXCITED to have them all done lmfao #one more set of five that is #sereia varyn

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mariacallous · 1 year

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A staggering sell-off of the stocks of Indian conglomerate Adani Group was sparked last week by a report released by Hindenburg Research that raised questions about the group’s debt levels and use of tax havens. The Adani Group’s stocks declined more than 50 percent in the aftermath of the report’s publication, and those declines have had a massive effect on the wealth of the company’s namesake, Gautam Adani, who had previously been the world’s third-richest person and Asia’s richest overall. The Adani Group has denied the allegations, saying they have “no basis.” But the controversy has focused attention on the group’s central role in the Indian economy and its founder’s close relationship with Indian Prime Minister Narendra Modi.

What accounts for Adani’s rise in the first place? What is the basis for his close relationship with Modi? And what role does the Adani Group play in the Indian economy? Those are a few of the questions that came up in my recent conversation with FP economics columnist Adam Tooze on the podcast we co-host, Ones and Tooze. What follows is an excerpt, edited for length and clarity.

For the full conversation, look for Ones and Tooze wherever you get your podcasts.

Cameron Abadi: Adani has a pretty impressive rags-to-riches story. What were the key turning points on his path to great wealth?

Adam Tooze: It’s a fascinating story. He’s born in 1962, as India’s demographic boom is cresting. And not in a poor family by any means but to a small businessman, a small trading family. He initially embarked on an undistinguished career in school and then headed to commercial college but then dropped out. And in 1978, he entered the diamond trade, which is large in the province of Gujarat, and then sets himself up as a sort of export-import trader. And from the ‘90s onwards, he embarks on the infrastructure projects— management of ports, the construction of railway systems—which will make him famous, indeed legendary. So it’s the story not really of a kind of business genius who has some technological, gee-whiz idea that conquers the world. It isn’t a story of the magnificent technical excellence of Indian IT services, for instance. It’s a more classic story of the accumulation of capital by means of trade, trading on margins, basically, and then a shift into infrastructure.

And this is where the key element in the Adani story comes in, which is politics and the politics of connections and clientelism. And that’s really the decisive moment in his career where, you know, after the ghastly pogroms against the Muslim population of Gujarat in 2002, when Modi is under massive pressure, Adani solidarizes himself with Modi against, at the time, the prevailing mood of Indian business opinion. He in fact breaks ranks and forms his own industrial association, or business association, and on that basis really forms this lasting connection to Modi that is really the distinguishing feature of his business enterprise.

And that’s what has enabled this utterly explosive growth. I mean, this was a still moderately sized business in the ‘90s and the early 2000s, which has now become absolutely a globally scaled enterprise and the foundation for huge wealth for Adani and his family.

CA: What exactly links Adani and Modi’s [Bharatiya Janata Party] BJP party on an ideological level? Do they share a vision for what kind of country India should be? Or is this relationship an expression of a kind of material division of labor—Adani as the economic arm of the Indian state under the BJP in service of further economic development?

AT: I think the key phrase is nation-building—both words in that hyphenated term. So national projects aiming for truly comprehensive scale, which—when you’re dealing with a subcontinental state like India with a population that India has—is a gigantic undertaking.

So for the Adani Group to establish itself the way it has as the key power producer in the private sector, absolutely key player in port infrastructure on the national scale, and absolutely key player in airports—air mobility being key in a country the size of India—now moving into a new position in cement, this is creating a national economy out of the relatively decentralized provincial structures, which until a remarkably recent date dominated the Indian economy. And for the second element—the building part of nation-building—delivery is the absolutely key thing because if there’s one problem the Indian state machine has, it is the capacity to deliver. They have a chronic problem. There is no shortage of brilliant minds that can conceive of wonderful plans but actually implementing policy down to the village level and across the entirety of this vast country, that’s a huge challenge.

