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{{Short description|Indian billionaire businessman (born 1962)}}{{EngvarB|date=December 2023}}
{{Multiple issues|
{{advert|date=August 2014}}
{{Use dmy dates|date=December 2023}}
{{POV|date=November 2014}}
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{{EngvarB|date=January 2015}}
{{Use dmy dates|date=January 2015}}
{{Infobox person
{{Infobox person
| name = Gautam Adani
| caption = Adani in 2012
| image = Gautam Adani.jpg
| native_name=ગૌતમ અદાણી
| image = Gautam Adani.jpg
| birth_name = Gautam Shantilal Adani
| alt =
| birth_date = {{birth date and age|df=yes|1962|6|24}}
| birth_place = [[Ahmedabad]], [[Gujarat]], India
| caption =
| alma_mater = [[Gujarat University]] (dropped out, 1978)<ref name="Prime Insights"/>
| birth_name =
| occupation = [[Businessman]]
| birth_date = {{Birth date and age|df=yes|1962|06|24}}
| years_active = 1978–present
| birth_place = [[Ahmedabad, Gujarat]], India
| organisation = [[Adani Group]]
| residence = Ahmedabad, Gujarat, India
| known_for =
| death_date = <!-- {{Death date and age|2016|06|20|YYYY|MM|DD}} or {{Death-date and age|Month DD, YYYY|Month DD, YYYY}} (death date then birth date) -->
| title = {{plainlist|
| death_place = mumbai
* [[Organizational Founder|Founder]] and [[Chairman]] of the [[Adani Group]]}}
| nationality = [[India]]n
| spouse = {{marriage|Priti Adani|1986}}
| other_names =
| children = 2
|networth = $7 billion (2015)<ref>{{cite web|url=http://www.forbes.com/profile/gautam-adani/?list=india-billionaires|title=Gautam Adani|author=Naazneen Karmali|work=Forbes}}</ref>
| known_for = Founder and chairman of the [[Adani Group]]
| parents =
| mother = Shanta Adani
| occupation = Chairman of the [[Adani Group]]
| spouse = Priti Adani
| father = Shantilal Adani
| children = Karan Adani <br/> Jeet Adani
| relatives = [[Vinod Adani]] (brother)<br />
| website =
| relatives = [[Vinod Adani]] (brother)
| religion = [[Jainism]]
| ethnicity = [[Gujarati people|Gujarati]]
}}
}}


'''Gautam Shantilal Adani''' (born 24 June 1962) is an Indian billionaire businessman who is the founder and chairman of the [[Adani Group]], a [[multinational corporation|multinational conglomerate]] involved in port development and operations in India.<ref name="Bloomberg-Profile">{{cite news|title= Gautam Adani Bloomberg Index |newspaper= Bloomberg.com |url= https://www.bloomberg.com/billionaires/profiles/gautam-s-adani/ |access-date=11 February 2022}}</ref><ref name="Keener Spotlight"/> As of 21 November 2024, Adani is ranked second richest person in Asia and 25th in the world, with a net worth of $60 billion.<ref>{{Cite news |date=November 21, 2024 |title=Forbes Billionaires List |newspaper=Forbes |url=https://www.forbes.com/profile/gautam-adani-1/?list=rtb/}}</ref> In 2022, ''[[Time (magazine)|Time]]'' magazine included him in the [[Time 100|100 most influential people in the world]].<ref>{{Cite magazine |date=23 May 2022 |title=Gautam Adani: The 100 Most Influential People of 2022 |url=https://time.com/collection/100-most-influential-people-2022/6177767/gautam-adani/ |access-date=9 August 2023 |magazine=Time |language=en}}</ref>
'''Gautam Adani''' (born 24 June 1962) is an Indian [[business tycoon]] who is the chairman and founder of [[Adani Group]]. According to ''[[Forbes]]'', his personal wealth is estimated to be $7.1 billion as of September 2014.<ref name="Forbes">{{cite web|url=http://www.forbes.com/profile/gautam-adani/# |title=The World's Billionaires: #249 Gautam Adani |publisher=[[Forbes]] |date=28 May 2014 |accessdate=16 June 2014}}</ref> He founded The Adani Group in 1988 and today it is a globally integrated infrastructure player with businesses spanning coal trading, [[coal mining]], oil & gas exploration, ports, multi-modal [[logistics]], power generation, Agri Infrastructure, edible oil & transmission and [[gas distribution]].<ref>{{cite web |url= http://investing.businessweek.com/research/stocks/people/person.asp?personId=11671409&ticker=883013 |title=Adani Enterprises Ltd. |work=[[BusinessWeek]] |year=2014 |accessdate=16 June 2014}}</ref> With business experience of more than 33 years, Adani is an Indian entrepreneur who has led the Adani group from a modest background to create a $10.4 billion professionally managed empire in a relatively short period of time.<ref name="indiatoday">{{cite web|url=http://indiatoday.intoday.in/story/profile-of-billionaire-gautam-adani/1/148574.html |title=Billionaire who Beat the System: A look into profile of billionaire Gautam Adani |first1=Dhiraj |last1=Nayyar |first2=Uday |last2=Mahurkar |publisher=[[India Today]] |date=20 August 2011 |accessdate=16 June 2014}}</ref> He is a first generation entrepreneur.<ref>{{cite web|url=http://www.outlookbusiness.com/article_v3.aspx?artid=286423 |title=The Alchemist |first=V. |last=Keshavdev |publisher=[[Outlook (magazine)|Outlook Business]] |date=6 July 2013 |accessdate=16 June 2014 }}</ref> The Adani Group's business strategy has revolved heavily around excessive leverage and political patronage. As of 2015, they are one of India's most indebted business groups.<ref>{{cite web|title=Adani among most indebted groups, plans to raise Rs 10,000 crore via share sale|work=[[The Economic Times]]|url=http://articles.economictimes.indiatimes.com/2014-07-28/news/52139147_1_adani-ports-sez-adani-enterprises-adani-power |date= 28 July 2014 |accessdate= 9 February 2015 }}</ref>


As a teenager, Adani moved to [[Mumbai]] in 1978 to work as a diamond sorter for Mahendra Brothers. In 1981, Adani managed his elder brother's plastic unit in [[Ahmedabad]] which was his gateway to global trading through [[polyvinyl chloride]] (PVC) imports and establishing the Adani Group in 1988.
He has also been recognized for establishing the modern [[Mundra Port|Mundra port]] which was selected as the best port in 2006 by Lloyds.<ref name="Success Story of Gautam Adani">{{cite web |url=http://www.successstories.co.in/gautam-adani/ |first=Mousumi Saha |last=Kumar |title=Gautam Adani |publisher=Success Stories |date=16 July 2011}}</ref><ref name=toi>{{cite news|url=http://m.timesofindia.com/home/lok-sabha-elections-2014/news/Gautam-Adani-the-baron-to-watch-out-for-if-Narendra-Modi-becomes-king/articleshow/33521536.cms|title=Gautam Adani, the baron to watch out for if Narendra Modi becomes king|date=2014-04-10|accessdate=2014-04-10|first=Harit|last=Mehta|work=The Times of India}}</ref> Mundra Port is now India's largest commercial port to have achieved a new landmark of handling 100 million metric tonnes in FY 13-14.<ref>{{cite web|url=http://www.thehindubusinessline.com/multimedia/archive/01819/Click_here_for_pdf_1819870a.pdf |title=Adani’s Mundra Port crosses 100 MMT mark of cargo handling in a year |work=[[Business Line]] |date=31 March 2014 |accessdate=16 June 2014}}</ref>


