Gautam Adani

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Gautam Adani
Gautam Adani.jpg
Born Gautam Shantilal Adani
(1962-06-24) 24 June 1962 (age 56)
Ahmedabad, Gujarat, India
Residence Ahmedabad, Gujarat, India
Nationality Indian
Occupation Chairman, Adani Group
Known for Founder and chairman, Adani Group
Net worth $10.3 billion (December 2017)[1]
Spouse(s) Priti Adani
Children Karan Adani
Jeet Adani
Parent(s) Shantilal and Shanta Adani
Relatives Vinod Adani (Elder brother) Rajesh Adani ( Younger brother)
Website Official website

Gautam Shantilal Adani (born 24 June 1962) is an Indian billionaire businessman who is the chairman and founder of Adani Group. According to Forbes, his net worth is estimated to be $8.81 billion as of September 2017.[1] He founded the Group in 1988, which now deals in businesses spanning coal trading, coal mining, oil & gas exploration, ports, logistics, power generation, agriculture, edible oils, transmission and gas distribution.[2]

Early life[edit]

Gautam Adani is a Gujarati[3] who was born on 24 June 1962, in Ahmedabad. He is the first billionaire from the city of Ahmedabad.[3] 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.[3] .He started a bachelor's degree in commerce at Gujarat University, but dropped out after the second year.[4]

Career[edit]

After working as a diamond sorter at Mahindra Brothers for two years, Adani set up his own diamond brokerage business in Mumbai, India.[5] Mahasukh Adani, his elder brother, called him back to Ahmedabad to run his newly purchased plastic factory.[5] He soon started commodity trading by importing polyvinyl chloride (PVC), a key raw material for manufacturing plastic.[5]

Adani Group[edit]

In 1988, he started Adani Enterprises Limited (formerly known as the Adani Export Ltd), the flagship company of the Adani Group, that traded in a variety of power and agricultural commodities. The 1991 economic liberalization policies fuelled the rapid growth of the business leading to huge profitability of Adani Exports. This provided further capital to Adani to expand his business. In 2006, Adani Exports was renamed to Adani Enterprises Limited.[6] 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 210 million tonnes of cargo per annum. [6]

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 648 MW.[7]

Kamuthi[edit]

In September 2016, Adani Green Energy (Tamil Nadu), the renewable wing of the Adani Group, kicked off operations in Kamuthi in Ramnathapuram in Tamil Nadu with a capacity of 648 megawatts (MW) at an estimated cost of Rs. 4,550 crore. [8]

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.[9] Even though claiming on national media that he has no special favors with Modi,[10] Modi was seen traveling on Adani group's chartered planes to rallies across India.[11][12] 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.[13]

It was alleged that the NDA government was favouring Adani by allegedly waiving off Rs. 200 crore fine on Adani Port and SEZ.[14] Adani, later, in an interview clarified the fine has not been dropped and the government is not favouring Adani either.[15] He further clarified that the mine is owned by Rajasthan Government and Adani Group is just the mine contractor.[15]

Adani Foundation[edit]

The Adani Foundation was founded in 1996, and is registered under the Bombay Public Charity Trusts Act of 1950 and Society’s Registration Act 1860.[16] Other than Gujarat, the Foundation operates in the states of Maharashtra, Rajasthan, Himachal Pradesh, Madhya Pradesh, Chhattisgarh and Odisha.[16]

Personal life[edit]

He is married to Priti Adani, who is a dentist and heads the Adani Foundation as a managing trustee.[17] They have two sons.[18]

References[edit]

  1. ^ a b "Gautam Adani & family". Forbes. Retrieved 6 April 2017. 
  2. ^ "Adani Enterprises Ltd". BusinessWeek. 2014. Retrieved 16 June 2014. 
  3. ^ a b c "Top 10 Gujarati billionaires". India TV News. 2015-08-01. 
  4. ^ "Gautam Adani Business Profile". Business Maps of India. 2014. Retrieved 16 June 2014. 
  5. ^ a b c "Gautam Adani Biography- About family, children, education, wife, age, and more". Business.mapsofindia.com. 2 June 2015. Retrieved 6 April 2017. 
  6. ^ a b Mehta, Harit (10 April 2014). "Gautam Adani, the baron to watch out for if Narendra Modi becomes king". The Times of India. Retrieved 10 April 2014. 
  7. ^ "ABB links 648 MW solar project at Kamuthi with national grid - The Economic Times". Economictimes.indiatimes.com. 13 June 2016. Retrieved 6 April 2017. 
  8. ^ Share on FacebookShare on Twitter (21 September 2016). "Adani: Adani unveils world's largest solar power plant in Tamil Nadu - Times of India". Timesofindia.indiatimes.com. Retrieved 6 April 2017. 
  9. ^ "Allegations political, didn't get land at Re 1 from Modi: Adani". The Times of India. 28 April 2014. Retrieved 16 June 2014. 
  10. ^ Press Trust of India (27 April 2014). "Gautam Adani denies any special favours from Modi". The Indian Express. Retrieved 16 June 2014. 
  11. ^ "Modi flies only on Gujarat Inc. money". The Times of India. 29 September 2007. Retrieved 16 June 2014. 
  12. ^ "Can someone explain why Modi is using Adani's private jet?". Reddit.com. 2 March 2014. Retrieved 16 June 2014. 
  13. ^ "GAUTAM ADANI INTERVIEW Youtube HD Video Online". Onlinenewsvideo.net. 28 April 2014. Retrieved 16 June 2014. 
  14. ^ "Modi government cancels Rs 200cr penalty: Achhe din for Adani only?". Dailyo.in. 3 July 2016. Retrieved 6 April 2017. 
  15. ^ 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. 
  16. ^ a b "Gautam Adani". Globalrecorder.com. Retrieved 6 April 2017. 
  17. ^ Ahmedabad Mirror (6 July 2016). "Being sultan - Ahmedabad Mirror". Ahmedabadmirror.indiatimes.com. Retrieved 6 April 2017. 
  18. ^ "Subscribe to read". Financial Times. Retrieved 19 December 2017. 

External links[edit]