Gautam Adani: The Indian Businessman and the wealthiest man in Asia have slipped down to the fourth position in the Forbes list of richest people in the world. The Billionaire has recently faced a whopping loss and degradation in his net worth. He has been known for his highly lucrative venture, the Adani Group and his presidency of the Adani Group. The industrialist has made it to the news multiple times for one reason or another but his reported losses and the depreciation in his net worth have been extremely shocking.
In the following biography, you shall find all the details on Adani’s Net Worth, Con Allegations faced by him, his Family, Professional Career, Age, Height, and much more. Read further to get all information pertaining to the life of Gautam Adani.
Gautam Adani Biography
Known to be the richest man in Asia, Gautam Adani is an Indian industrialist who is the Founder and Chairman of the Adani Group and is the President of the Adani Foundation. The 60-year-old businessman is known to be one of the prominent men in India. He holds a very significant place and space in the nation as he deals in the commodity market and employs more than a lakh people around the world.
Furthermore, he works very closely with the Indian Government in terms of the Generation and Transmission of Electricity, Management of Ports, Coal pertinent activities, Processing of Food, Operations at the Airports, and more. He is known for his philanthropy and political connections other than his contribution to trade and the world of Business.
Gautam Adani: Quick Facts
|Name of the Personality||Gautam Adani|
|Date of Birth||24 June 1962|
|Birth Place||Ahmedabad, Gujarat|
|Company||Adani Group and Adani Foundation|
|Role||Chairman and Founder: Adani Group |
President: Adani Foundation
|Parents||Shantilal Adani and Shantaben Adani|
|Children||Karan Adani and Jeet Adani|
|Net Worth||USD 99.1 Billion|
Early Life and Education of Adani
Gautam Adani was born on 24 June 1962 in a Jain family in Ahmedabad, Gujarat. His parents, Shantilal Adani and Shantaben Adani are based in the town of Tharad but they moved to the city before the birth of Gautam. He has seven siblings and business was deeply rooted in the family as his father, Shantilal worked as a textile merchant. Even though entrepreneurship attracted Adani, he could not join his father’s line of business due to a lack of sincere interest in the industry.
Check this Jeff Bezos Biography
Gautam pursued his schooling at the Sheth Chimanlal Nagindas Vidyalaya School located in the city of Ahmedabad, further taking up a Bachelor’s degree in Commerce at the University of Gujarat. However, in order to take up his passion for business and gain an experience in the field, he dropped out of college and moved to Mumbai. Adani never returned to complete his education.
Adani Group and Foundation
Initially, after shifting to Mumbai as a teenager, Gautam decided to work under the Mahindra Brothers’ venture as a diamond sorter until his elder brother, Mahasukhbhai Adani invited him to manage the operations of the plastic unit initiative he launched. Gautam gained substantial knowledge regarding the trading of the Polyvinyl Chloride industry. Post acquiring a very considerable amount of experience in the field, Adani decided to establish Adani Exports which dealt with agricultural and power commodities which he furthered into metals, textiles, and agro products.
The rise of Adani’s ventures commenced when he received his first contract from the Government of Gujarat for the managerial outsourcing of the Mudra Port. It soon happened so that the operations were transferred to his company and presently, the port is the largest private sector port in India. Further, he also acquired a bid from Solar Energy Corporation of India and later a very large stake of 74% in the Mumbai Airport. He took over Ambuja Cements and its subsidiary wing, ACC in the year 2022. In the same year, he bought the Indian News channel, NDTV.
He not only controls the largest port in India and is the biggest airport operator in India but is also the contentious Australian coal mining project named Abbot Point. He is the second largest cement producer in India after his acquisition of Ambuja Cement and ACC. He aims to become the largest producer of green energy in the entire globe and has been making subsequent investments accordingly. He has recently bought the Women’s Indian Premier League Team representing the city of Ahmedabad for a whopping Rs. 1289 crores.