Adani has been described as being close to India's Prime Minister [[Narendra Modi]] and to his ruling [[Bharatiya Janata Party]] government<ref name="Keener Spotlight"/><ref name="timesofindia-10Apr14"/><ref name="economist-09Feb23">{{cite news |url=https://www.economist.com/leaders/2023/02/09/the-humbling-of-gautam-adani-is-a-test-for-indian-capitalism |newspaper=[[The Economist]] |date=9 February 2023 |title=The humbling of Gautam Adani is a test for Indian capitalism }}</ref> which has led to allegations of [[cronyism]].<ref name="BBC News-02Dec22" /> In January 2023, the American short selling activist firm [[Hindenburg Research]] accused Adani of [[Market manipulation|stock manipulation]] and fraud.<ref name="hindenburgresearch-24Jan23">{{Cite web |date=24 January 2023 |title=Adani Group: How The World's 3rd Richest Man Is Pulling The Largest Con In Corporate History |url=https://hindenburgresearch.com/adani/ |access-date=5 February 2023 |website=[[Hindenburg Research]] |language=en-US}}</ref> In January 2024, the [[Supreme Court of India|Supreme Court]] resolved the Adani Group stocks dispute arising from Hindenburg Research's allegations and dismissed requests for an SIT or CBI investigation.<ref name="Mahapatra 2024 n794">{{cite web | last=Mahapatra | first=Dhananjay | title=No inadequacy in Sebi probe: Supreme Court | website=The Times of India | date=4 Jan 2024 | url=https://timesofindia.indiatimes.com/india/no-inadequacy-in-sebi-probe-supreme-court/articleshow/106528128.cms | access-date=10 Jan 2024}}</ref><ref name="Rajagopal 2024 k104">{{cite web | last=Rajagopal | first=Krishnadas | title=Supreme Court upholds SEBI probe, turns focus on 'conduct' of Hindenburg | website=The Hindu | date=3 Jan 2024 | url=https://www.thehindu.com/news/national/supreme-court-asks-sebi-to-probe-if-hindenburg-report-violated-law-caused-harm-to-investors/article67700963.ece | access-date=10 Jan 2024}}</ref> As of October 2023, Adani's fortune is estimated at $54.2 billion and ranked 23rd on the ''[[Forbes]]'' [[The World's Billionaires|Real Time Billionaires list]].<ref>{{cite news |title=Profile Gautam Adani |work=[[Forbes]] |url=https://www.forbes.com/profile/gautam-adani-1/?sh=66d701795b0e |access-date=5 February 2023}}</ref><ref name="Forbes-26Jan232">{{cite news |date=26 January 2023 |title=How Gautam Adani Lost More Than $50 Billion In A Week—And His Ranking As Asia's Richest |url=https://www.forbes.com/sites/siladityaray/2023/02/02/how-gautam-adani-lost-more-than-50-billion-in-a-week-and-his-ranking-as-asias-richest/?sh=11f19f5a4480 |work=[[Forbes]]}}</ref><ref>{{Cite news |date=2 February 2023 |title=Adani's $58 Billion Wealth Wipeout in Six Days Has Few Parallels |url=https://www.bloomberg.com/news/articles/2023-02-02/adani-s-52-billion-wealth-wipeout-in-six-days-has-few-parallels |access-date=3 February 2023 |work=Bloomberg.com |language=en}}</ref><ref>{{Cite web |last=Iordache |first=Ruxandra |date=2 February 2023 |title=Adani losses top $100 billion in the wake of Hindenburg Research report |url=https://www.cnbc.com/2023/02/02/adani-losses-top-100-billion-in-wake-of-hindenburg-research-report.html |access-date=3 February 2023 |website=CNBC |language=en}}</ref><ref>{{Cite news |last=Shankar |first=Vivek |date=31 January 2023 |title=This Mogul Lost Tens of Billions of Dollars in Days. What Happened? |url=https://www.nytimes.com/2023/01/31/business/who-is-gautam-adani.html |access-date=3 February 2023 |work=The New York Times |language=en-US |issn=0362-4331}}</ref>
==Early life==

Gautam Adani was born into a [[Gujarati people|Gujarati]] [[Bania (caste)|Bania]] family on 24 June 1962 in the Seth ni Pol area located in Ratanpol in [[Ahmedabad]], [[Gujarat]], India.<ref>{{cite web|url=http://www.thehindu.com/todays-paper/tp-opinion/why-caste-persists-in-politics/article2940080.ece|title=Why caste persists in politics|author=Aakar Patel|work=The Hindu}}</ref> He is the son of Shantilal and Shanta Adani and has seven siblings. His parents had migrated from the town of [[Tharad]] in the eastern part of [[Gujarat]] India.<ref name=toi/> He is married to Priti Adani who is a dentist and heads Adani Foundation as a Managing Trustee. They have two sons. He did his schooling from [[Sheth Chimanlal Nagindas Vidyalaya]] School in Ahmedabad. Later, he studied at Gujarat University but only till his second year for a bachelor's degree in Commerce.<ref>{{cite web|url=http://business.mapsofindia.com/business-leaders/gautam-adani.html |title=Gautam Adani Business Profile |publisher=Business Maps of India |year=2014 |accessdate=16 June 2014}}</ref>
On 20 November 2024, a five-count criminal indicment [[United States of America v. Gautam Adani et al.|by the U.S. Attorney's Office]] in Brooklyn, New York charged Adani and executives for five criminal counts of bribery. Adani is alleged to have paid over $250 million in bribes to Indian government officials to secure contracts in [[Andhra Pradesh]], [[Chhattisgarh]], [[Odisha]], [[Jammu and Kashmir (union territory)|Jammu and Kashmir]], and [[Tamil Nadu]].<ref>{{cite web|url=https://www.reuters.com/legal/chair-indias-adani-group-indicted-united-states-2024-11-20/ |title=Billionaire Gautam Adani of India's Adani Group charged in US with bribery, fraud|author1=Luc Cohen |author2=Jonathan Stempel|date=November 21, 2024|website=[[Reuters]]}}</ref><ref>{{cite web | url=https://www.justice.gov/usao-edny/pr/billionaire-chairman-conglomerate-and-seven-other-senior-business-executives-indicted#:~:text=A%20five%2Dcount%20criminal%20indictment,substantive%20securities%20fraud%20for%20their | title=Eastern District of New York &#124; Billionaire Chairman of Conglomerate and Seven Other Senior Business Executives Indicted in Connection with Scheme to Pay Hundreds of Millions of Dollars in Bribes and Conceal Bribery Scheme from U.S. Investors &#124; United States Department of Justice }}</ref><ref>{{Cite web |date=2024-11-21 |title=Adani bribe row: US indictment names Andhra, Chhattisgarh, Odisha, J&K, Tamil Nadu |url=https://www.indiatoday.in/india/story/gautam-adani-bribery-case-five-states-andhra-chhattisgarh-odisha-jk-tamil-nadu-2637064-2024-11-21 |access-date=2024-11-21 |website=India Today |language=en}}</ref>

== Early life and education ==

Adani was born on 24 June 1962 in a [[Gujarati people|Gujarati]] [[Jain]] family to Shantilal Adani (father) and Shantaben Adani (mother) in [[Ahmedabad]], Gujarat.<ref name="Prime Insights">{{cite news |title=Gautam Adani- College Dropout To Billionaire Entrepreneur |url= https://primeinsights.in/gautam-adani/ |work=Prime Insights}}</ref><ref>{{cite news |url=http://www.businessworld.in/amp/article/The-Rise-Of-The-Tycoon/05-02-2018-139609/|title= The Rise Of The Tycoon: Gautam Adani |website= [[Businessworld]]|first=Himani|last=Chandna |date= 26 February 2019}}</ref> He has 7 siblings. His parents had migrated from the town of [[Tharad]] in the northern part of Gujarat.<ref>{{cite news |title=A look into profile of billionaire Gautam Adani |url=https://www.indiatoday.in/magazine/profile/story/20110829-profile-of-billionaire-gautam-adani-747307-2011-08-20 |access-date=23 May 2022 |work=India Today |date=20 August 2011 |language=en}}</ref> His father was a small textile merchant.<ref>{{cite news |url=https://www.indiatvnews.com/business/india/top-10-gujarati-billionaires-3732.html?page=4 |title= Top 10 Gujrati Billionaires |website= [[India TV]] |date=1 August 2015}}</ref>

