Gautam Adani comes Eighth among the richest men in the world with his highest earnings. He is an Indian business tycoon and the founder of the Adani Group.
Gautam Adani is an Indian business tycoon and the founder of the Adani Group, a multinational conglomerate company headquartered in Ahmedabad, India. The company was founded in 1988.
Today the company plays a major role in coal trading, coal mining, oil & gas exploration, ports, multi-modal logistics, and power generation among others. Gautam was born into a business family, he undoubtedly willed his forefathers’ business awareness but he never developed any interest in the family’s textile business.
Determined young man, who dropped out of school and moved to Mumbai from Ahmedabad to look for his future. He volunteered in diamond brokering and within years he found great success and soon became a millionaire.
Adani returned home when his brother requested him to help him run a small plastics factory. As he was born an entrepreneur, he eventually set up his own business, Adani Enterprises, which became the Adani Group’s flagship company.
At first, he dealt in the export and import of commodities, the business soon expanded to encompass coal mining, ports, power generation, Agri Infrastructure, edible oil & transmission, and gas distribution, among other ventures.
Gautam Adani Childhood and Early Life:-
Gautam Adani was born on 24 June 1962 to a father Shantilal Adani and a mother Shanta Adani in Ahmedabad, Gujarat, India. He was born into a Bania family and has seven siblings in total. His family was involved in the textile business.
At a young age, he was very determined and ambitious but didn’t have a lot of interest in academics so he dropped out of school as a teenager. He joined Gujarat University for graduation but did not complete it. As he always has an interest in business but he does not want to join his father’s textile business.
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Gautam Adani Career:
- His entrepreneurial spirit made him leave Ahmedabad and move to Mumbai when he was 18. Possessing just a few hundred rupees, the young man was determined to make it big. He began working as a diamond sorter at Mahindra Brothers and set up his own diamond brokerage business after a couple of years.
- His business did well and he became a millionaire by the time he was 20. By this time his elder brother had newly purchased a plastic factory in Ahmedabad and asked Gautam Adani to help him in running it.
- Adani returned to Ahmedabad and started working with his brother. He soon began commodity trading by importing Polyvinyl Chloride (PVC), a key raw material for manufacturing plastic, and visited South Korea where he made a deal for importing PVC.
- In 1988, he established Adani Exports Limited now known as the Adani Enterprises Ltd. The company initially dealt in agricultural commodities and power and eventually expanded over the years.
- The liberalization and economic reforms of 1991 boosted Adani’s business and increased revenues and profits for his company. The favorable business environment allowed Adani to expand his company rapidly.
- In 1993, the Government of Gujarat invited private companies to run the Mundra Port and in 1995 Adani won the contract. It was initially operated by Mundra Port & Special Economic Zone Ltd which was later expanded into the Adani Ports and Special Economic Zone Limited (APSEZ). It is today India’s largest private multi-port operator.
- Gautam Adani founded Adani Power Limited, the power business subsidiary of Adani Group, in 1996. The company is India’s largest private power producer and also the largest solar power producer in India.
- Adani has also been the subject of considerable controversy. He has been accused of receiving special favors from the then-Chief Minister of Gujarat, Narendra Modi in return for supporting Modi in his political campaign in 2014. Adani has denied the accusations.
- The Adani Group is involved in a lot of philanthropic work through the Adani Foundation. The foundation operates in several states in addition to Gujarat and focuses on activities related to education, sustainable livelihood opportunities, broadening rural infrastructure, etc.
- His wife runs the Adani Vidya Mandir, a school in Ahmedabad that admits only those children whose parents have an annual income of less than Rs.1 lakh.
- The foundation has a special scheme for helping fisher folks and provides financial assistance to 500 fishermen of the coastal taluka for purchasing fishing equipment. Educational facilities are provided for the fishermen’s children.
- In 2012, Adani Foundation partnered with IndiaSkills, a joint venture in vocational training, and City & Guilds, one of the leading providers of work-related assessment and qualifications, to set up a skills training center in Gujarat for offering skill-related courses in retail, hospitality, security, construction, and engineering.
- In May 2020, Adani won the world’s largest solar bid by the Solar Energy Corporation of India (SECI) worth US$6 billion. The 8000MW photovoltaic power plant project will be taken up by Adani Green; Adani Solar will establish 2000MW of additional solar cell and module manufacturing capacity.
- In September 2020, Adani acquired a 74% stake in Mumbai International Airport, India’s second busiest after Delhi.
- In February 2022, he became Asia’s richest person, surpassing Mukesh Ambani.
- In May 2022, the Adani family acquired Ambuja Cements and its subsidiary ACC from Holcim Group for $10.5 billion, through an overseas special-purpose entity.
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Gautam Adani’s Awards and Recognitions:-
In 2007, Gautam was awarded the “Excellence in Management Award” by the Chief Minister of Gujarat.
Gautam Adani Personal Life:-
Gautam Adani married Priti Adani who is a dentist and a managing trustee of the Adani Foundation in 1998. They both have two sons named Karan Adani and Jeet Adani.
Gautam Adani Net Worth:-
Gautam Adani’s estimated net worth in 2022 is about $98.1 Billion.
Adani has a transferral ownership stake of 75% each in Adani Enterprises and Power worth $51.1 billion. Other assets of Gautam Adani are 65% of Adani Ports & Special Economic Zone worth $11.3 billion public assets, 61% of Adani Green Energy worth $23.1 billion public assets, and 37% of Adani Total Gas worth $12.7 billion public assets.