After a long absence, Grandhi Mallikarjuna (GM) Rao, chairman of the GMR Group, has made a spectacular comeback on the Forbes India Rich List. With a fortune of $3.99 billion in 2024, Rao is now the 78th richest person in the country.

GMR’s Resurgence
GM Rao was a household name on the billionaires list before he was knocked off the list due to challenges in the infrastructure sector. However, thanks to the meteoric rise in the stock market of the group’s two listed companies—GMR Airports Infrastructure Limited and GMR Power and Urban Infra—he has regained his position.

Between April 2023 and November 2024, GMR Power and Urban Infra recorded a 517% increase in stock market value, while GMR Airports increased its market capitalization by 77%. This is the main driver behind Rao’s significant wealth growth.

GMR Power and Urban Infra’s growth
GMR Power and Urban Infra focuses on energy, urban infrastructure and transport, and currently operates two large thermal power plants, including a 1,650 MW plant and another 350 MW plant under construction. In addition, the company is also developing renewable energy projects such as solar, hydro, wind and electric vehicle charging stations. Notably, GMR is deploying 50 EV charging stations outside the Special Investment Zone (SIR) in Krishnagiri, Tamil Nadu.

Expanding airport ecosystem
GMR is one of the largest private sector airport companies in India. The company operates two of the country’s largest international airports, the Indira Gandhi Airport in New Delhi and the Rajiv Gandhi Airport in Hyderabad. In addition, GMR has completed the MOPA airport project in Goa and currently manages two other international airports in Indonesia and the Philippines.

In the Indian aviation industry, GMR competes with the Adani Group – which expanded into the sector in 2021 – and the government-run Airports Authority of India (AAI).

GMR’s bright future
GM Rao’s return is not only a personal milestone but also a testament to the robust growth of India’s infrastructure sector. With strategic investments in energy, transport and aviation, GMR continues to consolidate its position as one of the leading conglomerates in the sector.