Mukesh Ambani and Gautam Adani, Asia’s two richest men, reap windfall from surging oil, coal
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 NSE -1.51 %. is snapping up distressed crude-oil cargoes at discounts to feed its refining complex, the biggest in the world. Reliance NSE -1.51 % even deferred a scheduled maintenance of the facility to help churn out more diesel and gasoline, whose margins have shot up to touch a three-year high.
