Praggnanandhaa enters into a long term sponsorship agreement with Adani Group
It's a massive development for Indian chess. One of the biggest conglomerates, not just in the country, but across the world - the Adani Group, has decided to support to R. Praggnanandhaa in his journey to becoming the World Champion. The India no.2 and one of the biggest talents in the world of chess Pragg has entered into a long term sponsorship agreement with the Adani Group. On 5th of January we saw a tweet by Gautam Adani, the chairman of the Adani Group, announce this association. In this article we bring forth the thoughts of Pragg and his long time trainer GM R.B. Ramesh. We also tell you more about the Adani Group and the work they do.
In 2023, Praggnanandhaa achieved a remarkable milestone in the world of chess. Among all his notable achievements, clinching the silver at the 2023 FIDE World Cup stood out.
Pragg has moved forward consistently in the year 2023 and as on today is world no.13 with an Elo of 2743. Clearly, he is one of the best in the world! When a player hits a level like Pragg has done, every step of improvement requires massive planning and funds. Till date Pragg had been supported by RAMCO group, but it was clear that with the Candidates coming up and him trying to build a team of trainers and coach, he would be in need of more funds. That is when the year 2024 brought forth a huge news!
Praggnanandhaa enters a long term sponsorship agreement with Adani Group
The Adani Group has decided to form a long term sponsorship agreement with India no. 2 R. Praggnanandhaa. Adani Group, founded in 1988, is a major Indian company known for its diverse work in infrastructure, managing resources, generating power and much more. They're not just in India; but also in many other countries like Australia, Myanmar, China, Dubai, Indonesia, Singapore, the United States, and Bangladesh.
Gautam Adani, founder and chairman of Adani Group, recently shared on X his commitment to supporting Praggnanandhaa, highlighting Pragg's achievements as an inspiration for Indian youth. The main objective of this backing is to assist Praggnanandhaa in his aspiration to become the World Champion in chess. Though specific financial details have not been disclosed, it's evident that the support being offered is a considerable and substantial amount which will help Pragg in his journey towards his goal.
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When speaking to ChessBase India, Praggnanandhaa expressed his gratitude regarding the sponsorship. Ramesh, Pragg's long-time coach, also shared insights into their remarkable journey and highlighted the significance of the support received. "They are very much keen on me becoming the world Champion and that's my Ultimate Goal too" said Praggnanandhaa. He also added, "I'm truly grateful to them, It will meet all my requirements, Training, Travel and everything". Ramesh also emphasized on the critical timing of sponsorship received, "It has come at the right moment because Pragg has broken into a different league. He has reached, he's now, if I'm not mistaken, number 12 in the world. The journey ahead is going to be extremely crucial, and we need all the kind of support we can get for him." He also emphasized that this is more like a sentiment of welcoming him into their family rather than viewing the sponsorship as a strictly commercial venture - "They want to see him produce good performances for the country, bring more glory and medals for our country. That is their main ambition."
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Get to know more about Adani group
As of January 5th, 2024, Gautam Adani holds a staggering net worth of $97.6 billion. With a $7.67 billion increase in net worth in a single day, solidified his position as the wealthiest individual in India. The revenue for 2023 was ₹2.625 lakh crore (equivalent to US$33 billion), and the net income for the same year was ₹23,509 crore (equivalent to US$2.9 billion). This notable financial standing brings a complete different level of impact of securing sponsorship from an industry giant. Adani's involvement isn't just a financial boost - it's a symbol of confidence and belief in Praggnanandhaa's potential to make waves in the chess world.
The Adani Group stands as a diversified conglomerate, showcasing a robust presence across a spectrum of industries. The revenue and net profit figures of the Adani Group serve as compelling evidence of its considerable financial magnitude. Among the notable companies under the Adani umbrella are:
1. Adani Power: It focuses on power generation and transmission and has interests in thermal power plants as well as renewable energy projects. The net profit for Adani Power Ltd for the quarter ended September 2023 was reported at Rs 6,594 crore. This represents an impressive growth of 848% compared to the profit of Rs 696 crore in the year-ago period.
2. Adani Road Transport: With interests in road infrastructure, this company contributes to the development of highways and roads across India. They concluded the financial year ending on 31 March, 2023, with a revenue/turnover exceeding INR 500 crore. The company showcased a remarkable surge in net worth.
3. Adani Ports and Special Economic Zone (APSEZ): One of India's largest port developers and operators, APSEZ manages and operates a network of ports in India and abroad, facilitating trade and logistics. The revenue was over 208.5 billion Indian rupees in financial year 2023.
4. Adani Enterprises: This company operates across diverse sectors, including coal mining, agribusiness, edible oil, and logistics. Total Income and profit(PAT) for the year ending 2023-03-31 was Rs 138175 Cr and Rs 2473 Cr respectively.
5. Adani Green Energy: As a leading renewable energy producer, it's involved in solar and wind power generation and aims to contribute significantly to India's clean energy landscape. As of quarter ended September 2023, Adani Green recorded a profit of Rs 371 crore, showcasing a remarkable surge of 148.99% from Rs 149 crore in the same period of the previous year.
6. Adani Airports Holdings Limited (AAHL): Adani Airports is a subdivision of the Adani Group's primary company, Adani Enterprises Ltd. Its objective is to further the company's vision by becoming a global leader in integrated infrastructure and transportation. The airport division recorded revenue of Rs 1,905.47 crore in Q2 FY24. The revenue last year in the same quarter was Rs 1,292.26 crore.
This diverse portfolio enables the company to move forward with it's goals in various sectors and hence have a broad presence in India's economic landscape and beyond.
With the Adani Group's backing, Praggnanandhaa's journey towards achieving chess greatness is undoubtedly set on an inspiring trajectory. With this coming in, we send our heartfelt wishes to Pragg and may this sponsorship fuel his dreams, guiding him to reach new heights and inspire countless youth and others along the way!
About the Author:
Tina is a recent graduate of Information Science and Engineering from Bengaluru. Passionate about Chess and technology she always believes that a small step taken today can shape into something big tomorrow.
