Gautam Adani

Indian industrialist Gautam Shantilal Adani, who was born on June 24, 1962, is worth $1 billion. He is the chairman and founder of the Adani Group, a multinational business with offices in Ahmedabad that develops and operates ports around India. Adani also holds the position of chairman of the Adani Foundation, which is mostly managed by his wife, Priti Adani. He is the richest person in Asia and the third richest person in the world as of November 2022, according to Forbes and Bloomberg, with a net worth of US$140.2 billion and $133 billion, respectively.

Young life

Adani was born into a Jain household on June 24, 1962, in Ahmedabad, Gujarat, to Shantilal and Shantaben Adani. His seven siblings total. His parents had left Tharad, which is a town in northern Gujarat. His father owned a little company that sold textiles. He attended the Sheth Chimanlal Nagindas Vidyalaya in Ahmedabad for his studies. To pursue a bachelor’s in commerce, he enrolled at Gujarat University, but he dropped out after the first semester. Despite Adani’s passion for business, he disliked his father’s textile industry.

Personal life

Priti Adani is the wife of Gautam Adani. Karan Adani and Jeet Adani are the couple’s two sons. His affiliation with the Jain International Trade Organization (JITO). In 1998, he was kidnapped and kept as a hostage for a ransom, but he was freed without receiving the money. When the 2008 Mumbai attacks occurred, he was there at the Taj Mahal Palace Hotel.

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Career

When Adani was just a teenager, he moved to Mumbai to work as a diamond sorter for Mahendra Brothers.

In 1981, his older brother Mahasukhbhai Adani bought an Ahmedabad plastics business and asked him to run it. Through the importation of polyvinyl chloride, this company ultimately served as Adani’s gateway into international trade (PVC).

For small businesses, he started importing fundamental polymers in 1985. In 1988, Adani established Adani Exports as the holding company for the Adani Group, presently known as Adani Enterprises. Initially, the company dealt in commodities connected to agriculture and energy.

When economic liberalisation policies proved advantageous for his business in 1991, he began expanding into the trading of metals, textiles, and agricultural items.

The Gujarat government announced the management outsourcing of the Mundra Port in 1994, and Adani was awarded the contract in 1995.

He constructed the first jetty in 1995. Adani Ports & SEZ now manages the operations that were formerly managed by Mundra Port & Special Economic Zone (APSEZ). It operates more private multi-port ports than any other company at the moment. India’s largest private sector port, Mundra Port, has a capacity of around 210 million tonnes of cargo annually.

Adani established Adani Electricity, the company’s power division, in 1996. The largest private producer of thermal electricity in the nation, Adani Power, owns thermal power facilities with a combined capacity of 4620MW.

Adani began operating as a power producing company in 2006. Between 2009 and 2012, he purchased the Abbot Point Port in Australia and the Carmichael coal mine in Queensland.

The Solar Energy Corporation of India (SECI) held a $6 billion worldwide solar auction in May 2020, and Adani won.

Adani Green will take on the 8000 MW photovoltaic power plant project, and Adani Solar will add 2000MW of additional solar cell and module production capacity.

Adani purchased a 74% share in Mumbai International Airport, India’s second busiest airport after Delhi, in September 2020.

Adani said that the business is investing USD$70 billion in a new green energy initiative in a speech at the Bloomberg India Economic Forum in November 2021. In July 2022, he presented updated details on the construction of three massive wind, solar, and electrolyzer factories that will be powered by this investment.

In February 2022, he overtook Mukesh Ambani as the richest person in Asia. In August 2022, Fortune placed him third in terms of fortune worldwide.

The Adani family paid Holcim Group $10.5 billion in May 2022 to acquire Ambuja Cements and its subsidiary ACC through a foreign special-purpose organisation.

AMG Media Networks Limited (AMNL), a division of the Adani Group, announced in August 2022 that it intended to acquire RRPR Holding, which is the owner of 29.18% of the national news channel NDTV, and launched an open offer to acquire an additional 26%. The company’s founders, former journalist Radhika Roy and her economist husband Prannoy Roy, were not informed of Adani’s acquisition of his interest through a third party, according to a statement from NDTV, and the transaction took place “without discussion, consent, or notification.” Given that Adani is regarded as being close to the ruling Bharatiya Janata Party, This action, which was spearheaded by Prime Minister Narendra Modi, has raised concerns about India’s press freedom.

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Charity

The Adani Group, which is owned by Adani, funds the Adani Foundation. It first began in 1996. In addition to Gujarat, the organisation operates in the states of Maharashtra, Rajasthan, Himachal Pradesh, Madhya Pradesh, Chhattisgarh, and Odisha.

In March 2020, he donated 100 crore (about US$13 million) to the PM Cares Fund through the charitable arm of his organisation to fight the coronavirus outbreak. A donation of 5 crore (US$630,000) was made to the Gujarat CM Relief Fund, and a donation of 1 crore (US$130,000) was made to the Maharashtra CM Relief Fund.

Adani Group, a diversified company led by Adani, transported four ISO cryogenic tanks filled with 80 metric tonnes of liquid medical oxygen from Dammam in Saudi Arabia to Mundra in Gujarat. The team also bought 5,000 medical-grade oxygen cylinders from Linde Saudi Arabia. Adani claimed on Twitter that his company provides Kutch, Gujarat, with 1,500 cylinders of medical oxygen daily, wherever it is needed. Adani promised to pay Rs 60,000 crore ($7.7 billion) to philanthropic causes in June 2022. The Adani Foundation will manage Adani’s corpus, making this one of the largest donations to a charitable trust in India.