Business
India’s Gautam Adani becomes world’s third-richest person
BY S VENKAT NARAYAN – Our Special Correspondent
NEW DELHI, September 3: Indian businessman Gautam Adani, a college dropout, has become the world’s third-richest person. An unknown entity just a few years ago, he first tried his luck as a diamond trader before turning to coal.It’s the first time an Asian person has broken into the top three of the Bloomberg Billionaires Index. Fellow Indian billionaire Mukesh Ambani and China’s Jack Ma never made it that far.
With a $137.4 billion fortune, Adani has overtaken France’s Bernard Arnault and now trails just Elon Musk and Jeff Bezos of the United States in the global ranking.Adani, 60, has spent the past few years expanding his coal-to-ports conglomerate, venturing into everything from data centres to cement, media and alumina.
The group now owns India’s largest private-sector port and airport operator, city-gas distributor and coal miner. While its Carmichael mine in Australia has been criticized by environmentalists, it pledged in November to invest $70 billion in green energy to become the world’s largest renewable-energy producer.
As his empire has expanded to one of the world’s largest conglomerates fuelling the remarkable wealth gains, concerns have grown over the rapid growth.Adani’s deals spree has been predominantly funded with debt, and his empire is “deeply over-leveraged,” CreditSights said in a report this month.
Some lawmakers and market watchers have also raised concerns over opaque shareholder structures and a lack of analyst coverage at Adani Group companies.Yet the shares have soared — some of them more than 1,000% since 2020, with valuations hitting 750 times earnings — as the tycoon focused on areas that Prime Minister Narendra Modi deems crucial to meeting India’s long-term goals.
The pivot to green energy and infrastructure has won investments from firms, including Warburg Pincus and TotalEnergies SE, helping Adani enter the echelons previously dominated by US tech moguls. The surge in coal in recent months has further turbocharged his ascent.
All told, Adani has added $60.9 billion to his fortune in 2022 alone. That is five times more than anyone else. He first overtook fellow Gujarati Mukesh Ambani as the richest Asian in February, became a centi-billionaire in April, and surpassed Microsoft Corp.’s Bill Gates as the world’s fourth-richest person last month.
Adani was able to move past some of the world’s richest US billionaires partly because they have recently boosted their philanthropy. Gates said in July he was transferring $20 billion to the Bill & Melinda Gates Foundation, while Warren Buffett has already donated more than $35 billion to the charity.
The two, along with Gates’s ex-wife Melinda French Gates, started the Giving Pledge initiative in 2010, vowing to give away most of their fortunes in their lifetimes. The billions of dollars spent on philanthropy has pushed them lower on the Bloomberg wealth ranking. Gates is now fifth and Buffett is sixth.Adani, too, has increased his charitable giving. He pledged in June to donate $7.7 billion for social causes to mark his 60th birthday.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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