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Gautam Adani replaces Amazon’s Jeff Bezos to become world’s second richest

L to R: Gautam Adani, Jeff Bezos

Wealth of Indian billionaire tycoon and Chairperson of Adani Group – Gautam Adani – surged to make him the second richest man in the world on Friday morning, after a huge rise in the stocks Adani Group.

As per Forbes real-time billionaires list, Adani’s current net worth, as of September 16, stood at $155.7 billion – an amount that rose up by $5.5 billion or nearly four percent.

Adani, on Friday, overtook Amazon’s Jeff Bezos (Amazon founder Jeff Bezos with net worth $$149.7 billion), to secure the second richest spot, and is just behind Tesla’s Elon Musk, who remains the world’s richest man with $273.5 billion net worth.

Adani few weeks back, had overtaken France’s Bernard Arnault, Chief Executive Officer at Moët Hennessy – Louis Vuitton, to become the world’s third richest person, according to the Bloomberg Billionaires Index.

Mukesh Ambani

It was the first time an Asian broke into the top three of the Bloomberg Billionaires Index. Meanwhile, Indian billionaire Mukesh Ambani is the second wealthiest Indian with a net worth of $92.2 billion. 

Also read: Ironed shoelaces to carrying his own toilet seat: The many perks of being King Charles III

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When Dhirubhai Ambani lost a bet to Nitin Gadkari




Radhika Dhawad | Nagpur
Reliance Group Chairman Anil Ambani shared how his father late Dhirubhai Ambani for the first time ever lost a bet.

Dhirubhai Ambani

Reliance Group Chairman Anil Ambani, during his visit to Nagpur few years back, had shared how his father late Dhirubhai Ambani for the first time in life lost a bet that too against Union Minister Nitin Gadkari. Anil Ambani revealed Nitin Gadkari, a long standing friend of the Ambani family, is the only person to win a bet against his father. 

Reliance Group Chairman Anil Ambani shared how his father late Dhirubhai Ambani for the first time ever lost a bet.

Nitin Gadkari

Speaking about the bet, Gadkari said, “I remember Dhirubhai once challenged me to construct Mumbai-Pune Expressway. In fact, he had even warned me that it would be difficult to get the expressway constructed so, it’s better to assign the construction of the same to a private firm.”

Gadkari further said, “Dhirubhai and me discussed at great length about the same. Finally, I accepted his challenge and got the expressway completed in two and a half years that too in just ₹1600 crores!”

Read more: THROWBACK: World’s most sophisticated fighter jet Rafale to be manufactured in MIHAN: Anil Ambani

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Adani Group to acquire 29% in NDTV, to launch open offer for another 26% stake




Radhika Dhawad | New Delhi
Adani Group, on Tuesday August 23, announced that it would purchase a 29.18% stake in New Delhi Television Ltd (NDTV).

Adani Group purchase a 29.18% stake in New Delhi Television Ltd (NDTV)

AMG Media Networks Limited (AMNL), on Tuesday, August 23, announced that it would purchase a 29.18% stake in New Delhi Television Ltd (NDTV) and make an open offer to acquire another 26% of the shares in the company. 

The indirect acquisition of 29.18% stake would be made through Vishvapradhan Commercial Pvt Ltd (VCPL), a wholly owned subsidiary of AMG Media Network Ltd (AMNL), which is owned by Adani Enterprises Ltd (AEL). 

VCPL has exercised the right to acquire “99.5 percent of the equity shares of RRPR Holding Private Limited,” a promoter entity of NDTV, which holds 29.18% stake in the media group, a press release said.

“VCPL, along with AMNL and AEL, will launch an open offer to acquire up to 26 percent stake in NDTV, in compliance with the requirements of the SEBI’s (Substantial Acquisition of Shares and Takeovers) Regulations, 2011”, the release noted.

Also read: Nagpur audience relive nostalgia with timeless ghazals at Pankaj Udhas’ live in concert

AMNL CEO Sanjay Pugalia said, “This acquisition is a significant milestone in the company’s goal to pave the path of new age media across platforms.” 

He added, “AMNL seeks to empower Indian citizens, consumers and those interested in India, with information and knowledge. With its leading position in news and its strong and diverse reach across genres and geographies, NDTV is the most suitable broadcast and digital platform to deliver on our vision. We look forward to strengthening NDTV’s leadership in news delivery.”

Also watch: PM Modi सस्ते tyrant हैं; मैं और JNU उनके पहले victim हैं:’ Kanhaiya Kumar

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CAMIT seeks Deputy CM Fadnavis’ intervention in new GST policy by Central Government




Nation Next Newsroom | Nagpur
CAMIT President Dipen Agrawal (L) during his meeting with Maharashtra Deputy CM Devendra Fadnavis

CAMIT President Dipen Agrawal (L) during his meeting with Maharashtra Deputy CM Devendra Fadnavis (R) regarding the new GST policy

Dr Dipen Agrawal, President, CAMIT (Chamber of Associations of Maharashtra Industry & Trade) recently met Maharashtra Deputy CM Devendra Fadnavis to submit a memorandum seeking his intervention in the matter of the new GST policy, which enforces 5% tax on pre-packed and labelled food grains like pulses, flour, cereals and other edible items.

Dr Agrawal, informed Devendra Fadnavis that upon conjoint reading of the provisions of Legal Metrology Act (LM Act) and Rules it can be understood that if goods are placed in package in absence of purchaser and in pre-determined quantity (as stipulated under Rule 5 r/w Schedule II) then only the goods shall fall under the definition of pre-packed commodities and attract the requirement of declaration u/s 18 of the Act. The FAQ issued by administration is silent on this inconsistency between Rule 3 and Rule 26 of the Legal Metrology (Packaged Commodities) Rules, 2011.

Dr Agrawal explained to Fadnavis that the objectives of the LM Act is to protect the interest of consumers. The LM Act stipulates that every pre-packaged commodity has to be manufactured, packed, imported or sold in such standard quantities or numbers as may be prescribed, if the consumer is not present while goods are placed in the package. The LM Act exempts from its ambit the packing of goods by the seller in presence of the consumer, presumably because the consumer is deemed to have taken care of the quality and quantity of the goods packed in his presence. However, under GST in addition to seller and purchaser the revenue department is also a stake holder. Hence, the satisfaction of revenue officer that goods were packed in presence of purchaser and not in his absence shall give birth to endless litigation.

The then Finance Minister late Arun Jaitley in press briefing, after first day of 14th GST Council meeting in Srinagar, said that out of 1211 items 50% (fifty percent) of items in the retail inflation basket won’t be taxed in order to protect consumers from price rises on basics such as food grains. Dr. Agrawal, brought in Dy. CM’s attention that since independence no government has ever earned revenue by taxing the subsistence consumption of its citizens. The tax on such consumption is against the ethos of welfare state.

Dr Agrawal informed that resentment among the farmers, business community and citizens is alike. There is confusion all over. Traders will be burdened with GST compliance. Farmers fear reduction in realisation. Citizens who are already facing the heat of inflation fear further dent in their household budget. Dr. Dipen requested to Devendra Fadnavis, Dy. Chief Minister, Maharashtra to intervene in the matter and to use his good office with union government / GST Council to impress them to revisit and recall the decision to levy 5% GST on pre-packed and labelled food grains instead of levy of GST on branded food grains.

Deputy CM Devendra Fadnavis after patiently hearing the issues raised assured to take up the matter with central leadership of party and union government for resolution in the best interest of all stakeholders.

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