The Adani group on Friday said the ports-to-energy conglomerate’s founder and chairman Gautam Adani is not considering setting up a family office overseas to manage his wealth.
With a $58-billion addition to his personal wealth propelling him to the throne of Asia’s richest and world’s third wealthiest man, it was reported that Adani was looking at Dubai or New York as the base for the office.
“Neither Adani nor the Adani family has any plan or is in consultations to open a family office overseas,” the group said in a statement. Adani has a net worth of $135 billion.
The conglomerate continues to seek strategic equity partners aligned with its longterm investment strategy as it expands across the energy to transport to mining sectors, debt research firm CreditSights said in a report earlier this month.
CreditSights said Adani Group is venturing into new or unrelated businesses, which are highly capital intensive.
Adani Ports and Special Economic Zone (APSEZ) on Monday announced the setting up of a joint venture company with Gadot Chemical Terminals Ltd in Israel.