He was educated at [[Sheth Chimanlal Nagindas Vidyalaya]] school in Ahmedabad. He enrolled for a [[Bachelor of Commerce|bachelor's degree in commerce]] at [[Gujarat University]] but dropped out after the second year.<ref name="gujarati">{{cite news |last1=Joseph |first1=Anto T. |title=Gautam Adani: Another Gujarati who made it big |url=https://economictimes.indiatimes.com/news/company/corporate-trends/gautam-adani-another-gujarati-who-made-it-big/articleshow/2605913.cms |access-date=23 May 2022 |work=The Economic Times |date=8 December 2007}}</ref> Adani was keen on business, but not his father's [[Textile industry|textile business]].<ref>{{cite journal |title= Transnational Indian Business in the Twentieth Century |author= Cambridge Core |journal= Business History Review |date=12 December 2017 |volume= 91 |issue= 4 |pages= 651–679 |doi= 10.1017/S0007680517001350 |s2cid= 158483062 |doi-access= free }}</ref>


==Career==
==Career==
As a teenager, Adani moved to [[Mumbai]] in 1978 to work as a diamond sorter for Mahendra Brothers.<ref>{{cite journal|title= Transnational Indian Business in the Twentieth Century|date=12 December 2017 |journal= Business History Review|volume=91|issue=4|pages=651–679|doi=10.1017/S0007680517001350|last1=Tumbe|first1=Chinmay|s2cid=158483062|doi-access=free}}
Instead of joining his father’s [[textile]] unit in Ahmedabad, Adani moved to Mumbai at age 18 with only a few hundred rupees. He started his career working as a diamond sorter at Mahindra Brothers for 2 years and then went on to set up his own diamond brokerage business in Mumbai, India. He has claimed that he made his first million within a year, at the age of 20, a big amount during the 1980s.<ref name=toi/>
</ref> In 1981, his elder brother Mahasukhbhai 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.<ref name="gujarati"/> In 1985, he started importing primary polymers for small-scale industries. In 1988, Adani established Adani Exports, now known as [[Adani Enterprises]], the holding company of the Adani Group. Originally, the company dealt in agricultural and power commodities.<ref name="gujarati"/> In 1991, the [[economic liberalisation]] policies turned out to be favourable for his company and he started expanding the businesses into trading of metals, textiles, and agro products.<ref name="gujarati"/><ref>{{cite news |last1=Vora |first1=Rutam |title=Gautam Adani: Cementing his portfolio |url=https://www.thehindubusinessline.com/specials/corporate-file/gautam-adani-cementing-his-portfolio/article65439045.ece |access-date=23 May 2022 |newspaper=[[The Hindu Businessline]] |date=22 May 2022 |language=en}}</ref>


In 2006, Adani entered the power generation business.<ref name="coal to H2">{{cite news |last1=Kay |first1=Chris |last2=Sanjai |first2=P R |title=The World's Third-Richest Man Sells the World a Green Dream Built on Coal |url=https://www.bloomberg.com/news/features/2022-09-09/world-s-third-richest-billionaire-adani-pivots-from-coal-mogul-to-green-champion |access-date=9 September 2022 |work=[[Bloomberg News]]}}</ref> From 2009 to 2012, he acquired [[Abbot Point]] Port in Australia and [[Carmichael coal mine]] in [[Queensland]].<ref>{{cite news|url=https://www.outlookbusiness.com/specials/the-boss/gautam-adani-1237|title=Gautam Adani, chairman Adani group|date=10 July 2015|publisher=outlookbusiness.com}}</ref>
Mahasukh Adani, Gautam’s elder brother and an entrepreneur, called Gautam back to [[Ahmedabad]] to run his newly purchased plastic factory.


In February 2022, he became Asia's richest person, surpassing [[Mukesh Ambani]],<ref name="forbes1">{{cite web |last=Pratap |first=Aayushi |date=3 February 2022 |title=Indian Billionaire Gautam Adani Becomes Asia's Richest Person |url=https://www.forbes.com/sites/aayushipratap/2022/02/03/indian-billionaire-gautam-adani-becomes-asias-richest-person/ |access-date=11 February 2022 |work=Forbes}}</ref> and in August 2022, he was named the 3rd richest person in the world by [[Fortune (magazine)|Fortune]].<ref>{{cite news |last1=Sazonov |first1=Alexander |title=A college dropout is now the 3rd richest person in the world |url=https://fortune.com/2022/08/29/gautam-adani-net-worth-2022-college-dropout-richest-person/ |access-date=9 September 2022 |work=[[Fortune (magazine)|Fortune]] |date=29 August 2022 |language=en}}</ref>
Soon, Gautam Adani began [[commodity trading]] by importing [[polyvinyl chloride]] (PVC), a key raw material for manufacturing plastic.<ref name="Success Story of Gautam Adani" /><ref name=toi/>
===Adani Group===
{{Main|Adani Group}}
In 1994, the [[Government of Gujarat]] announced managerial outsourcing of the [[Mundra Port]] and in 1995, Adani obtained the contract.<ref name="timesofindia-10Apr14">{{cite news|url=https://timesofindia.indiatimes.com/news/Gautam-Adani-the-baron-to-watch-out-for-if-Narendra-Modi-becomes-king/articleshow/33521536.cms|title=Gautam Adani, the baron to watch out for if Narendra Modi becomes king|date=10 April 2014 |work=[[The Times of India]]|first=Harit|last=Mehta|access-date=16 April 2022}}</ref>


In 1995, he set up the first jetty. Originally operated by Mundra Port & Special Economic Zone, the operations were transferred to [[Adani Ports & SEZ]] (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 210.150 million tons of cargo per annum.<ref>{{Cite news |last=Manoj|first=P.|title=APSEZ set to become top container port operator|url=https://www.thehindubusinessline.com/economy/logistics/apsez-set-to-become-top-container-port-operator/article9801005.ece|access-date=11 March 2021 |newspaper=[[The Hindu Businessline]] | date=3 August 2017 |language=en}}</ref><ref>{{cite news|title=Adani becomes first Indian port operator to record 200 MT cargo movement|work=[[The Economic Times]]|url=https://economictimes.indiatimes.com/industry/transportation/shipping-/-transport/adani-becomes-first-indian-port-operator-to-record-200-mt-cargo-movement/articleshow/68592301.cms?from=mdr |date=27 March 2019 |access-date=11 March 2021}}</ref>
Adani, referred to as 'Gautambhai', is known for his risk appetite. Former IIM-A director Bakul Dholakia, who is associated with the Adani group's educational and CSR initiatives said, "In terms of the risk taking appetite and risk absorption capacity there are very few who can match Adani. There are many who take large risks, but very few have the ability to face their adversity with courage and conviction".<ref>{{cite web|url=http://m.timesofindia.com/home/lok-sabha-elections-2014/news/Gautam-Adani-the-baron-to-watch-out-for-if-Narendra-Modi-becomes-king/articleshow/33521536.cms |title=Gautam Adani, the baron to watch out for if Narendra Modi becomes king |publisher=The Times of India |date=10 April 2014 |accessdate=16 June 2014}}</ref>


In 1996, the power business arm of the Adani Group, Adani Power, was founded by Adani. Adani Power holds [[thermal power plant]]s with a capacity of 4620MW, the largest private [[Thermal power station|thermal power]] producer of the country.<ref>{{cite news|url=https://economictimes.indiatimes.com/industry/energy/power/abb-links-648-mw-solar-project-at-kamuthi-with-national-grid/articleshow/52728908.cms|title=Adani Solar Project|date=13 June 2016 |work=[[The Economic Times]]}}</ref>
==Adani Group==
In 1988, he established Adani Exports Limited (now known as the [[Adani Enterprises|Adani Enterprises Ltd]]), the flagship company of the Adani Group, that traded in a variety of power and agricultural commodities. The economic liberalization in 1991 fuelled the rapid growth of the business and the huge profitability of Adani Exports provided further capital for Adani to expand his business.<ref name=toi/>