And I think it’s the combination of those two elements that really has forged the almost mythic relationship between Modi on the one hand and these two big business groups: [Indian businessman Mukesh] Ambani on the one hand and Adani on the other—both from Gujarat. And I think that’s another element that you could say was also a kind of ideological narrative, which is the talk of the Gujarat model. To put it crudely, you might say it was a sort of Indian Thatcherism or an Indian neoliberalism. It was a break, as in the case of [former British Prime Minister Margaret] Thatcher, driven from within the government machine, in this case in the province of Gujarat, against the rather top-down, state-directed model inherited from the Nehruvian period of early independence, the 1940s to 1950s, where India toyed with socialist, social-democratic planning models. And this is replaced in the ‘90s and the 2000s by this Gujarat model, which is a kind of open embrace of a productive powerhouse relationship between big business interests and government.

CA: Could you summarize the allegations against Adani from Hindenburg Research—and what does this episode reveals about the role played by short sellers like Hindenburg Research in the global capitalist economy?

AT: First, we can’t stress strongly enough, the Adani Group vigorously disputes the allegations. But the allegation is that through a network of essentially family-linked holding companies held to a considerable extent outside India, the Adani Group dramatically inflated the value of its stock. So around about 75 percent of Adani shares are held by other businesses, according to Hindenburg Group, which are in a sense simply postbox entities situated in offshore places like Mauritius, for instance, which drive up the stock value of the Adani Group. And the significance of that is not only that it brings paper gains for the holdings of the key members of the family, but much more importantly, what it enables them to do is to leverage those high stock values, to get bank loans and to get credit, which then turns into real purchasing power with which you can then launch large investment projects, buy out rivals, and actually reshape India’s political economy.

Now the Hindenburg group in pursuing this case is, in a sense, involved in playing a game in India that it has played elsewhere. They’re an interesting, very small research outfit that specializes in doing—I’m not sure I would call them regulators. It’s a little bit more like private investigator kind of work. They seize on a cause. They then decide that a company is massively overvalued. They do their homework. They then take short positions and through the force of their research attempt, as it were, to drive the value of the firm down, which generates large profits on their short positions.

The sophisticated Indian response, I think, is that there’s really an element of culture clash here. There aren’t many players in the Indian financial markets who imagine that the value of the Adani Group is determined in a conventionally free and fair way because people aren’t naive about the way in which India’s political economy operates. And so the sophisticated rationale for what’s going on in India is that Indian financial investors know that this is part of the Adani Group’s business plan. And with the backing that they enjoy in political circles, they are not just too big to fail but essentially identified with the Modi-ite project. So long as that is hegemonic in Indian politics, these businesses cannot fail. So there is in fact very little risk that you won’t get paid back. And to that extent, no harm, no foul.

But what actually is happening is that India’s economy is becoming progressively more and more distorted by this self-sustaining linkage between high market valuations, large credit, and deep political connections constituting a too-big-to-fail kind of juggernaut that can’t be stopped. And the negative consequence of that is not in terms of an investor protection case—if you’re on this train, you’re probably going to be fine. The real issue is what it does to the Indian economy and what it does, by implication, also to Indian society.

CA: What does Adani reveal about the role of the super wealthy in countries at India’s stage of development? Does Adani act as an engine of domestic development through reinvestments in the country or through philanthropy? Or is it instead that he takes his money out of the country and insulates himself from the Indian economy?

AT: What’s really interesting is that this is not, I think, as far as we’re able to assess anyway, a Russian-style model. I mean, this is an immensely wealthy family. They will have property in many parts of the world. But this is not a model like the Russian oligarch one, where you pump oil and gas in Russia, you sell it for dollars, and then you stash those dollars in a Swiss bank account. That is the kind of classic model of truly offshore oligarchic finance that is draining resources from a country. And as far as we’re able to assess, the Adani Group is using offshore money to sustain and double down on their positions in India. The purpose is to raise more credit so as to be able to do more investment in India. So this is not an instance, I think, of a group that is operating primarily in an extractive mode.

