26-April-2024
Corporate News
 
Gautam Adani, Mukesh Ambani reap windfall from surging oil, coal
19-May-2022

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. is snapping up distressed crude-oil cargoes at discounts to feed its refining complex, the biggest in the world. Reliance 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.

News Source:- https://indianexpress.com/article/business/companies/asias-richest-men-gautam-adani-mukesh-ambani-reap-windfall-from-surging-oil-coal-7924489/