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 station|photovoltaic power plant]] project will be taken up by [[Adani Green Energy|Adani Green]]; Adani Solar will establish 2000MW of additional solar cell and module manufacturing capacity.<ref>{{cite news |author=SI Reporter |date=9 June 2020 |title=Adani Green hits new high on winning world's largest solar bid worth $7 bn |work=[[Business Standard]] |url=https://www.business-standard.com/article/markets/adani-green-hits-new-high-stock-zooms-127-in-three-months-120060900281_1.html |access-date=10 June 2020}}</ref><ref>{{Cite news|date=9 June 2020 |title=Adani wins world's largest solar project; to invest Rs 45,000 crore |url=https://www.financialexpress.com/industry/adani-wins-worlds-largest-solar-project-to-invest-rs-45000-crore/1986420/ |access-date=10 June 2020 |work=[[The Financial Express (India)]] |language=en |agency=[[Press Trust of India]] }}</ref>
In 1993, the [[Government of Gujarat]] invited private companies to run the [[Mundra Port]] and in 1995 the contract was given to Adani Group. Today, Mundra Port is the largest Private Sector port in India, with capability of handling close to 80 million tonnes of cargo per annum.<ref name=toi/>


In September 2020, Adani acquired a 74% stake in [[Mumbai International Airport]], India's second busiest after [[Indira Gandhi International Airport|Delhi]].<ref>{{Cite news |last=Karmali|first=Naazneen|title=India's 10 Richest Billionaires 2021|url=https://www.forbes.com/sites/naazneenkarmali/2021/04/06/indias-10-richest-billionaires-2021/|access-date=1 July 2021 |work=[[Forbes]] |language=en}}</ref>
Adani is also the founder and promoter of [[Adani Power|Adani Power Ltd]] (APL), a power business arm of Adani Group. Adani Power has [[thermal power plant]]s with capacity of 4620 MW, the largest private thermal power producer of the country. It is also the largest [[solar power]] producer of India with capacity 40MW.<ref name=toi/


In May 2022, Adani family acquired [[Ambuja Cements]] and its subsidiary [[ACC (company)|ACC]] from Swiss building materials giant [[Holcim Group]] for $10.5 billion, through an overseas [[special-purpose entity]].<ref>{{Cite web|url=https://timesofindia.indiatimes.com/business/india-business/adani-to-acquire-holcim-india-assets-for-10-5-bn/articleshow/91581073.cms|title=Adani to acquire Holcim India assets for $10.5 bn|website=The Times of India|date=16 May 2022|access-date=15 September 2022}}</ref>
==Philanthropy==
In 1996, Adani set up the [[Adani Foundation]] as the [[Corporate Social Responsibility]] arm of the Adani Group for undertaking activities to ensure sustainable development and create harmony with people residing in the neighborhood of the Group's operations. The Group invests ~3% of profit in community initiatives through the Adani Foundation.
Adani Foundation operates in [[Gujarat]], [[Madhya Pradesh]], [[Rajasthan]], [[Maharashtra]] and [[Himachal Pradesh]]. It is active in field of community health, rural infrastructure development, sustainable livelihood and education like Adani Institute of Infrastructure Management in Ahmedabad and the Gujarat Adani Institute of Medical Sciences in [[Bhuj]].<ref>{{cite web|url=http://www.thehindubusinessline.com/companies/article2144894.ece |title=Adani staff donate blood |publisher=Business Line |date=29 June 2011}}</ref>


In August 2022, AMG Media Networks Limited (AMNL), a unit of Adani Group, declared that it planned to buy RRPR Holding, owner of 29.18% of national news broadcaster [[NDTV]], and made an open offer to buy a further 26%. In a statement, NDTV said that Adani acquired his stake via a third party without informing the company's founders, former journalist [[Radhika Roy]] and her economist husband [[Prannoy Roy]] and that the deal was done “without discussion, consent or notice.”<ref>{{Cite news |title=Fears for independent media in India as tycoon eyes major news channel |language=en-US |newspaper=The Washington Post|first1=Gary|last1=Shih|first2=Niha|last2=Masih |url=https://www.washingtonpost.com/world/2022/08/24/india-ndtv-adani-media-takover/ |access-date=26 August 2022 |issn=0190-8286}}</ref> This bid also raised concern regarding editorial independence in India, since Adani is considered to be close to Prime Minister [[Narendra Modi]]’s ruling [[Bharatiya Janata Party]].<ref name="Keener Spotlight">{{cite news |last1=Mukherjee |first1=Andy |title=The World's Second-Biggest Fortune Deserves a Keener Spotlight |url=https://www.bloomberg.com/opinion/articles/2022-09-22/adani-s-fortune-trumping-bezos-deserves-greater-recognition |access-date=15 October 2022 |work=[[Bloomberg News]]}}</ref><ref name="bbc-24Aug22">{{cite news|url=https://www.bbc.com/news/business-62655446 | title=India tycoon Adani in hostile bid for news channel NDTV | date=24 August 2022 | publisher= BBC News |access-date=24 August 2022 }}</ref> By December 2022, Adani was described as controlling the largest shareholding in NDTV.<ref>{{cite news |url=https://www.aljazeera.com/program/the-listening-post/2022/12/17/india-why-is-gautam-adani-so-interested-in-ndtv |work=[[Al Jazeera English|Al Jazeera]] |title=India: Why is Gautam Adani so interested in NDTV? |first1=Ravi |last1=Nair |first2=Raksha |last2=Kumar |first3=Atul |last3=Chaurasia |first4=Kapil |last4=Komireddi |date=17 December 2022}}</ref><ref>{{cite news |url=https://www.reuters.com/business/media-telecom/indias-ndtv-founders-transfer-most-their-stake-adani-2022-12-23/ |date=23 December 2022 |work=[[Reuters]] |title=Billionaire Adani to control nearly 65% of NDTV as founders sell stake |first1=Chris |last1=Thomas |editor1-first=Devika |editor1-last=Syamnath }}</ref> [[The Economist]] said that before Adani bought NDTV, the news channel was "critical of the government but is now supine."<ref name="economist-09Feb23"/>
The group gives 3 per cent of its profits to the [[Adani Foundation]]. He is particularly proud of Adani Vidya Mandir, a school in Ahmedabad which admits only those children whose parents have an annual income less than Rs.1 lakh. The school is run by his wife Priti.<ref name="indiatoday"/>


==Controversy==
== Controversies ==
In 2002, Adani was arrested by [[Delhi Police]] in execution of a non-bailable warrant (NBW), following a cheating complaint by a top official of M S Shoes. The court withdrew the NBW the next day after the court was informed that the parties were negotiating for a compromise.<ref>{{cite news|url=https://timesofindia.indiatimes.com/city/ahmedabad/court-withdraws-nbws-against-adani/articleshow/31099790.cms|title=Court withdraws NBWs against Adani|date=13 December 2002 |newspaper=[[The Times of India]]}}</ref>


