Gautam Shantilal Adani (born 24 June 1962) is an Indian billionaire businessman and the founder and chairman of the Adani Group, a multinational conglomerate involved in port development and operations across India. As of 21 November 2024, he is ranked as the second richest person in Asia and the 25th richest in the world, with an estimated net worth of $60 billion. In 2022, Time magazine included him in its list of the 100 most influential people in the world.
Early Life and Education
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| Born | Gautam Shantilal Adani 24 June 1962 |
| Education | Gujarat University (dropped out, 1978) |
| Occupations | Businessman |
| Title | Founder and Chairman of the Adani Group |
| Spouse | Priti Adani ​ (m. 1986) |
| Children | 2 |
| Parents |
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| Relatives | Vinod Adani (brother) |
Gautam Shantilal Adani was born on 24 June 1962 in Ahmedabad, Gujarat, into a Gujarati Jain family. His parents, Shantilal Adani and Shantaben Adani, had migrated from Tharad, a town in northern Gujarat. His father was a small textile merchant. Adani has seven siblings.
He attended Sheth Chimanlal Nagindas Vidyalaya school in Ahmedabad and later enrolled at Gujarat University for a bachelor's degree in commerce. However, he dropped out after the second year. Although he was interested in pursuing business, he was not drawn to his father's textile trade.
Career
As a teenager, Gautam Adani moved to Mumbai in 1978, where he worked as a diamond sorter for Mahendra Brothers. In 1981, his elder brother, Mahasukhbhai Adani, acquired a plastics unit in Ahmedabad and invited Gautam to manage the operations. This venture marked Adani's entry into global trade through the import of polyvinyl chloride (PVC).
By 1985, Adani expanded his business activities by importing primary polymers for small-scale industries. In 1988, he founded Adani Exports, later renamed Adani Enterprises, which became the flagship company of the Adani Group. Initially, the company focused on agricultural and power commodities. Following India's economic liberalization in 1991, Adani leveraged the policy changes to diversify into the trading of metals, textiles, and agro products.
In 2006, he expanded into power generation, further solidifying his business empire. Between 2009 and 2012, Adani made significant international acquisitions, including the Abbot Point Port in Australia and the Carmichael coal mine in Queensland.
In February 2022, Adani became the richest person in Asia, surpassing Mukesh Ambani. By August 2022, he was ranked the third richest person in the world by Fortune.
Adani Group
In 1994, the Government of Gujarat initiated the managerial outsourcing of the Mundra Port, and in 1995, Gautam Adani secured the contract for its development and management. The first jetty was established the same year. Initially operated by Mundra Port & Special Economic Zone, the operations were later transferred to Adani Ports & SEZ (APSEZ). Currently, APSEZ is the largest private multi-port operator in India, with Mundra Port handling approximately 210.15 million tons of cargo annually, making it the largest private port in the country.
In 1996, Adani founded Adani Power, the group's power generation arm. Adani Power operates thermal power plants with a combined capacity of 4,620 MW, making it the largest private thermal power producer in India.
In May 2020, Adani secured the world's largest solar bid through the Solar Energy Corporation of India (SECI), valued at $6 billion. The project includes an 8,000 MW photovoltaic power plant, to be developed by Adani Green, and 2,000 MW of solar cell and module manufacturing capacity under Adani Solar.
In September 2020, Adani acquired a 74% stake in Mumbai International Airport, the second busiest airport in India after Delhi.
In May 2022, the Adani family acquired Ambuja Cements and its subsidiary ACC from the Swiss conglomerate Holcim Group for $10.5 billion, using an overseas special-purpose entity.
In August 2022, Adani Group's AMG Media Networks Limited (AMNL) announced plans to acquire RRPR Holding, which owned 29.18% of the national news broadcaster NDTV, along with an open offer to purchase an additional 26%. NDTV's founders, Radhika Roy and Prannoy Roy, claimed the acquisition occurred without their consent or prior notice. The bid raised concerns about media independence in India, as Adani is closely associated with Prime Minister Narendra Modi's Bharatiya Janata Party (BJP). By December 2022, Adani had become the largest shareholder in NDTV. The Economist noted that NDTV, once critical of the government, became noticeably subdued in its coverage after the acquisition.