The Adanis have also become very heavily involved in philanthropy. For the occasion of Gautam’s 60th birthday, they launched one of the largest philanthropic initiatives that India has seen since the glory days of the Tata family. They pledged $7.7 billion in 2022—so very considerable amounts of money in the kind of league of [billionaire] Bill Gates at that stage.

CA: What does Adani’s career and his wealth tell us about the Indian economy in general? What kind of capitalist country is India exactly?

AT: If you go to Delhi and you speak to economists, that’s the question that preoccupies them. And the upside story, the one that the proponents of this system favor, is that it’s a South Korean-style, chaebol-type system where you have these very, very powerful conglomerate families like the Samsung Group. So that’s the most favorable vision, that these powerhouse private, public-private partnerships will be the drivers of an Indian industrial development or modernization like that of South Korea.

And on the darker end of the spectrum, the fear is that you could see the development of a crony capitalism that shifts ever more towards the more ominous sort of Russian development where you have quite fundamental erosion of the rule of law. The real worry, I think, is that you could see a much more fundamental degeneration of competition, of civil society control, and that is why many people regard the acquisitions by these big groups in the media space as being so worrying because one of the consequences of that is that freedom of speech is increasingly curtailed and even tenure in universities becomes problematic.

But setting all of these big sort of historical analogies aside, ultimately, the rationale and the acid test of this system will be what political scientists call output legitimacy. Can they get the job done? Are they actually going to be able to deliver on a raft of big infrastructural projects that India needs over the next decades—notably, for instance, in the renewable energy and the sustainable energy space? In the end, these corporate stories have to translate into the infrastructure that enables that more broadly based macroeconomic growth.

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ownsfare · 2 years

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According to Forbes' Real-Time Billionaires List, Gautam Adani & family briefly become the world's second richest. Adani's net worth was $155.3 billion at 11:53 a.m. IST, exceeding that of Bernard Arnault & family, which was $155.2 billion.

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squarwell-breakingnews · 2 years

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Gautam Adani world's 3rd richest, 1st Asian to enter top three - Times of India

Gautam Adani world’s 3rd richest, 1st Asian to enter top three – Times of India

MUMBAI: Indian tycoon Gautam Adani (60), whose business empire extends from infrastructure to airports management and FMCG to cements, Tuesday became the third richest person in the world, behind Tesla‘s Elon Musk and Amazon‘s Jeff Bezos. With a net worth of $137.4 billion, the main promoter of the Ahmedabad-headquartered group that carries his family name, Adani surpassed French businessman…

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anarchistin · 2 years

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Four years ago, a viral video showed Murmu falling at the feet of an Adani official, pleading as bulldozers destroyed her family’s crop. The works were the initial stage of the development of the 1600 MW Godda coal-power plant, the intended destination for coal from Adani's Carmichael mine in Australia.

On 22 June 2022, Murmu addressed an Adivasi convention at Godda. While she told the convention of the depravations she had faced at the hands of Adani, she also told the convention that ‘we Adivasis will all burn along with the coal if environmentally destructive projects are not stopped in our Santhal Parganas region. This is a wider struggle for all the Adivasis of our region.’

The Santhal Parganas region has a history of rebellion against those forces that seek to exploit, enslave or expropriate Adivasis – be they British colonialists, or the Indian government and Indian corporations in recent decades. Murmu joins a long heritage of Adivasi leaders from the region.

#adani #stop adani #capitalism #caste #indigenous liberation #bjp #neoliberalism #enclosure

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swamyworld · 12 days

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8,339 crore from Adani Group on Ambuja Cement. Investment | 8,339 crore investment by Adani Group on Ambuja Cement

the news | Published: Thursday, April 18, 2024, 15:56 (IST) New Delhi, April 18: The Adani family, the promoters of Ambuja Cements, have converted the final performance warrants issued to Ambuja Cements into equity, investing Rs 8,339 crore. The Adani family’s stake in Ambuja Cement has now increased from 3.6% to 70.3%. “Representatives of the Company’s institutions have fully subscribed to the…

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