In 2012, the [[Serious Fraud Investigation Office]] (SFIO) filed a charge sheet against twelve accused including Adani for cheating & criminal conspiracy related to the purchase and sale of shares. According to SFIO, Adani Agro allegedly provided funds and shares for running illegal activities. A local court in Mumbai discharged Adani & others accused of this case in May 2014.<ref>{{cite news|url=https://economictimes.indiatimes.com/news/politics-and-nation/adani-brothers-discharged-in-cheating-case-by-maharashtra-court/articleshow/37009583.cms|title=Adani brothers discharged in the cheating case by Maharashtra court|date=22 June 2014 |work=[[The Economic Times]]}}</ref> However, in 2020, a Mumbai sessions court overturned the clean chit to Adani in this case.<ref>{{cite news|url=https://indianexpress.com/article/business/companies/court-overturns-clean-chit-to-adanis-in-share-rigging-case-6209072/ |title=Court overturns clean chit to Adanis in share-rigging case |date=10 January 2020 |work=[[The Indian Express]] |first1=Khushboo |last1=Narayan }}</ref>
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]].<ref name="timesofindia.indiatimes.com">{{cite web|url=http://timesofindia.indiatimes.com/Home/Lok-Sabha-Elections-2014/News/Allegations-political-didnt-get-land-at-Re-1-from-Modi-Adani/articleshow/34340833.cms |title=Allegations political, didn't get land at Re 1 from Modi: Adani |publisher=The Times of India |date=28 April 2014 |accessdate=16 June 2014}}</ref> Even though claiming on national media that he has no special favors with Modi,<ref>{{cite web |author=Press Trust of India |url=http://indianexpress.com/article/india/politics/adani-says-got-no-special-favours-from-narendra-modi/ |title=Gautam Adani denies any special favours from Modi |publisher=The Indian Express |date=27 April 2014 |accessdate=16 June 2014}}</ref> Modi was seen traveling on Adani group's chartered planes to rallies across India.<ref>{{cite web |url=http://timesofindia.indiatimes.com/india/Modi-flies-only-on-Gujarat-Inc-money/articleshow/2413018.cms |title=Modi flies only on Gujarat Inc. money |publisher=The Times of India |date=29 September 2007 |accessdate=16 June 2014}}</ref><ref>{{cite web|url=http://www.reddit.com/r/india/comments/1zcrzn/can_someone_explain_why_modi_is_using_adanis/ |title=Can someone explain why Modi is using Adani's private jet? |publisher=Reddit.com |date=2 March 2014 |accessdate=16 June 2014}}</ref> To counter this allegation, Mr Adani spoke out in an interview with CNBC and clarified that the BJP paid market price to [[Adani Group]] for using its aviation services.<ref name="onlinenewsvideo.net">{{cite web|url=http://www.onlinenewsvideo.net/gautam-adani-interview_ff993659f.html |title=GAUTAM ADANI INTERVIEW Youtube HD Video Online |publisher=Onlinenewsvideo.net |date=28 April 2014 |accessdate=16 June 2014}}</ref>


=== Hindenburg's report ===
Supposedly, [[Adani Group]] was given land at throw away rates for their infrastructure and expansions.<ref name="timesofindia.indiatimes.com"/> He has given an interview to [[NDTV]] journalist. In the interview, it is claimed that Adani was given the land at a price three time lower than the market price then.<ref>{{cite web|url=http://www.ndtv.com/elections/article/election-2014/does-gujarat-government-s-own-data-show-adani-group-got-land-cheap-515451 |first=Sreenivasan |last=Jain |title=Does Gujarat government's own data show Adani group got land cheap? |publisher=NDTV |date=29 April 2014 |accessdate=16 June 2014}}</ref>
{{Main|Adani-Hindenburg row}}In January 2023, Adani and his companies were accused of stock manipulation by [[New York City|New York]]-based investment firm [[Hindenburg Research]] in a report titled "Adani Group: How The World's 3rd Richest Man Is Pulling The Largest Con In Corporate History". Following that, Adani Group stocks plummeted $45 billion. The losses resulted in Adani dropping from the 3rd richest person in the world to 22nd on Forbes' billionaires tracker.<ref>{{Cite news |date=27 January 2023 |title=Fraud claims wipe $45 billion off India's Adani group stocks |url=https://www.dawn.com/news/1733903 |access-date=29 January 2023 |newspaper=[[Dawn (newspaper)|Dawn]] |language=en}}</ref><ref>{{Cite news |last=Barrett |first=Jonathan |date=27 January 2023 |title=US activist investor who accused Adani of 'biggest con in corporate history' dares Indian group to sue |language=en-GB |work=[[The Guardian]] |url=https://www.theguardian.com/business/2023/jan/27/hindenburg-research-dares-adani-group-to-sue |access-date=23 February 2023 |issn=0261-3077}}</ref> The report accused the group of having substantial debt and being on a "precarious financial footing", causing stocks of seven listed Adani companies to fall 3-7%. The report was released ahead of Adani Enterprises' follow-on public offering, which opened on Friday, 6 pm, 27 January 2023.<ref name="Mint-25Jan23"/> The Adani Group's CFO (Jugeshinder 'Robbie' Singh)<ref>{{citation |url=https://www.adani.com/About-us/One-Vision-One-team |title=Our Leadership – One Vision One Team |work=[[Adani Group]]}}</ref> stated that the timing of the report's publication was a "brazen, mala fide intention" to damage the offering.<ref name="Mint-25Jan23">{{Cite news |date=25 January 2023 |title=Adani Group responds to Hindenburg report, calls it 'malicious' |work=[[Mint (newspaper)|Mint]] |url=https://www.livemint.com/news/india/adani-group-calls-hindenburg-report-malicious-combination-of-selective-misinformation-11674633964009.html}}</ref> The Adani Enterprises public offering was cancelled on 1 February 2023.<ref name="Economist-01Feb23">{{cite news |url=https://www.economist.com/business/2023/02/01/what-next-for-gautam-adanis-embattled-empire |title=What next for Gautam Adani's embattled empire? |date=1 February 2023 |newspaper=[[The Economist]] }}</ref><ref>{{Cite web |title=Adani vs. Hindenburg: The Story So Far |url=https://www.wsj.com/livecoverage/federal-reserve-meeting-interest-rate-hike-february-2023/card/adani-vs-hindenburg-the-story-so-far-KDYDHRgNPMSecbrevsU4 |access-date=23 February 2023 |website=[[The Wall Street Journal]] |language=en}}</ref>

The Adani Group said that the Hindenburg Research report was "malicious combination of selective misinformation and stale" information,<ref name="Mint-25Jan23"/><ref>{{Cite news |last1=Pyasi |first1=Jayshree |last2=Kalra |first2=Aditya |last3=Shah |first3=Aditi |date=30 January 2023 |title=Adani hits back at Hindenburg, says it made all disclosures |language=en |work=[[Reuters]] |url=https://www.reuters.com/business/indias-adani-group-hindenburg-report-intended-create-false-market-2023-01-29/ |access-date=23 February 2023}}</ref> and that they were "evaluating the relevant provisions under U.S. and Indian laws for remedial and punitive action against Hindenburg Research".<ref name="Reuters-27Jan23">{{cite news |url=https://www.reuters.com/business/indias-adani-group-says-evaluating-taking-action-against-hindenburg-research-2023-01-26/ |work=[[Reuters]] |title=India's Adani Group says evaluating action against Hindenburg Research |date=27 January 2023 }}</ref><ref>{{Cite news |date=26 January 2023 |title=Hindenburg vs Adani: The Short Seller Taking On Asia's Richest Person |language=en |work=[[Bloomberg News]] |url=https://www.bloomberg.com/news/articles/2023-01-26/short-seller-nate-anderson-s-hiindenburg-is-targeting-billionaire-gautam-adani |access-date=26 January 2023 |first1=Edward |last1=Ludlow |first2=Katherine |last2=Burton}}</ref> [[Reuters]] reported that it was unlikely that the Adani Group would sue Hindenburg in the U.S. because American courts usually regard financial analysis as protected opinion under American free speech laws.<ref>{{cite news |url=https://www.reuters.com/legal/government/adani-group-threatens-hindenburg-research-rarely-sued-us-2023-01-31/ |title=Column: Adani Group threatens, but Hindenburg Research rarely sued in U.S. |first1=Alison |last1=Frankel |work=[[Reuters]] |date=2 February 2023 }}</ref> The Adani Group published a 413-page rebuttal to the claims by Hindenburg Research.<ref name="Economist-27Jan23"/><ref>{{cite report |url=https://www.adani.com/-/media/Project/Adani/Invetsors/Adani-Response-to-Hindenburg-January-29-2023.pdf?la=en |title=Adani Response |date=29 January 2023 |work=[[Adani Group]] }}</ref>

