Gautam Adani

Gautam Adani
Born Gautam Shantilal Adani
(1962-06-24) 24 June 1962
Ahmedabad, Gujarat, India
Residence Ahmedabad, Gujarat, India
Nationality Indian
Occupation Chairman, Adani Group
Known for Founder, Adani Group
Net worth $7.09 billion (October 2018)[1]
Spouse(s) Priti Adani
Children 2
Parent(s) Shantilal and Shanta Adani
Relatives Vinod Adani (brother)
Website Official website

Gautam Shantilal Adani (born 24 June 1962) is an Indian industrialist who is the chairman and founder of the Adani Group -- an Ahmedabad-based multinational conglomerate involved in port development and operatorions 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 $8.7 billion as of August 2018.[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 2017, he was ranked as the 4th most powerful person in India by India Today.[6]

Early life

Gautam Adani was born on 24 June 1962 in a Bania family to Shantilal and Shanti Adani in Ahmedabad, Gujarat. He had 7 siblings and his parents had migrated from the town of Tharad in the northern part of Gujarat. His father was a textile merchant.[7] 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.[8]

Career

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.[9]

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.[10]

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.[11]

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.

In 1993, 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 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.

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.[13]

In 2006, Adani entered the Power generation business. From 2009 to 2012, he acquired Carmichael Coal in Queensland and Abbot Point Port in Australia.[14]

Personal Life

Adani is married to Priti Adani.[15][16] He likes to read, especially books by Robin Sharma.[17]

Philanthropy

Adani is the president of the Adani Foundation, [18] the corporate social responsibility arm of 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. [19] The Group works on the following sectors:

  • Education
  • Community Health
  • Rural Infrastructure Management
  • Sustainable Livelihood Management

Controversy

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.[20] Even though claiming on national media that he has no special favors with Modi,[21] Modi was seen traveling on Adani group's chartered planes to rallies across India.[22][23] 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.[24]

It was alleged that the NDA government was favouring Adani by allegedly waiving Rs. 200 crore fine on Adani Port and SEZ.[25] Adani, later, in an interview clarified the fine has not been dropped and the government is not favouring Adani either.[26] He further clarified that the mine is owned by Rajasthan Government, and Adani Group is just the mine contractor.[26]

References

  1. ↑ "Gautam Adani & family". Forbes. Retrieved 3 August 2018.
  2. ↑ "Gautam Adani". Bloomberg.
  3. 1 2 "Gautam Adani Biography". Business map of india. 2015-06-02.
  4. ↑ "Gautam Adani". Forbes. 2018-02-08.
  5. ↑ "Bloomberg Billionaires Index - Gautam Adani". bloomberg.com. Retrieved 3 August 2018.
  6. ↑ "50 Power people". India Today. 2017-04-14.
  7. ↑ "Top 10 Gujrati Billionaires". India TV. 2015-08-01.
  8. ↑ Cambridge Core (2017-12-12). "Transnational Indian Business in the Twentieth Century".
  9. ↑ "Business Journal". cambridge. 2017-12-12.
  10. ↑ "Gautam Adani Biography". Businessmapsofindia. 2015-06-02.
  11. ↑ "Gautam Adani Biography". Businessmapsofindia. 2015-06-02.
  12. ↑ "Gautam Adani". timesofindia. 2014-04-10.
  13. ↑ "Adani Solar Project". economictimes.com. 2016-06-13.
  14. ↑ "Gautam Adani, chairman Adani group". outlookbusiness.com. 2015-07-10.
  15. ↑ "Gautam Adani". mapsofindia.com. 2015-06-02.
  16. ↑ "Priti Adani". ahmedabadmirror. 2016-07-07.
  17. ↑ "Gautam Adani". wealthx.com.
  18. ↑ "Adani Foundation". Adani. 2017-12-07.
  19. ↑ "Adani Foundation". university.youth4work.com.
  20. ↑ "Allegations political, didn't get land at Re 1 from Modi: Adani". The Times of India. 28 April 2014. Retrieved 16 June 2014.
  21. ↑ PTI (27 April 2014). "Gautam Adani denies any special favours from Modi". The Indian Express. Retrieved 16 June 2014.
  22. ↑ "Modi flies only on Gujarat Inc. money". The Times of India. 29 September 2007. Retrieved 16 June 2014.
  23. ↑ "Can someone explain why Modi is using Adani's private jet?". Reddit.com. 2 March 2014. Retrieved 16 June 2014.
  24. ↑ "GAUTAM ADANI INTERVIEW Youtube HD Video Online". Onlinenewsvideo.net. 28 April 2014. Retrieved 16 June 2014.
  25. ↑ "Modi government cancels Rs 200cr penalty: Achhe din for Adani only?". Dailyo.in. 3 July 2016. Retrieved 6 April 2017.
  26. 1 2 "Gautam Adani: We don't seek special favours from BJP or any individual". The Indian Express. 11 July 2016. Retrieved 6 April 2017.
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