Controversies
2002 Cheating Allegations
In 2002, Gautam Adani was arrested by the Delhi Police following the issuance of a non-bailable warrant (NBW) related to a cheating complaint filed by a senior official from M S Shoes. The warrant was withdrawn the next day after the court was informed that both parties were in discussions to reach a settlement.
2012 Share Manipulation Case
In 2012, the Serious Fraud Investigation Office (SFIO) filed a charge sheet against twelve individuals, including Adani, on charges of cheating and criminal conspiracy linked to the purchase and sale of shares. The SFIO alleged that Adani Agro had provided funds and shares to facilitate illegal activities. In May 2014, a local court in Mumbai cleared Adani and the other accused of all charges. However, in 2020, a Mumbai sessions court overturned the earlier acquittal, reviving the legal scrutiny against Adani in the case.
Political Views
Gautam Adani is widely known for his close association with Indian Prime Minister Narendra Modi and the ruling Bharatiya Janata Party (BJP). This relationship has led to allegations of cronyism, with critics pointing to Adani's firms frequently securing Indian government contracts in the energy and infrastructure sectors.
In 2012, an Indian government auditor accused Modi of providing low-cost fuel from a Gujarat state-run gas company to Adani and other business figures. Both Adani and Modi have denied any wrongdoing.
The Economist described Adani as "a master operator" adept at navigating India's complex legal and political environment, though it criticized the Adani Group's "Byzantine" structure and opaque financial practices.
Following criticism of Modi's handling of the 2002 Gujarat riots by the Confederation of Indian Industry (CII), Adani founded the Resurgent Group of Gujarat (RGG) as a rival organization, positioning himself as its chairman.
Personal Life
Gautam Adani married Priti Vora, a dentist, in 1986. The couple has two sons, Karan and Jeet. Priti Adani chairs the Adani Foundation, the group's philanthropic arm. Karan Adani is the CEO of Adani Ports & SEZ, while Jeet Adani oversees the Adani Airports business and Adani Digital Labs.
1998 Kidnapping Incident
In January 1998, Adani and his associate Shantilal Patel were reportedly abducted and held for ransom. Two former gangsters, Fazl-ur-Rehman and Bhogilal Darji, were accused but acquitted in 2018 due to Adani and Patel not attending court depositions despite multiple summons.
2008 Mumbai Terrorist Attack
On 26 November 2008, Adani was dining at the Taj Mahal Palace Hotel in Mumbai during the terrorist attack. He was reportedly just 15 feet away from the terrorists. Adani hid in the hotel's kitchen and later in a bathroom, emerging safely the following morning.
References
- Gautam Adani (no date) Forbes. Available at: https://www.forbes.com/profile/gautam-adani-1/?list=rtb%2F (Accessed: 09 January 2025).
- Gautam Adani Biography: Age, Early Life, family, education, career, net worth, philanthropy, and more (2022) Jagranjosh.com. Available at: https://www.jagranjosh.com/general-knowledge/gautam-adani-biography-1642144168-1 (Accessed: 09 January 2025).
- Gautam Adani: Chairman - adani group (no date) Adani Group - Growth with Goodness. Available at: https://www.adani.com/en/about-us/one-vision-one-team/gautam-adani (Accessed: 09 January 2025).
- Goodreturn (no date) Gautam Adani: Gautam Adani Net Worth, biography, age, spouse, children & more, Goodreturn. Available at: https://www.goodreturns.in/gautam-adani-net-worth-and-biography-blnr6.html (Accessed: 09 January 2025).
- Sekhar, - Metla Sudha et al. (no date) Gautam Adani is facing the biggest trial of his life, The Economic Times. Available at: https://economictimes.indiatimes.com/news/india/gautam-adani-a-26/11-terror-attack-survivor-now-faces-biggest-trial-of-his-life/articleshow/115532540.cms?from=mdr (Accessed: 09 January 2025).