=== OCCRP report ===
The [[Organised Crime and Corruption Reporting Project]] (OCCRP) reported in August 2023 that it had documents which prove how the Adani Group used individuals and front companies to buy and sell Adani stocks thus bypassing Indian securities laws that seek to prevent share price manipulation. The OCCRP named two individuals — Nasser Ali Shaban Ahli and Chang Chung-Ling — as being responsible for stock trading in and on behalf of Adani Group stocks amounting to hundreds of millions of dollars.<ref>{{cite web|url=https://www.occrp.org/en/investigations/documents-provide-fresh-insight-into-allegations-of-stock-manipulation-that-rocked-indias-powerful-adani-group|title=Documents Provide Fresh Insight Into Allegations of Stock Manipulation That Rocked India's Powerful Adani Group|first1=Anand|last1=Mangnale|first2=Ravi|last2=Nair|first3=NBR|last3=Arcadio|publisher=Organized Crime and Corruption Reporting Project|website=occrp.org|date=31 August 2023|access-date=2 September 2023}}</ref><ref>{{cite web |url= https://www.bbc.com/news/world-asia-india-66643833|title=India's Adani Group stung by fresh controversy|publisher=[[BBC]]| website=bbc.com|date=1 September 2023|access-date=2 September 2023}}</ref>

=== Bribery charges ===
On 21 November 2024, Gautam Adani and his associates were [[United States of America v. Gautam Adani et al.|charged by a district court in New York]] for paying bribes of more than US$250 million to Indian government officials in order to obtain favourable energy contracts. Prosecutors also claimed that Adani group had raised {{usd|3}} billion in loans and bonds by concealing the scheme from American investors through false and misleading statements.<ref>{{cite web | title=Gautam Adani indicted in New York over alleged multibillion-dollar fraud scheme | website=Telegraph India | date=2024-11-21 | url=https://www.telegraphindia.com/world/gautam-adani-indicted-in-new-york-over-alleged-multibillion-dollar-fraud-scheme/cid/2064760 | access-date=2024-11-21}}</ref> Following the news his net worth fell by $12 billion.<ref>{{Cite news |last=Agarwal |first=Nikhil |date=2024-11-21 |title=$12 billion bill for $265 million bribe charges! How Gautam Adani can fight back |url=https://economictimes.indiatimes.com/markets/stocks/news/11-billion-bill-for-265-million-bribe-charges-how-gautam-adani-can-fight-back/articleshow/115527723.cms?from=mdr |access-date=2024-11-21 |work=The Economic Times |issn=0013-0389}}</ref>

As a result of the indictments, Kenya canceled over US$2.5 billion in regards to the takeover of [[Jomo Kenyatta International Airport]] and other energy deals.<ref>{{Cite web |title=Kenya cancels more than $2.5bn in deals with Adani after US indictment |url=https://www.aljazeera.com/economy/2024/11/21/kenya-cancels-more-than-2-5bn-in-deals-with-adani-after-us-indictment |access-date=2025-01-10 |website=Al Jazeera |language=en}}</ref> There were concerns in Kenya that they could be liable for breach of contract costs.<ref>{{Cite web |last= |first= |date=2024-11-22 |title=Kenya risks contract breach cost after cancellation of Adani deals |url=https://www.businessdailyafrica.com/bd/economy/kenya-contract-breach-cost-cancellation-of-adani-deals-4832074 |access-date=2025-01-10 |website=Business Daily |language=en}}</ref>

== Political views ==
[[File:Secretary Kerry greets Executive Chairman Adani before meeting with Indian CEOs amid Vibrant Gujarat Summit.jpg|right|thumb|[[United States Secretary of State|Secretary of State]] [[John Kerry]] greets Gautam Adani, 2014.]]

Adani is widely known for being close to Indian Prime Minister Narendra Modi and his ruling [[Bharatiya Janata Party]].<ref name="Keener Spotlight" /><ref name="bbc-24Aug22" /> This has led to allegations of [[cronyism]] as his firms have won many Indian energy and infrastructure government contracts.<ref name=Quartz-13Dec22>{{Cite web |date=13 December 2022 |title=For India, the Adani Group is growing too big to fail |url=https://qz.com/for-india-the-adani-group-is-growing-too-big-to-fail-1849873489 |access-date=13 December 2022 |website=[[Quartz (publication)]] |language=en |first1=Mimansa |last1=Verma |first2=Niharika |last2=Sharma }}</ref> An Indian government auditor accused Modi in 2012 of giving low cost fuel from a Gujarat state-run gas company to Adani and other businesspeople.<ref>{{Cite news |date=31 March 2012 |title=CAG slams Modi regime for financial irregularities |language=en-IN |work=[[The Hindu]] |first1=Manas |last1=Dasgupta |url=https://www.thehindu.com/news/national/other-states/cag-slams-modi-regime-for-financial-irregularities/article3263639.ece |access-date=13 December 2022 |issn=0971-751X}}</ref>

Adani and Modi have both denied allegations of cronyism.<ref name="BBC News-02Dec22">{{Cite news |date=2 December 2022 |title=Gautam Adani: The school dropout's high-risk journey to become Asia's richest man |language=en-GB |work=[[BBC News]] |url=https://www.bbc.com/news/world-asia-india-63817883 |access-date=13 December 2022 |first1=Soutik |last1=Biswas }}</ref> ''[[The Economist]]'' has described Adani as "a master operator", skilled at "navigating the complicated legal and political landscape of Indian capitalism," although the magazine cautions that his firm is known for its "Byzantine" structure and opaque finances.<ref name="Economist-27Jan23">{{Cite news |title=A short-seller rattles Gautam Adani's empire |newspaper=[[The Economist]] |url=https://www.economist.com/business/2023/01/27/a-short-seller-rattles-gautam-adanis-empire |date=27 January 2023 |access-date=30 January 2023 |issn=0013-0613}}</ref>

The Resurgent Group of Gujarat (RGG) was founded as a rival organisation by local businessmen with Adani as its chairman, after leaders of the Confederation of Indian Industry(CII) criticized Modi's management of [[2002 Gujarat riots]].<ref>{{cite news|url=https://m.economictimes.com/industry/indl-goods/svs/construction/gautam-adani-meet-the-man-who-built-rs-47000-crore-infrastructure-empire/articleshow/22304960.cms|date=2013-09-05|first=M |last=Rajshekhar|access-date=2024-09-16|website=economic times|title=Gautam Adani Meet the man who built Rs 47,000 crore infrastructure empire}}</ref><ref>{{cite news|url=https://timesofindia.indiatimes.com/city/ahmedabad/states-businessmen-corner-cii/articleshow/38096755.cms |title=State's businessmen corner CII|date=2003-02-20|website=Times of India|access-date=2024-09-16}}</ref>

==Personal life==
Gautam Adani married Priti Vora, a dentist, in 1986 and have two sons, Karan and Jeet. <ref>{{Cite web |date=2022-04-28 |title=Who is Priti Adani? Know all about Gautam Adani's wife and Adani Foundation chairperson |url=https://www.timesnownews.com/business-economy/companies/who-is-priti-adani-know-all-about-gautam-adanis-wife-and-adani-foundation-chairperson-article-91144700 |access-date=2024-07-12 |website=Times Now |language=en}}</ref><ref>{{cite news |url=https://business.mapsofindia.com/business-leaders/gautam-adani.html|title=Gautam Adani Biography |date=2 June 2015 |website=mapsofindia.com}}</ref><ref name=":0">{{Cite web |date=2024-11-25 |title=Gautam Adani {{!}} Biography, Business, Family, Indictment, & Facts {{!}} Britannica |url=https://www.britannica.com/biography/Gautam-Adani |access-date=2024-11-28 |website=www.britannica.com |language=en}}</ref> Priti Adani serves as the chairperson of Adani Group’s philanthropic arm, the Adani Foundation.<ref name=":0" /> Karan serves as CEO of [[Adani Ports & SEZ]]. Jeet leads the Adani Airports business and the Adani Digital Labs.<ref>{{Cite web |date=2024-10-09 |title=Meet the 4 heirs poised to inherit Gautam Adani’s US$213 billion empire |url=https://www.scmp.com/magazines/style/article/3281554/meet-4-heirs-poised-inherit-gautam-adanis-us213-billion-empire-karan-jeet-pranav-and-sagar-company |access-date=2024-11-28 |website=South China Morning Post |language=en}}</ref><ref>{{Cite web |title=About Us |url=https://www.adani.com/en/about-us/one-vision-one-team/jeet-adani |website=Adani Group}}</ref>

