Gautam Adani

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Gautam Adani
Gautam Adani.jpg
Born
Gautam Shantilal Adani

(1962-06-24) 24 June 1962 (age 59)
OccupationChairman, Adani Group
President, Adani Foundation
Known forFounder, Adani Group
Net worthUS$55.2 billion (as of 3 July 2021)[1][2]
Spouse(s)Priti Adani
Children2, including Karan Adani
WebsiteOfficial website

Gautam Shantilal Adani (born 24 June 1962) is an Indian billionaire industrialist and philanthropist who is the chairman and founder of the Adani Group—an Ahmedabad-based multinational conglomerate involved in port development and operations in India.[3] Adani is the president of the Adani Foundation, which is primarily led by his wife, Priti Adani.

He founded the Adani Group in 1988 and diversified his business into resources, logistics, energy,[4] agriculture, defence and aerospace, amongst others.[5] According to Forbes, his family's net worth is estimated to be around US$78.6 billion as of 9 June 2021.[6] He was the second richest man in Asia and 13th richest man in the world according to Forbes,[7][8] a spot that he attained in 2021.[9] As of 2018 he had a 66% stake in Adani Ports & SEZ, 75% stake in Adani Enterprises, 73% stake in Adani Power, and a 75% stake in Adani Transmission.[10] On 17 June 2021, Adani lost the title of the second richest man in Asia due to the sudden decrease in share prices of the Adani Group.[11]

Early life[edit | edit source]

Adani was born on 24 June 1962 in a Gujarati Jain family to Shantilal and Shanti Adani in Ahmedabad, Gujarat.[12] He has 7 siblings and his parents had migrated from the town of Tharad in the northern part of Gujarat.[13] His father was a textile merchant.[14] He was educated at Sheth Chimanlal Nagindas Vidyalaya school in Ahmedabad. He enrolled for a bachelor's degree in commerce at Gujarat University, but dropped out after the second year.[5] Adani was keen on business, but not his father's textile business.[15]

Career[edit | edit source]

In 1978, as a teenager, Adani moved to Mumbai to work as a diamond sorter for Mahendra Brothers. He worked there for 2–3 years before establishing his own diamond brokerage firm at Zaveri Bazaar, Mumbai.[16]

In 1981, his elder brother Mansukhbhai Adani bought a plastics unit in Ahmedabad and invited him to manage the operations. This venture turned out to be Adani's gateway to global trading through polyvinyl chloride (PVC) imports.[17]

In 1985, he started importing primary polymers for small-scale industries. In 1988, Adani established Adani Exports, now known as Adani Enterprises – the holding company of the Adani Group. Originally, the company dealt in agricultural and power commodities.[17]

In 1991, the economic liberalization policies turned out to be favorable for his company and he started expanding the businesses into trading of metals, textiles, and agro products.[18]

In 1994, the Government of Gujarat announced managerial outsourcing of the Mundra Port and in 1995, Adani got the contract.[19]

In 1995, he set up the first jetty. Originally operated by Mundra Port & Special Economic Zone, the operations were transferred to Adani Ports & SEZ (APSEZ). Today, the company is the largest private multi-port operator. Mundra Port is the largest private sector port in India, with the capacity of handling close to 210 million tons of cargo per annum.[20][21]

In 1996, the power business arm of the Adani Group, Adani Power, was founded by Adani. Adani Power holds thermal power plants with a capacity of 4620 MW, the largest private thermal power producer of the country.[22]

In 2006, Adani entered the power generation business. From 2009 to 2012, he acquired Abbot Point Port in Australia and Carmichael Coal in Queensland.[23]

In May 2020, Adani won the world's largest solar bid by the Solar Energy Corporation of India (SECI) worth $6 billion. The 8000 MW photovoltaic power plant project will be taken up by Adani Green; and Adani Solar will establish 2000 MW of additional solar cell and module manufacturing capacity.[24][25]

In September 2020, Adani acquired a 74% stake in Mumbai International Airport, India's second busiest.[26]

Personal life[edit | edit source]

Adani is married to Priti Adani.[27][28][29] He was abducted and held hostage for ransom in 1998, but was released without collecting the money.[30][31] He was in the Taj Hotel during the 2008 Mumbai attacks.[32][33]

Philanthropy[edit | edit source]

Adani is the president of the Adani Foundation, funded through the Adani Group. It was founded in 1996. Other than Gujarat, the Foundation operates in the states of Maharashtra, Rajasthan, Himachal Pradesh, Madhya Pradesh, Chhattisgarh, and Odisha.[34]

In March 2020, he contributed ₹100 crore to the PM CARES Fund through his group's philanthropy arm, to fight the Coronavirus outbreak.[35] A contribution of ₹5 crore was made to the Gujarat CM Relief Fund and ₹1 crore to the Maharashtra CM Relief Fund.[36]

