Gautam Adani overtakes Bill Gates to become the fourth-richest person

Gautam Adani, chairman of Ahmedabad-based Adani group, has surpassed Microsoft Founder Bill Gates to become the fourth-richest person, according to the Forbes list. While Adani has a net worth of $116.4 billion, Tesla Founder Elon Musk is right up at the top spot with a net worth of $235.8 billion. 

Bernard Arnault, chairman and CEO of LVMH Moët Hennessy Louis Vuitton, with a net worth of $157.8 billion, was ranked number two. RIL Chairman Mukesh Ambani with a net worth of $90.1 billion was ranked 10th on the list.

The Adani group is investing more than $70 billion in the renewable energy and infrastructure sector. The family recently announced plans to acquire Ambuja Cements and its subsidiary ACC for $10.5 billion via their personal investment companies.

Kutch Copper, a subsidiary of flagship Adani Enterprises, recently raised Rs 6,100 crore to set up a greenfield copper refinery project to produce 1 million tonnes per annum in two phases.

In June, the Adani family committed a donation of Rs 60,000 crore towards charity initiatives in health care, education, and skill development.