Sarath Ratanavadi's wealth surges to $12 billion after telecom merger

In Thailand, Sarath Ratanavadi, an influential figure in both energy and telecommunications, experienced a substantial increase in his wealth following a strategic merger. This pivotal moment occurred in April 2025 when Ratanavadi's company, Gulf Energy Development, finalised the merger with Intouch Holdings. This merger brought together Gulf Energy with the leading shareholder of Advanced Info Service (AIS), which ranks as the second-largest mobile operator in Thailand by subscriber base. The newly rebranded entity, Gulf Development, achieved a remarkable market capitalization of 640 billion baht, equivalent to approximately $20 billion, ranking it as Thailand's fourth most valuable publicly listed company. Consequently, Ratanavadi's net worth surged by 30%, reaching a record $12 billion, propelling him to become the country’s third richest individual for the first time in his career. The move to diversify into telecoms, initiated four years ago, has begun to yield significant benefits for Sarath Ratanavadi. Notably, the establishment of AI-powered cloud facilities in collaboration with Google Cloud last year illustrates his forward-looking approach within the technology sector. Additionally, Ratanavadi's joint venture with Binance, initiated alongside its co-founder Changpeng Zhao, facilitated the launch of a localized version of the cryptocurrency exchange in Thailand. These strategic initiatives underscore Ratanavadi’s commitment to embracing innovative opportunities in the market. Moreover, Gulf Energy's recent actions included acquiring a stake in Kasikornbank, which was founded by another notable figure in the wealthy echelon of Thailand, Banthoon Lamsam. This acquisition aligns with Ratanavadi's expanding business interests and emphasizes his intent to build a diverse portfolio. Furthermore, the strategic decision by AIS to form a consortium and secure approval for establishing a virtual bank in June 2025 solidifies the company's progressive stance within the evolving financial landscape. Ratanavadi is evidently capitalizing on the convergence of energy, technology, and finance in contemporary Thailand. In conclusion, the landscape of wealth among Thailand’s elite is being significantly reshaped by the strategic decisions made by figures like Sarath Ratanavadi. His successful diversification into telecommunications, marked by the recent merger, reflects a transformative period for his business ventures. As he explores new opportunities and continues to forge partnerships across different sectors, the future holds promising potential for both Ratanavadi and his companies in the competitive Thai market.