Gautam Adani

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Gautam Adani
Gautam Adani.jpg
Born
Gautam Shantilal Adani

(1962-06-24) 24 June 1962 (age 58)
NationalityIndian
OccupationChairman, Adani Group
Known forFounder, Adani Group
Net worth$10.8 billion (May 2020)[1]
Spouse(s)Priti Adani
ChildrenKaran Adani
RelativesVinod Adani (brother)
WebsiteOfficial website

Gautam Shantilal Adani (born 24 June 1962) is an Indian billionaire industrialist who is the chairman and founder of the Adani Group -- an Ahmedabad-based multinational conglomerate involved in port development and operations in India.[2] 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, agriculture, defence and aerospace, amongst others.[3]

According to Forbes, his net worth is estimated to be around $15.7 billion as of October 2019.[4] He has a 66% stake in Adani Ports & SEZ Limited, 75% stake in Adani Enterprises, 73% stake in Adani Power, 75% stake in Adani Transmission.[5] In 2019, he was ranked as the 3rd most powerful person in India by India Today[6]. He was also declared the 2nd richest man in India by Forbes in 2019.[7]

Early life[edit]

Gautam Adani was born on 24 June 1962 in a Jain family to Shantilal and Shanti Adani in Ahmedabad, Gujarat.[8] He has 7 siblings and his parents had migrated from the town of Tharad in the northern part of Gujarat [9]. His father was a textile merchant.[10] He was educated at Sheth Chimanlal Nagindas Vidyalaya school in Ahmedabad. He enrolled in a bachelor's degree in commerce at Gujarat University, but dropped out after the second year.[3] Adani was keen on business, but not his father's textile business.[11]

Career[edit]

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.[12]

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.[13]

In 1985, he started importing primary polymers for small-scale industries. In 1988, Adani established Adani Exports Limited, now known as Adani Enterprises Limited – the holding company of the Adani Group. Originally, the company dealt in agricultural and power commodities.[14]

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.[citation needed]

In 1993, the Government of Gujarat announced managerial outsourcing of the Mundra Port and in 1995, Adani got the contract.[15]

In 1995, he set up the first jetty. Originally operated by Mundra Port & Special Economic Zone, the operations were transferred to Adani Ports & SEZ Limited (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.[citation needed]

In 1996, the power business arm of the Adani Group – Adani Power Limited 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.[16]

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

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 2000MW of additional solar cell and module manufacturing capacity.[18][19]

Personal life[edit]

Gautam Adani is married to Priti Adani.[20][21] He likes to read, especially books by Tony Robbins.[22]

Philanthropy[edit]

Gautam 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.[23]

In March 2020, he contributed Rs 100 crore to the PM CARES Fund through his group's philanthropy arm, to fight the Coronavirus outbreak.[24] A contribution of Rs 5 crore was made to the Gujarat CM Relief Fund and Rs 1 crore to the Maharashtra CM Relief Fund. [25]

Controversy[edit]

During the time of 2014 Loksabha elections of India, Adani was accused of various controversies. He was being accused of supporting Narendra Modi for his campaign in Bharatiya Janata Party.[26] Even though claiming on national media that he has no special favours with Modi,[27] Modi was seen traveling on Adani group's chartered planes to rallies across India.[28][29] To counter this allegation, Adani spoke out in an interview with CNBC and clarified that the BJP paid market price to Adani Group for using its aviation services.[30]

It was alleged that the NDA government was favouring Adani by allegedly waiving Rs. 200 crore fine on Adani Port and SEZ.[31] Adani, later, in an interview clarified the fine has not been dropped and the government is not favouring Adani either.[32] He further clarified that the mine is owned by Rajasthan Government, and Adani Group is just the mine contractor.[32]

References[edit]

  1. ^ "Forbes profile: Gautam Adani & family". Retrieved 27 May 2020.
  2. ^ "Gautam Adani". Bloomberg.
  3. ^ a b "Gautam Adani Biography". Business map of india. 2 June 2015.
  4. ^ "Forbes India Rich List 2019: Mukesh Ambani retains top spot, Gautam Adani second".
  5. ^ "Bloomberg Billionaires Index - Gautam Adani". bloomberg.com. Retrieved 3 August 2018.
  6. ^ "The most powerful people of India 2019".
  7. ^ https://www.forbes.com/profile/gautam-adani/#6c7501d01608
  8. ^ "The Rise Of The Tycoon: Gautam Adani". Businessworld. 26 February 2019.
  9. ^ "Gautam Adani Biography". Tu13Dekh. 22 October 2019.
  10. ^ "Top 10 Gujrati Billionaires". India TV. 1 August 2015.
  11. ^ Cambridge Core (12 December 2017). "Transnational Indian Business in the Twentieth Century".
  12. ^ "Business Journal". cambridge. 12 December 2017.
  13. ^ "Gautam Adani Biography". Businessmapsofindia. 2 June 2015.
  14. ^ "Gautam Adani Biography". Businessmapsofindia. 2 June 2015.
  15. ^ "Gautam Adani". timesofindia. 10 April 2014.
  16. ^ "Adani Solar Project". economictimes.com. 13 June 2016.
  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 $6 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. ^ "Gautam Adani". mapsofindia.com. 2 June 2015.
  21. ^ "Priti Adani". ahmedabadmirror. 7 July 2016.
  22. ^ "Gautam Adani". wealthx.com.
  23. ^ "Adani Foundation". university.youth4work.com.
  24. ^ Joshi, Manas (29 March 2020). "Gautam Adani gives Rs 100 crore to PM Fund to fight coronavirus". www.indiatvnews.com. Retrieved 1 April 2020.
  25. ^ "Billionaire Gautam Adani commits to support fight against coronavirus". The Economic Times. 4 April 2020. Retrieved 10 April 2020.
  26. ^ "Allegations political, didn't get land at Re 1 from Modi: Adani". The Times of India. 28 April 2014. Retrieved 16 June 2014.
  27. ^ PTI (27 April 2014). "Gautam Adani denies any special favours from Modi". The Indian Express. Retrieved 16 June 2014.
  28. ^ "Modi flies only on Gujarat Inc. money". The Times of India. 29 September 2007. Retrieved 16 June 2014.
  29. ^ "Can someone explain why Modi is using Adani's private jet?". Reddit.com. 2 March 2014. Retrieved 16 June 2014.
  30. ^ "GAUTAM ADANI INTERVIEW Youtube HD Video Online". Onlinenewsvideo.net. 28 April 2014. Retrieved 16 June 2014.
  31. ^ "Modi government cancels Rs 200cr penalty: Achhe din for Adani only?". Dailyo.in. 3 July 2016. Retrieved 6 April 2017.
  32. ^ a b "Gautam Adani: We don't seek special favours from BJP or any individual". The Indian Express. 11 July 2016. Retrieved 6 April 2017.

External links[edit]