In January 1998, Adani and an associate, Shantilal Patel, were allegedly abducted and held hostage for ransom.<ref name="timesnownews-14Jun20">{{cite news |title=Throwback: When India's fifth richest man was kidnapped for ransom |url=https://www.timesnownews.com/business-economy/companies/article/throwback-when-indias-fifth-richest-man-survived-a-kidnapping-and-terrorist-attack/606122 |access-date=13 December 2020 |work=Times Now News |date=14 June 2020 |language= en }}</ref><ref name="IndianExpress-01Dec18"/> Two former gangsters Fazl-ur-Rehman and Bhogilal Darji, were accused of the kidnapping. They were acquitted in an Indian court in 2018, after Adani and Patel did not show up for [[Deposition (law)|depositions]], despite multiple summons by the court.<ref name="IndianExpress-01Dec18">{{Cite news |date=1 December 2018 |title=Two accused of abducting Gautam Adani 20 years ago acquitted |url=https://indianexpress.com/article/cities/ahmedabad/two-accused-of-abducting-gautam-adani-20-years-ago-acquitted-5473592/ |access-date=13 December 2020 |work=[[The Indian Express]] |location=Ahmedabad |language=en}}</ref><ref name="BBC News-02Dec22"/>

Adani was in the restaurant of [[Taj Mahal Palace Hotel]] in Mumbai having dinner with the CEO of Dubai Ports at 21:50 on 26 November 2008 when the [[2008 Mumbai attacks|hotel was attacked by terrorists]]. The terrorists were only {{convert|15|ft|m}} away from them. Adani hid in the hotel kitchen and later in the toilet and came out safely at 08:45 the next day.<ref>{{cite news |first1=Alexander |last1=Sazonov |first2=Bhuma |last2=Shrivastava |first3=P R |last3=Sanjai |title=Billionaire Survivor of Ransom, Terror Attacks Now Rivals Ambani |url=https://www.bloomberg.com/news/articles/2020-12-13/billionaire-survivor-of-ransom-terror-attacks-now-rivals-ambani |access-date=13 December 2020 |work=Bloomberg.com |date=13 December 2020 |language=en}}</ref><ref>{{cite news |last1=Shukla |first1=Nimish |title=Gautam Adani felt safe in Taj toilet |url=https://timesofindia.indiatimes.com/Gautam-Adani-felt-safe-in-Taj-toilet/articleshow/3767246.cms |access-date=13 December 2020 |work=[[The Times of India]] |date=28 November 2008 |language=en}}</ref><ref name="timesnownews-14Jun20"/>


== References ==
== References ==
{{Reflist}}
{{Reflist|30em}}


==External links==
== External links ==
{{commonscatinline}}
{{commons category|Gautam Adani}}
* {{Official website|https://www.adani.com/About-us/One-Vision-One-Team/Gautam-Adani}}
* [http://www.forbes.com/profile/gautam-adani/ Profile] at ''[[Forbes]]''
* {{Twitter|id=gautam_adani|name=Gautam Adani}}
* [http://www.wordpep.com/pdf/Biography%20of%20Industrialist%20Gautam%20Adani.pdf Biography]
* [https://www.forbes.com/profile/gautam-adani-1/?sh=28e50db15b0e Profile] at [[Forbes]]
* [http://www.adani.com/ Adani Website]
* [https://www.bloomberg.com/billionaires/profiles/gautam-s-adani/#xj4y7vzkg Profile] at [[Bloomberg L.P.]]
* [http://www.adanifoundation.org/ Adani Foundation]

* [http://www.fortunefoods.com Fortune Foods Official Website]
{{Adani Group|state=collapsed}}
{{Authority control}}


{{DEFAULTSORT:Adani, Gautam}}
{{DEFAULTSORT:Adani, Gautam}}
[[Category:21st-century Indian businesspeople]]
[[Category:21st-century Indian Jains]]
[[Category:Living people]]
[[Category:Living people]]
[[Category:Gujarati people]]
[[Category:Gujarati businesspeople]]
[[Category:1962 births]]
[[Category:1962 births]]
[[Category:Businesspeople from Ahmedabad]]
[[Category:Businesspeople from Ahmedabad]]
[[Category:Indian billionaires]]
[[Category:Indian billionaires]]
[[Category:21st-century Indian Jains]]
[[Category:Indian industrialists]]
[[Category:Adani Group]]
[[Category:Adani Group]]
[[Category:Adani family|Gautam]]
[[Category:Indian commodities traders]]
[[Category:20th-century Indian businesspeople]]
[[Category:Businesspeople from Gujarat]]

Latest revision as of 08:28, 10 January 2025

Gautam Adani
Adani in 2012
Born
Gautam Shantilal Adani

(1962-06-24) 24 June 1962 (age 62)
Ahmedabad, Gujarat, India
Alma materGujarat University (dropped out, 1978)[1]
OccupationBusinessman
Years active1978–present
OrganisationAdani Group
Title
Spouse
Priti Adani
​
(m. 1986)​
Children2
Parents
  • Shantilal Adani (father)
  • Shanta Adani (mother)
RelativesVinod Adani (brother)

Gautam Shantilal Adani (born 24 June 1962) is an Indian billionaire businessman who is the founder and chairman of the Adani Group, a multinational conglomerate involved in port development and operations in India.[2][3] As of 21 November 2024, Adani is ranked second richest person in Asia and 25th in the world, with a net worth of $60 billion.[4] In 2022, Time magazine included him in the 100 most influential people in the world.[5]

As a teenager, Adani moved to Mumbai in 1978 to work as a diamond sorter for Mahendra Brothers. In 1981, Adani managed his elder brother's plastic unit in Ahmedabad which was his gateway to global trading through polyvinyl chloride (PVC) imports and establishing the Adani Group in 1988.

Adani has been described as being close to India's Prime Minister Narendra Modi and to his ruling Bharatiya Janata Party government[3][6][7] which has led to allegations of cronyism.[8] In January 2023, the American short selling activist firm Hindenburg Research accused Adani of stock manipulation and fraud.[9] In January 2024, the Supreme Court resolved the Adani Group stocks dispute arising from Hindenburg Research's allegations and dismissed requests for an SIT or CBI investigation.[10][11] As of October 2023, Adani's fortune is estimated at $54.2 billion and ranked 23rd on the Forbes Real Time Billionaires list.[12][13][14][15][16]

On 20 November 2024, a five-count criminal indicment by the U.S. Attorney's Office in Brooklyn, New York charged Adani and executives for five criminal counts of bribery. Adani is alleged to have paid over $250 million in bribes to Indian government officials to secure contracts in Andhra Pradesh, Chhattisgarh, Odisha, Jammu and Kashmir, and Tamil Nadu.[17][18][19]

Early life and education

[edit]

Adani was born on 24 June 1962 in a Gujarati Jain family to Shantilal Adani (father) and Shantaben Adani (mother) in Ahmedabad, Gujarat.[1][20] He has 7 siblings. His parents had migrated from the town of Tharad in the northern part of Gujarat.[21] His father was a small textile merchant.[22]