The Adani Group is the umbrella term for all the entrepreneurial ventures of Gautam Adani which are namely, ACC, NDTV, Adani Power, Adani Ports and SEZ, Adani Transmission, Ambuja Cements, Adani Green Energy, and Adani Enterprises. Furthermore, Adani Foundation is a part of his philanthropic initiatives and stands solely as an organisation that aims to construct a social capital further promulgating activities of the self-help groups, contributing to the organisational skill development of female artisans and striving to preserve the local and traditional art flourishing in the states of Gujarat, Maharashtra, Madhya Pradesh, Himachal Pradesh, Odisha, Rajasthan, and Chhattisgarh.
Political Activities and Philanthropy of Gautam Adani
Gautam Adani is known to be highly close to the Prime Minister of India, Narendra Modi. The two have allegedly engaged in cronyism. He has been suspected to share a very cordial friendship with the PM ever since he was the Chief Minister of Gujarat. The allegations have not yet been proved or have a solid evidential ground. Both, PM Modi and Gautam Adani have denied these claims.
Adani, through his foundations, is offering all support that he intends to. He contributed Rs. 100 crores to the PM Cares Fund during coronavirus peaks in India, further extending Rs. 3 Crore support to Gujarat CM Relief Fund and Rs. 1 crore to the Maharashtra CM Relief Fund. He also pledged to donate Rs. 60,000 crores for philanthropy in the year 2022. He has also imported 80 metric tonnes of liquid medical oxygen to Gujarat which is utilised in order to provide oxygen in the Kutch Region.
Gautam Adani Net Worth
The net worth of the Chairman and Founder of the Adani Group took a huge stroll when it dropped by USD 20.1 billion to reach the figure of USD 99.1 billion, as per Forbes. He was stationed at the second position in the Forbes list of the World’s Richest. However, due to a reported allegation against him made by the US Based, Hindenburg Research regarding some alleged brazen stock manipulation and accounting fraud scheme, he is now standing at the seventh position in the list. After facing a loss of nearly 16.88%, the Net Worth of Gautam Adani stands at a figure of USD 99.1 Billion.
Con Allegations on Gautam Adani
Hindenburg which is based in the United States published research on Gautam Adani declaring, that his Adani Group “engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades”. The report was out on 25 January 2023 and since Wednesday, the group has faced a loss of more than USD 11 Billion. This has been a huge shocker for not only the conglomerate but also for Gautam. He has not only faced a depreciation in his monetary possessions but also his industrial image has been immensely tarnished. They further added that he has been involved in “pulling the largest con in corporate history”.
Adani is presently evaluating the report and considering options including legal ones. Further, they have warned the publisher of taking the matter legally. The publishing company has firmly stood by the report they have published and they are ready to revert back to any legal action taken by the Group. The opposition parties in India have also not missed a chance to hit back at Adani by bringing his friendship with the Indian Prime Minister to light. They have accused the PM to be willing to take all possible actions and assist Adani completely.
However, the group has declared the report as, a “malicious combination of selective misinformation and stale”. There have not yet been any reactions received from the Indian Government or related sources on the issue and the Indian community has also expressed annoyance with the report published, which has been reportedly created without considering the option to “verify the factual matrix”. The group has also indicated that the publishing of the report is intentional and desperate as it was released with the intent of “damaging the upcoming follow-on public offering from Adani Enterprises, the biggest FPO ever in India”.
Read the Report by Hindenburg Research here!
Family and Personal Life of the Adanis
Gautam is married to Priti Adani who is the head of the Adani Foundation and is mostly involved in philanthropy. She has taken many steps to ensure education in the state of Gujarat. The couple has two sons, Karan and Jeet Adani. Karan is married to Cyril Shroff’s daughter, Paridhi. The young couple parents a daughter named, Anuradha who is the grandchild of Gautam.
Social Media and Websites
|Official Website||Adani Group|
|Linkedin Profile||Gautam Adani|