Billionaire Gautam Adani’s port unit has failed to win security clearances needed to expand operations because it is being investigated by the Indian government for possible money laundering, according to three people familiar with the matter. The stock slumped.
Mukesh Ambani, India’s richest man, added almost $1 billion to his wealth while Gautam Adani gained $400 million as early vote counting showed Narendra Modi’s opposition bloc is set for the biggest election win in 30 years.
Adani Enterprises Ltd. , India’s biggest coal importer, may sell shares in a unit that holds mining rights in the Asia-Pacific region to international investors and use the proceeds to add energy assets.
Indian billionaire Gautam Adani’s wealth has tripled since Narendra Modi became the top opposition party’s prime minister pick eight months ago, fueling campaign attacks over the Gujarat chief minister’s plans to bolster Asia’s third-biggest economy.
The Adani Group, owner of India’s biggest coal importer, said it will continue to invest in Indonesia even after the Southeast Asian nation imposed rules requiring foreign mining companies to reduce their local stakes.