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Gautam Adani

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Gautam Adani
Gautam Adani.jpg
Official portrait in 2012
Born
Gautam Shantilal Adani

(1962-06-24) 24 June 1962 (age 60)
EducationGujarat University (dropped out, 1978)[1]
OccupationBusinessman, Industrialist
Years active1981–present
Title
SpousePriti Adani
Children2, including Karan Adani
RelativesPranav Adani (nephew)
WebsiteOfficial website

Gautam Shantilal Adani (born 24 June 1962) is an Indian billionaire industrialist. He is the chairman and founder of Adani Group, an Ahmedabad-based multinational conglomerate involved in port development and operations in India.[2][3] Adani is also the president of Adani Foundation, which is primarily led by his wife, Priti Adani. As of November 2022, with a net worth of US$138.1 billion according to Forbes and $133 billion according to Bloomberg. He is the richest person in Asia and the third richest person in the world.[4]

Early life

Adani was born on 24 June 1962 in a Jain family to Shantilal Adani (father) and Shantaben Adani (mother) in Ahmedabad, Gujarat.[1][5] He has 7 siblings. His parents had migrated from the town of Tharad in the northern part of Gujarat.[6] His father was a small textile merchant.[7] 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.[8] Adani was keen on business, but not his father's textile business.[9]

Career

Secretary of State John Kerry greets Gautam Adani, 2014

As a teenager, Adani moved to Mumbai in 1978 to work as a diamond sorter for Mahendra Brothers.[10]

In 1981, his elder brother Mahasukhbhai 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.[8]

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.[8]

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.[8][11]

In 1994, the Government of Gujarat announced managerial outsourcing of the Mundra Port and in 1995, Adani got the contract.[12]

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.[13][14]

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 4620MW, the largest private thermal power producer of the country.[15]

In 2006, Adani entered the power generation business.[16] From 2009 to 2012, he acquired Abbot Point Port in Australia and Carmichael coal mine in Queensland.[17]

In May 2020, Adani won the world's largest solar bid by the Solar Energy Corporation of India (SECI) worth US$6 billion. The 8000MW photovoltaic power plant project will be taken up by Adani Green; Adani Solar will establish 2000MW of additional solar cell and module manufacturing capacity.[18][19]

In September 2020, Adani acquired a 74% stake in Mumbai International Airport, India's second busiest after Delhi.[20]

In November 2021, while speaking at the Bloomberg India Economic Forum, Adani said the group is investing USD$70 billion in a new green energy business.[16][21][22] In July 2022, he offered new details on how this investment will be utilized to build three giant factories – solar, electrolyzer (to make green hydrogen), wind turbine plants.[23][24]

In February 2022, he became Asia's richest person, surpassing Mukesh Ambani.[25] In August 2022, he was named the 3rd richest person in the world by Fortune.[26]

In May 2022, Adani family acquired Ambuja Cements and its subsidiary ACC from Holcim Group for $10.5 billion, through an overseas special-purpose entity.[27]

In August 2022, AMG Media Networks Limited (AMNL), a unit of Adani Group, declared that it planned to buy RRPR Holding, owner of 29.18% of national news broadcaster NDTV, and made an open offer to buy a further 26%. In a statement, NDTV said that Adani acquired his stake via a third party without informing the company’s founders, former journalist Radhika Roy and her economist husband Prannoy Roy, and that the deal was done “without discussion, consent or notice.”[28] This bid also raised concern regarding editorial independence in India, since Adani is considered to be close to Prime Minister Narendra Modi’s ruling Bharatiya Janata Party.[3][29]

Personal life

Gautam Adani is married to Priti Adani. The couple have two sons, Karan Adani and Jeet Adani.[30][31] [32] He was abducted and held hostage for ransom in 1998, but was released without collecting the money.[33][34] He was in the Taj Mahal Palace Hotel during the 2008 Mumbai attacks.[35][36]

Philanthropy

Adani is the owner of the Adani Foundation, funded through the Adani Group. It was founded in 1996. Other than Gujarat, the organisation operates in the states of Maharashtra, Rajasthan, Himachal Pradesh, Madhya Pradesh, Chhattisgarh, and Odisha.[37]

In March 2020, he contributed 100 crore (US$13 million) to the PM Cares Fund through his group's philanthropy arm, to fight the Coronavirus outbreak.[38] A contribution of 5 crore (US$630,000) was made to the Gujarat CM Relief Fund and 1 crore (US$130,000) to the Maharashtra CM Relief Fund.[39]

Adani led diversified conglomerate Adani Group imported four ISO cryogenic tanks filled with 80 metric tonnes of liquid medical oxygen from Dammam in Saudi Arabia to Mundra in Gujarat. The group also secured 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 the Kutch district of Gujarat.[40] In June 2022, Adani has committed to donate Rs 60,000 crore ($7.7 billion) to social causes. Adani's corpus will be administered by the Adani Foundation, making it one of the biggest transfers to a philanthropic trust in India.[41]

