Soaring commodity prices might be causing great economic pain to India, but the country's two richest men, Gautam Adani and Mukesh Ambani, are capitalising on the rally by expanding their fossil fuel portfolios.
For Mr Adani of Adani Group and Mr Ambani of Reliance Industries — both of whom built their businesses on coal and oil, respectively — the current surge in crude oil and coal, triggered by Russia’s invasion of Ukraine, offers a major business opportunity.
“It is more than a windfall for both Adani and Ambani in these times,” said Shailendra Singh Rao, founder of Creduce, a climate change, green energy and carbon trading advisory and service provider.
“The present scenario is more like making hay while the sun shines. No businessman would let go of this opportunity.”
Crude prices have surged more than 70 per cent since last year, due to tighter market conditions, under investment in the energy industry, higher demand as global economies recover rapidly from the pandemic and Russia's war in Ukraine. Meanwhile, soaring demand for power in India, the world's third-largest energy consuming country, is prompting it to turn to coal.
Check More : https://www.thenationalnews.com/business/energy/2022/05/30/how-the-oil-price-rally-is-making-indias-richest-men-richer/
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