||This article appears to be written like an advertisement. (August 2014)|
24 June 1962 |
Ahmedabad, Gujarat, India
|Residence||Ahmedabad, Gujarat, India|
|Occupation||Chairman of the Adani Group|
|Known for||Founder and Chairman of the Adani Group|
|Net worth||US$ 5.3 billion (July, 2014)|
Gautam Adani (Gujarati:ગૌતમ અદાણી ; born 24 June 1962) is a first generation Indian entrepreneur who is the Chairman and founder of Adani Group. He founded The Adani Group in 1988 and today it is a globally integrated infrastructure player with businesses spanning coal trading, coal mining, oil & gas exploration, ports, multi-modal logistics, power generation, Agri Infrastructure, edible oil & transmission and gas distribution. With business experience of more than 33 years, Gautam Adani is an Indian entrepreneur who has led the Adani group from a modest background to create a $8 billion professionally managed empire in a relatively short period of time.
Gautam Adani has a vision of ‘Nation Building’ by developing assets of national economic significance. This reflects in the choice of businesses the group has entered and developed. In an interview to Outlook he mentioned how India’s infrastructure requirement is huge and hence ports, power plants, transmission lines and mining were the natural choices for the group. He has led from the front to realize his vision of nation building and continues to pursue his passion for developing world class mega infrastructure in India and abroad.
He is said to be among the 100 most influential businessmen worldwide in the shipping trade and developing shipping related infrastructure. He has also been recognized for establishing the modern Mundra port which was selected as the best port in 2006 by the oldest and the most influential British publication for shipping business, Lloyds. Mundra Port is now the country’s largest commercial port to have achieved a new landmark of handling 100 million metric tonnes in FY 13-14.
Forbes listed Gautam S Adani as 22nd in India’s Richest list and #215 in The World Billionaires list with a Net Worth of $6.5 Billion. Gautam Adani has also been named amongst top 5 billionaires in the world who made it on their own without a formal college degree.
Gautam Adani was born into a Gujarati Jain family on 24 June 1962 in the Seth ni Pol area located in Ratanpol in Ahmedabad. He is the son of Shantilal and Shanta Adani and has seven siblings. His parents had migrated from the town of Tharad in the northern part of Gujarat India. He is married to Priti Adani who is a dentist and heads Adani Foundation as a Managing Trustee. They have two sons - Karan Adani and Jeet Adani. He did his schooling from Seth C.N. Vidyalya School in Ahmedabad. Later, he studied at Gujarat University but only till his second year for a Bachelor's Degree in Commerce.
Instead of joining his father’s textile unit in Ahmedabad, Gautam Adani moved to Mumbai at a young age of 18 with only a few hundred rupees. He started his career working as a diamond sorter at Mahindra Brothers for 2 years and then went on to set up his own diamond brokerage business in Mumbai, India. The trading initiative was a success and he made his first million within a year, at the age of 20, a big amount during the 1980s.
Mahasukh Adani, Gautam’s elder brother and an entrepreneur, called Gautam back to Ahmedabad to run his newly purchased plastic factory.
Gautam Adani is known for his risk apetitite. Former IIM-A director Bakul Dholakia, who is associated with the Adani group's educational and CSR initiatives said, "In terms of the risk taking appetite and risk absorption capacity there are very few who can match Gautam Adani. There are many who take large risks, but very few have the ability to face their adversity with courage and conviction". He is referred to as 'Gautambhai' in the industry and is also known to be a keen observer and a good judge of character.
Gautam Adani believes in an all-inclusive growth. He believes in education and health and these form the core of Adani Foundation. The group gives 3 per cent of its profits to the Adani Foundation. He is particularly proud of Adani Vidya Mandir, a school in Ahmedabad which admits only those children whose parents have an annual income less than Rs.1 lakh. The school is run by his wife Priti.
Awards and Achievements
Mr Gautam Adani was awarded the Excellence in Management Award 2007 by CM of Gujarat.
In 1988, he established Adani Exports Limited (now known as the Adani Enterprises Ltd), the flagship company of the Adani Group, that traded in a variety of power and agricultural commodities. The economic liberalization in 1991 fuelled the rapid growth of the business and the huge profitability of Adani Exports provided further capital for Gautam Adani to expand his business.
In 1993, the Government of Gujarat invited private companies to run the Mundra Port and in 1995 the contract was given to Adani Group. Today, Mundra Port is the largest Private Sector port in India, with capability of handling close to 80 million tonnes of cargo per annum.
Gautam Adani is also the founder and promoter of Adani Power Ltd (APL), a power business arm of Adani Group. Adani Power has thermal power plants with capacity of 4620 MW, the largest private thermal power producer of the country. It is also the largest solar power producer of India with capacity 40MW.
In 1996, Gautam Adani set up the Adani Foundation as the Corporate Social Responsibility arm of the Adani Group for undertaking activities to ensure sustainable development and create harmony with people residing in the neighborhood of the Group's operations. The Group invests ~3% of profit in community initiatives through the Adani Foundation. Adani Foundation operates in Gujarat, Madhya Pradesh, Rajasthan, Maharashtra and Himachal Pradesh. It is active in field of community health, rural infrastructure development, sustainable livelihood and education like Adani Institute of Infrastructure Management in Ahmedabad and the Gujarat Adani Institute of Medical Sciences in Bhuj.
During the time of 2014 Loksabha elections of India Goutam Adani was accused of various controversies. He is being accused of supporting Narendra Modi for his campaign in Bharatiya Janata Party. Even though claiming on national media that he has no special favors with Modi, Modi was seen traveling on Adani group's chartered planes to rallies across India. To counter this allegation, Mr Adani spoke out in an interview with CNBC and clarified that the BJP paid market price to Adani Group for using its aviation services.
Supposedly, Adani Group was given lands at throw away rates for their infrastructure and expansions. He has given an interview to NDTV journalist. In the interview, it is claimed,but not fully proved that Adani was given the land at a price three time lower than the market price then.
There are both sides of views on this issue. An article by the Economic Times describes how the allegations against Adani do not make any sense. According to this article, Adani bought land that was largely non-agricultural and barren, though mangroves existed in some portion of the 15,000 acres. Located close to the sea, a large chunk of it was salty with very little meaningful cultivation. Moreover, this land was bought 20 years ago! The same is not true for the land bought by Tata and Ford who paid a higher price for better land purchased many years later.
Another article by Firstpost mentions that the report scrutinizing Adani Group's records contains factual inaccuracies and half-truths. It has proved, how the article carried by Forbes is factually incorrect. The article explains how Adani Group has secured the land in a legal manner.
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