Adani led diversified conglomerate Adani Group imported four ISO cryogenic tanks filled with 80 metric tones of liquid medical oxygen from Dammam in Saudi Arabia to Mundra in Gujarat. The group is also securing 5,000 medical-grade oxygen cylinders from Linde Saudi Arabia. In a Twitter post, Adani shared that each day his group is supplying 1,500 cylinders with medical oxygen to wherever they are needed in Kutch of Gujarat.[37]

References[edit | edit source]

  1. "Forbes profile: Gautam Adani & family". Retrieved 25 June 2021.
  2. "Gautam Adani Bloomberg Index". Retrieved 3 July 2021.
  3. "Gautam Adani". Bloomberg.
  4. Staff Writer (24 March 2021). "Adani Green to buy Sterling & Wilson's Telangana solar project for ₹446 cr". mint.
  5. 5.0 5.1 "Gautam Adani Biography". Business map of india. 2 June 2015.
  6. "Gautam Adani". Forbes. Retrieved 10 March 2021.
  7. "Gautam Adani, with $67 billion, is Asia's 2nd richest". The Times of India. 21 May 2021. Retrieved 21 May 2021.
  8. "Forbes profile: Gautam Adani & family". Retrieved 7 October 2020.
  9. "Forbes India Rich List 2019: Mukesh Ambani retains top spot, Gautam Adani second". mint. 12 October 2019.
  10. "Bloomberg Billionaires Index - Gautam Adani". bloomberg.com. Retrieved 3 August 2018.
  11. DelhiJune 17, India Today Web Desk New; June 17, 2021UPDATED; Ist, 2021 15:13. "Gautam Adani's net worth slides, no longer Asia's 2nd richest person". India Today. Retrieved 17 June 2021.CS1 maint: numeric names: authors list (link)
  12. "The Rise Of The Tycoon: Gautam Adani". Businessworld. 26 February 2019.
  13. "Gautam Adani Biography". Tu13Dekh. 22 October 2019.
  14. "Top 10 Gujrati Billionaires". India TV. 1 August 2015.
  15. Cambridge Core (12 December 2017). "Transnational Indian Business in the Twentieth Century". Business History Review. 91 (4): 651–679. doi:10.1017/S0007680517001350. S2CID 158483062.
  16. Tumbe, Chinmay (12 December 2017). "Business Journal". cambridge. 91 (4): 651–679. doi:10.1017/S0007680517001350. S2CID 158483062.
  17. 17.0 17.1 "Gautam Adani Biography". Businessmapsofindia. 2 June 2015.
  18. "Gautam Adani Success Story- A College Dropout to Indian Billionaire Entrepreneur". Suger Mint. 26 February 2020. Retrieved 11 March 2021.
  19. "Gautam Adani". timesofindia. 10 April 2014.
  20. Manoj, P. "APSEZ set to become top container port operator". @businessline. Retrieved 11 March 2021.
  21. "Adani becomes first Indian port operator to record 200 MT cargo movement". The Economic Times. Retrieved 11 March 2021.
  22. "Adani Solar Project". economictimes.com. 13 June 2016.
  23. "Gautam Adani, chairman Adani group". outlookbusiness.com. 10 July 2015.
  24. Reporter, S. I. (9 June 2020). "Adani Green hits new high on winning world's largest solar bid worth $7 bn". Business Standard India. Retrieved 10 June 2020.
  25. "Adani wins world's largest solar project; to invest Rs 45,000 crore". The Financial Express. 9 June 2020. Retrieved 10 June 2020.
  26. Karmali, Naazneen. "India's 10 Richest Billionaires 2021". Forbes. Retrieved 1 July 2021.
  27. "Gautam Adani". mapsofindia.com. 2 June 2015.
  28. "Priti Adani". ahmedabadmirror. 7 July 2016.
  29. "Gautam Adani". wealthx.com.[permanent dead link]
  30. "Throwback: When India's fifth richest man was kidnapped for ransom". Times Now News. 14 June 2020. Retrieved 13 December 2020.
  31. "Two accused of abducting Gautam Adani 20 years ago acquitted". The Indian Express. Ahmedabad. 1 December 2018. Retrieved 13 December 2020.
  32. Sazonov, Alexander; Shrivastava, Bhuma; Sanjai, P R (13 December 2020). "Billionaire Survivor of Ransom, Terror Attacks Now Rivals Ambani". Bloomberg.com. Retrieved 13 December 2020.
  33. Shukla, Nimish (28 November 2008). "Gautam Adani felt safe in Taj toilet". The Times of India. Retrieved 13 December 2020.
  34. "Adani Foundation | Youth4work". youth4work.com. Retrieved 7 December 2020.
  35. Joshi, Manas (29 March 2020). "Gautam Adani gives Rs 100 crore to PM Fund to fight coronavirus". www.indiatvnews.com. Retrieved 1 April 2020.
  36. "Billionaire Gautam Adani commits to support fight against coronavirus". The Economic Times. 4 April 2020. Retrieved 10 April 2020.
  37. My Nation. "To improve oxygen availability, Adani group imports cryogenic tanks from Saudi Arabia". Asianet News Network Pvt Ltd. Retrieved 11 May 2021.

External links[edit | edit source]