References

  1. ^ a b "Gautam Adani- College Dropout To Billionaire Entrepreneur". Prime Insights.
  2. ^ "Gautam Adani Bloomberg Index". Bloomberg.com. Retrieved 11 February 2022.
  3. ^ a b Mukherjee, Andy. "The World's Second-Biggest Fortune Deserves a Keener Spotlight". Bloomberg News. Retrieved 15 October 2022.
  4. ^ "Real Time Billionaires". Forbes. Retrieved 18 September 2022.
  5. ^ Chandna, Himani (26 February 2019). "The Rise Of The Tycoon: Gautam Adani". Businessworld.
  6. ^ "A look into profile of billionaire Gautam Adani". India Today. 20 August 2011. Retrieved 23 May 2022.
  7. ^ "Top 10 Gujrati Billionaires". India TV. 1 August 2015.
  8. ^ a b c d Joseph, Anto T. (8 December 2007). "Gautam Adani: Another Gujarati who made it big". The Economic Times. Retrieved 23 May 2022.
  9. ^ 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.
  10. ^ Tumbe, Chinmay (12 December 2017). "Transnational Indian Business in the Twentieth Century". Business History Review. 91 (4): 651–679. doi:10.1017/S0007680517001350. S2CID 158483062.
  11. ^ Vora, Rutam (22 May 2022). "Gautam Adani: Cementing his portfolio". www.thehindubusinessline.com. Retrieved 23 May 2022.
  12. ^ Mehta, Harit (10 April 2014). "Gautam Adani, the baron to watch out for if Narendra Modi becomes king". The Times of India. Retrieved 16 April 2022.
  13. ^ Manoj, P. (3 August 2017). "APSEZ set to become top container port operator". @businessline. Retrieved 11 March 2021.
  14. ^ "Adani becomes first Indian port operator to record 200 MT cargo movement". The Economic Times. Retrieved 11 March 2021.
  15. ^ "Adani Solar Project". economictimes.com. 13 June 2016.
  16. ^ a b Kay, Chris; Sanjai, P R. "The World's Third-Richest Man Sells the World a Green Dream Built on Coal". Bloomberg News. Retrieved 9 September 2022.
  17. ^ "Gautam Adani, chairman Adani group". outlookbusiness.com. 10 July 2015.
  18. ^ 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.
  19. ^ "Adani wins world's largest solar project; to invest Rs 45,000 crore". The Financial Express. 9 June 2020. Retrieved 10 June 2020.
  20. ^ Karmali, Naazneen. "India's 10 Richest Billionaires 2021". Forbes. Retrieved 1 July 2021.
  21. ^ "Adani to invest $70 billion in renewable energy, produce cheapest hydrogen". The Hindu. Press Trust of India. 11 November 2021. Retrieved 9 September 2022.
  22. ^ "Gautam Adani says $50-70 bn investment planned across energy chain". Business Standard. Press Trust of India. 4 October 2021. Retrieved 9 September 2022.
  23. ^ Singh, Rajesh Kumar; Sanjai, P R (7 September 2022). "Billionaire Adani Adds More Detail on $70 Billion Green Push". Bloomberg News. Retrieved 9 September 2022.
  24. ^ Sanjai, P R (11 November 2021). "Gautam Adani's $70 Billion Pledge Now Includes Greenest Data Centers". Bloomberg News. Retrieved 9 September 2022.
  25. ^ Pratap, Aayushi (3 February 2022). "Indian Billionaire Gautam Adani Becomes Asia's Richest Person". Forbes. Retrieved 11 February 2022.
  26. ^ Sazonov, Alexander (29 August 2022). "A college dropout is now the 3rd richest person in the world". Fortune. Retrieved 9 September 2022.
  27. ^ "Adani to acquire Holcim India assets for $10.5 bn". The Times of India. 16 May 2022. Retrieved 15 September 2022.
  28. ^ Shih, Gary; Masih, Niha. "Fears for independent media in India as tycoon eyes major news channel". The Washington Post. ISSN 0190-8286. Retrieved 26 August 2022.
  29. ^ "India tycoon Adani in hostile bid for news channel NDTV". BBC News. 24 August 2022. Retrieved 24 August 2022.
  30. ^ "Gautam Adani". mapsofindia.com. 2 June 2015.
  31. ^ "Priti Adani". Ahmedabad mirror. 7 July 2016.
  32. ^ [://mumbaimirror.indiatimes.com/mumbai/other/jains-to-organise-trade-fair/articleshow/15652322.cms "Jains to organise trade fair"]. Mumbai Mirror. 10 November 2006. Retrieved 14 May 2022. {{cite news}}: Check |url= value (help)
  33. ^ "Throwback: When India's fifth richest man was kidnapped for ransom". Times Now News. 14 June 2020. Retrieved 13 December 2020.
  34. ^ "Two accused of abducting Gautam Adani 20 years ago acquitted". The Indian Express. Ahmedabad. 1 December 2018. Retrieved 13 December 2020.
  35. ^ 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.
  36. ^ Shukla, Nimish (28 November 2008). "Gautam Adani felt safe in Taj toilet". The Times of India. Retrieved 13 December 2020.
  37. ^ "Adani Foundation | Youth4work". youth4work.com. Retrieved 7 December 2020.
  38. ^ Joshi, Manas (29 March 2020). "Gautam Adani gives Rs 100 crore to PM Fund to fight coronavirus". www.indiatvnews.com. Retrieved 1 April 2020.
  39. ^ "Billionaire Gautam Adani commits to support fight against coronavirus". The Economic Times. 4 April 2020. Retrieved 10 April 2020.
  40. ^ My Nation. "To improve oxygen availability, Adani group imports cryogenic tanks from Saudi Arabia". Asianet News Network Pvt Ltd. Retrieved 11 May 2021.{{cite web}}: CS1 maint: url-status (link)
  41. ^ "Adani commits to give away Rs 60,000 crore in charity". The Times of India. 24 June 2022. Retrieved 24 June 2022.{{cite web}}: CS1 maint: url-status (link)

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