He was educated at Sheth Chimanlal Nagindas Vidyalaya school in Ahmedabad. He enrolled for a bachelor's degree in commerce at Gujarat University but dropped out after the second year.[23] Adani was keen on business, but not his father's textile business.[24]

Career

[edit]

As a teenager, Adani moved to Mumbai in 1978 to work as a diamond sorter for Mahendra Brothers.[25] In 1981, his elder brother Mahasukhbhai 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.[23] In 1985, he started importing primary polymers for small-scale industries. In 1988, Adani established Adani Exports, now known as Adani Enterprises, the holding company of the Adani Group. Originally, the company dealt in agricultural and power commodities.[23] In 1991, the economic liberalisation policies turned out to be favourable for his company and he started expanding the businesses into trading of metals, textiles, and agro products.[23][26]

In 2006, Adani entered the power generation business.[27] From 2009 to 2012, he acquired Abbot Point Port in Australia and Carmichael coal mine in Queensland.[28]

In February 2022, he became Asia's richest person, surpassing Mukesh Ambani,[29] and in August 2022, he was named the 3rd richest person in the world by Fortune.[30]

Adani Group

[edit]
Main article: Adani Group

In 1994, the Government of Gujarat announced managerial outsourcing of the Mundra Port and in 1995, Adani obtained the contract.[6]

In 1995, he set up the first jetty. Originally operated by Mundra Port & Special Economic Zone, the operations were transferred to Adani Ports & SEZ (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 210.150 million tons of cargo per annum.[31][32]

In 1996, the power business arm of the Adani Group, Adani Power, was founded by Adani. Adani Power holds thermal power plants with a capacity of 4620MW, the largest private thermal power producer of the country.[33]

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.[34][35]

In September 2020, Adani acquired a 74% stake in Mumbai International Airport, India's second busiest after Delhi.[36]

In May 2022, Adani family acquired Ambuja Cements and its subsidiary ACC from Swiss building materials giant Holcim Group for $10.5 billion, through an overseas special-purpose entity.[37]

In August 2022, AMG Media Networks Limited (AMNL), a unit of Adani Group, declared that it planned to buy RRPR Holding, owner of 29.18% of national news broadcaster NDTV, and made an open offer to buy a further 26%. In a statement, NDTV said that Adani acquired his stake via a third party without informing the company's founders, former journalist Radhika Roy and her economist husband Prannoy Roy and that the deal was done “without discussion, consent or notice.”[38] This bid also raised concern regarding editorial independence in India, since Adani is considered to be close to Prime Minister Narendra Modi’s ruling Bharatiya Janata Party.[3][39] By December 2022, Adani was described as controlling the largest shareholding in NDTV.[40][41] The Economist said that before Adani bought NDTV, the news channel was "critical of the government but is now supine."[7]

Controversies

[edit]

In 2002, Adani was arrested by Delhi Police in execution of a non-bailable warrant (NBW), following a cheating complaint by a top official of M S Shoes. The court withdrew the NBW the next day after the court was informed that the parties were negotiating for a compromise.[42]

In 2012, the Serious Fraud Investigation Office (SFIO) filed a charge sheet against twelve accused including Adani for cheating & criminal conspiracy related to the purchase and sale of shares. According to SFIO, Adani Agro allegedly provided funds and shares for running illegal activities. A local court in Mumbai discharged Adani & others accused of this case in May 2014.[43] However, in 2020, a Mumbai sessions court overturned the clean chit to Adani in this case.[44]

Hindenburg's report

[edit]
Main article: Adani-Hindenburg row

In January 2023, Adani and his companies were accused of stock manipulation by New York-based investment firm Hindenburg Research in a report titled "Adani Group: How The World's 3rd Richest Man Is Pulling The Largest Con In Corporate History". Following that, Adani Group stocks plummeted $45 billion. The losses resulted in Adani dropping from the 3rd richest person in the world to 22nd on Forbes' billionaires tracker.[45][46] The report accused the group of having substantial debt and being on a "precarious financial footing", causing stocks of seven listed Adani companies to fall 3-7%. The report was released ahead of Adani Enterprises' follow-on public offering, which opened on Friday, 6 pm, 27 January 2023.[47] The Adani Group's CFO (Jugeshinder 'Robbie' Singh)[48] stated that the timing of the report's publication was a "brazen, mala fide intention" to damage the offering.[47] The Adani Enterprises public offering was cancelled on 1 February 2023.[49][50]

The Adani Group said that the Hindenburg Research report was "malicious combination of selective misinformation and stale" information,[47][51] and that they were "evaluating the relevant provisions under U.S. and Indian laws for remedial and punitive action against Hindenburg Research".[52][53] Reuters reported that it was unlikely that the Adani Group would sue Hindenburg in the U.S. because American courts usually regard financial analysis as protected opinion under American free speech laws.[54] The Adani Group published a 413-page rebuttal to the claims by Hindenburg Research.[55][56]

OCCRP report

[edit]

The Organised Crime and Corruption Reporting Project (OCCRP) reported in August 2023 that it had documents which prove how the Adani Group used individuals and front companies to buy and sell Adani stocks thus bypassing Indian securities laws that seek to prevent share price manipulation. The OCCRP named two individuals — Nasser Ali Shaban Ahli and Chang Chung-Ling — as being responsible for stock trading in and on behalf of Adani Group stocks amounting to hundreds of millions of dollars.[57][58]

Bribery charges

[edit]

On 21 November 2024, Gautam Adani and his associates were charged by a district court in New York for paying bribes of more than US$250 million to Indian government officials in order to obtain favourable energy contracts. Prosecutors also claimed that Adani group had raised US$3 billion in loans and bonds by concealing the scheme from American investors through false and misleading statements.[59] Following the news his net worth fell by $12 billion.[60]

As a result of the indictments, Kenya canceled over US$2.5 billion in regards to the takeover of Jomo Kenyatta International Airport and other energy deals.[61] There were concerns in Kenya that they could be liable for breach of contract costs.[62]

Political views

[edit]
Secretary of State John Kerry greets Gautam Adani, 2014.

Adani is widely known for being close to Indian Prime Minister Narendra Modi and his ruling Bharatiya Janata Party.[3][39] This has led to allegations of cronyism as his firms have won many Indian energy and infrastructure government contracts.[63] An Indian government auditor accused Modi in 2012 of giving low cost fuel from a Gujarat state-run gas company to Adani and other businesspeople.[64]

Adani and Modi have both denied allegations of cronyism.[8] The Economist has described Adani as "a master operator", skilled at "navigating the complicated legal and political landscape of Indian capitalism," although the magazine cautions that his firm is known for its "Byzantine" structure and opaque finances.[55]

The Resurgent Group of Gujarat (RGG) was founded as a rival organisation by local businessmen with Adani as its chairman, after leaders of the Confederation of Indian Industry(CII) criticized Modi's management of 2002 Gujarat riots.[65][66]

Personal life

[edit]

Gautam Adani married Priti Vora, a dentist, in 1986 and have two sons, Karan and Jeet. [67][68][69] Priti Adani serves as the chairperson of Adani Group’s philanthropic arm, the Adani Foundation.[69] Karan serves as CEO of Adani Ports & SEZ. Jeet leads the Adani Airports business and the Adani Digital Labs.[70][71]

In January 1998, Adani and an associate, Shantilal Patel, were allegedly abducted and held hostage for ransom.[72][73] Two former gangsters Fazl-ur-Rehman and Bhogilal Darji, were accused of the kidnapping. They were acquitted in an Indian court in 2018, after Adani and Patel did not show up for depositions, despite multiple summons by the court.[73][8]

Adani was in the restaurant of Taj Mahal Palace Hotel in Mumbai having dinner with the CEO of Dubai Ports at 21:50 on 26 November 2008 when the hotel was attacked by terrorists. The terrorists were only 15 feet (4.6 m) away from them. Adani hid in the hotel kitchen and later in the toilet and came out safely at 08:45 the next day.[74][75][72]

References

[edit]
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