Latest news with #SarathRatanavadi
Bangkok Post
4 days ago
- Business
- Bangkok Post
Gulf gives B100m to troops, families
Gulf Development Plc, Thailand's largest energy company by market value and a telecom operator, has donated 100 million baht to the Royal Thai Army to assist soldiers injured or the families of those killed in the border conflict with Cambodia. CEO Sarath Ratanavadi said the donation aims to improve the quality of life and morale of frontline troops and their families, and help them recover and rebuild their lives with dignity. The money was officially donated at Army Headquarters to Commander-in-Chief Gen Pana Klaewplodthuk and Lt Gen Boonsin Padklang, Commander of the Second Army Region. Mr Sarath said the move stemmed from a personal connection to the military, noting that his father served in the armed forces. He explained that GULF had previously supported military operations by providing satellite communication services in remote areas, but the growing severity of the conflict prompted the company and his family to offer broader support. "This fund is for the families of those who made the ultimate sacrifice or were seriously wounded. As a Thai company, we believe it's our duty to stand with those who protect the nation," Mr Sarath said. As well as the donation, GULF is continuing its community outreach through the GULF Care programme, delivering over 2,000 relief kits to soldiers and civilians affected by the border tensions in provinces that include Buri Ram, Surin, Si Sa Ket, and Ubon Ratchathani. The company also provided 1.2 million baht in direct support to soldiers injured by landmines during patrols in Ubon Ratchathani. The Second Army Region com- mander expressed gratitude to GULF, saying that a committee will be formed to ensure the donated funds are used transparently and effectively in line with the company's intentions. Mr Sarath encouraged Thais to contribute however they can, affirming the public's shared commitment to national sovereignty and the welfare of frontline defenders.
Business Times
31-07-2025
- Business
- Business Times
Richest Thai sees US$10 billion hydro, LNG projects driving growth
[BANGKOK] Thailand's richest person, Sarath Ratanavadi, expects US$10 billion investments in hydropower projects in neighbouring Laos and a new domestic liquefied natural gas (LNG) terminal to drive his business empire's growth. Sarath's flagship company, Gulf Development, and partners are working with banks on a roughly US$9 billion funding plan for three hydro plants with a total generating capacity of 3,100 megawatts, he said. Construction on a US$1 billion LNG import terminal project, Thailand's third, will start later this year before commercial operations are scheduled in 2029. 'We are turning our focus more on projects in Thailand and the region because of their lower risk relative to most other overseas projects,' Sarath said on Wednesday (Jul 30). 'Our strength and profile have offered better leverage.' Gulf Development, created earlier this year by combining Sarath's operations in sectors including power, seaports, tollways and telecommunications, has accelerated its expansion in renewables and data centres to meet rising demand for clean energy and artificial intelligence. The company is also expanding into digital banking after being granted a license in June. The investments in hydro and LNG will be in addition to US$1.75 billion announced in March for data centres. The hydro projects will start from 2031 to 2033. The conglomerate seeks to boost total power generating capacity by 34 per cent over the next decade from about 9,000 megawatts currently, Sarath said. Most of that will be solar, wind and hydro in a bid to increase green energy capacity to 40 per cent of the total from around 13 per cent now. The tycoon this week reclaimed his position as the nation's richest person, with a net worth of about US$13 billion, as Gulf Development's stock has gained more than 20 per cent since sinking to a record low in June. BLOOMBERG
Bloomberg
31-07-2025
- Business
- Bloomberg
Richest Thai Sees $10 Billion Hydro, LNG Projects Driving Growth
Thailand's richest person, Sarath Ratanavadi, expects $10 billion investments in hydropower projects in neighboring Laos and a new domestic liquefied natural gas terminal to drive his business empire's growth. Sarath's flagship company, Gulf Development Pcl, and partners are working with banks on a roughly $9 billion funding plan for three hydro plants with total generating capacity of 3,100 megawatts, he said. Construction on a $1 billion LNG import terminal project — Thailand's third — will start later this year before commercial operations scheduled in 2029.
Forbes
23-07-2025
- Business
- Forbes
Billionaire Sarath Ratanavadi's Gulf Takes Over Lao Hydro Power Project In $128 Million Deal
Water rushing out of open gates of a hydro electric power station A wholly-owned unit of Gulf Development—an energy-to-telecommunications conglomerate controlled by billionaire Sarath Ratanavadi—has agreed to buy out its partner's stake in a hydro power project in Laos as the Bangkok-listed company steps up investments in clean energy facilities. Gulf Hydropower Holdings is acquiring 60% of the 770-megawatt Pak Lay Power—which is building a hydroelectric power plant in the Mekong region—for $128 million from Sinohydro (Hong Kong) Holding, a Chinese state-linked company. The deal raises its stake in Pak Lay Power to 100%, Gulf Development said in a filing to the Stock Exchange of Thailand. Pak Lay Power will supply all its electricity output to Thailand when it starts commercial operations in 2032 under a 29-year contract with the Electricity Generating Authority of Thailand. Gulf has been increasing investments in renewable energy facilities to reduce the group's greenhouse gas emissions, moving it closer to its net zero target by 2050. In recent months, the company announced total investments of 102 billion baht ($3.2 billion) in solar and wind energy projects with a total capacity of 746.6 megawatts, as well as in a liquefied natural gas terminal project at the Map Ta Phut industrial port in eastern Thailand. Gulf—one of Thailand's biggest power producers—has been diversifying in recent years and has become one of the country's largest conglomerates with interests in data centers, telecommunications, and digital infrastructures. It was founded in 2007 by Sarath, one of the nation's wealthiest tycoons with a net worth of $12 billion.
Forbes
02-07-2025
- Business
- Forbes
Energy-And-Telecoms Tycoon Sarath Ratanavadi Leaps Ahead To Become Thailand's Third-Richest Person
Sarath Ratanavadi. gulf development This story is part of Forbes' coverage of Thailand's Richest 2025. See the full list here . Four years after diversifying into telecoms, energy tycoon Sarath Ratanavadi is reaping the fruits of that strategic move. In April, he concluded the merger between his power producer Gulf Energy Development and Intouch Holdings, the biggest shareholder in Advanced Info Service (AIS), the country's second-largest mobile phone operator by subscribers, with the listing of the rebranded Gulf Development on the Thai stock exchange. Its market cap of 640 billion baht ($20 billion), makes it Thailand's fourth most valuable listed company. The tycoon's net worth zoomed 30% to a record $12 billion and he jumped two places to become the country's third-richest for the first time. Sarath, who founded Gulf in 2007, continues to eye new ventures. Last year, the company joined with Google Cloud to build AI-powered cloud facilities in Thailand while its joint venture with Binance, cofounded by Changpeng Zhao, launched a Thai edition of the cryptocurrency exchange. Gulf has also acquired a roughly 5% stake in Kasikornbank, founded by fellow rich lister Banthoon Lamsam's family. Notably, AIS is part of a consortium that secured approval in June to set up a virtual bank.
