Billionaire Gautam Adani has overtaken Reliance Industries Mukesh Ambani to become the richest person in India. Adanis current net worth stands at $97.6 billion, slightly ahead of Ambanis $97 billion, according to Bloombergs Billionaires Index.Gautam Adani becomes Indias richest billionaireThe milestone follows a strong rally in Adani Group shares, which added $7.67 billion to Gautam Adanis wealth in a single day. Adanis fortune has gained $13.3 billion year-to-date - the most among the worlds top 100 billionaires.Just a year ago, Adani had lost his title as Indias wealthiest to Ambani after his ports-to-power empire valuation plummeted on a critical report by US short-seller Hindenburg Research. At one point, Adanis net worth dipped below $40 billion as the groups market capitalisation sank to $150 billion.Adani-Hindenburg caseSince then, the conglomerate has staged a robust recovery supported by debt reduction, investments from US firm GQG Partners, and favourable Supreme Court verdicts in the ongoing Adani-Hindenburg case.Recently, the Supreme Court dismissed petitions to transfer the case from Indias Securities Board to a special investigative team. Reacting to the judgment, Adani said, Truth has prevailed. Im grateful to those who stood by us. Our contribution to Indias growth continues.The verdict boosted investor confidence, spurring a share price rally in Adanis listed firms. Ambani had first overtaken Adani as Indias wealthiest last February. But Adanis companies have vastly outperformed Reliance in the stock market over the past year.Adani Enterprises has surged 114%, Adani Ports is up 62%, while Adani Green Energy and Adani Transmission have gained 38% each. In comparison, Reliance is up just 3.8% over the past year.Who is Gautam AdaniGautam Adani, 60, has diversified the Adani Group from its roots as a commodities trader into ports, power generation, transmission, real estate, agriculture, defence and more. He has claimed the crown of Indias richest during a turbulent period after the Hindenburg report accused his empire of stock manipulation and fraud.While Mukesh Ambani, 65, inherited Reliance Industries from his father, Gautam Adani has built his conglomerate from scratch. Both billionaires hail from Gujarat and have prospered under successive governments.Adanis ascent to the peak of Indias rich list caps a remarkable comeback for the tycoons business empire. With Adani projecting massive investments in green energy and infrastructure, his next goal will be joining the elite club of the worlds top 10 richest.
