Business Standard

Mukesh Ambani and Gautam Adani reap windfall from surging oil, coal prices

Shares of both RIL and Adani Enterprises had soared 19% and 42% respectively between Feb 24, when the Ukraine invasion began, and end of April, before a global stock rout wiped out some of those gain

Ambani, Adani
Premium

Mukesh Ambani and Gautam Adani

Bloomberg
Gautam Adani and Mukesh Ambani are profiting from a surge in global commodity prices triggered by Russia’s invasion of Ukraine, burnishing their fossil-fuel credentials even as Asia’s richest men publicly push their pivots toward greener energy.

With coal prices skyrocketing to a record, Adani’s conglomerate is expanding a controversial mine in Australia to meet demand. Ambani’s Reliance Industries Ltd. is snapping up distressed crude-oil cargoes at discounts to feed its refining complex, the biggest in the world. Reliance even deferred a scheduled maintenance of the facility to help churn out more diesel and gasoline, whose margins have shot up to touch

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: May 18 2022 | 5:55 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com