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{{short description|Indian billionaire industrialist|bot=PearBOT 5}}
{{Short description|Indian billionaire industrialist (born 1962)}}
{{EngvarB|date=January 2015}}
{{EngvarB|date=January 2015}}
{{Use dmy dates|date=April 2017}}
{{Use dmy dates|date=April 2017}}
{{Infobox person
{{Infobox person
| name              = Gautam Adani
| name              = Gautam Adani
| caption            = Adani in 2012
| image              = Gautam Adani.jpg
| image              = Gautam Adani.jpg
| alt                =
| birth_name        = Gautam Shantilal Adani
| birth_name        = Gautam Shantilal Adani
| birth_date        = {{Birth date and age|df=yes|1962|06|24}}
| birth_date        = {{Birth date and age|df=yes|1962|6|24}}
| birth_place        = [[Ahmedabad]], [[Gujarat]], India
| birth_place        = [[Ahmedabad]], [[Gujarat]], India
| death_date        = <!-- {{Death date and age|df=yes|YYYY|MM|DD|YYYY|MM|DD}} or {{Death-date and age|Month DD, YYYY|Month DD, YYYY}} (death date then birth date) -->
| education          = [[Gujarat University]] (dropped out, 1978)<ref name="Prime Insights"/>
| death_place        =
| occupation        = Industrialist
| networth          = [[US$]]55.2 billion ({{as of|2021|7|3|lc=yes}})<ref name="Forbes">{{cite web|title=Forbes profile: Gautam Adani & family |url= https://www.forbes.com/profile/gautam-adani-1/?sh=3b616a3b5b0e |access-date=25 June 2021}}</ref><ref name="Bloomberg">{{cite web|title= Gautam Adani Bloomberg Index |url= https://www.bloomberg.com/billionaires/profiles/gautam-s-adani/ |access-date=3 July 2021}}</ref>
| years_active      = 1981–present
| occupation        = Chairman, [[Adani Group]]<br> President, [[Adani Foundation]]
| organization      =  
| known_for          = Founder, Adani Group
| known_for          =  
| title              = {{plainlist|
* Founder and chairman of the [[Adani Group]]  
}}
| spouse            = [[Priti Adani]]
| spouse            = [[Priti Adani]]
| children          = 2, including [[Karan Adani]]
| children          = 2, including [[Karan Adani]]
| website           = {{url|https://www.adani.com/About-us/Chairman-Message|Official website}}
| parents           =  
| relatives          = [[Vinod Adani]] (brother)<br>[[Pranav Adani]] (nephew)
| website           =
}}
}}
'''Gautam Shantilal Adani''' (born 24 June 1962) is an Indian [[billionaire]] [[Business magnate|industrialist]] and [[Philanthropy|philanthropist]] who is the chairman and founder of the [[Adani Group]]—an [[Ahmedabad]]-based multinational conglomerate involved in port development and operations in India.<ref>{{cite web |url= https://www.bloomberg.com/billionaires/profiles/gautam-s-adani/ |website=[[Bloomberg News|Bloomberg]]|title=Gautam Adani}}</ref> 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,<ref>{{cite news |author=Staff Writer |title=Adani Green to buy Sterling & Wilson's Telangana solar project for ₹446 cr |url=https://www.livemint.com/industry/energy/adani-green-to-buy-sterling-wilson-s-telangana-solar-project-for-rs-446-cr-11616560833922.html |work=mint |date=24 March 2021 |language=en}}</ref> agriculture, defence and aerospace, amongst others.<ref name="auto">{{cite web |url= https://business.mapsofindia.com/business-leaders/gautam-adani.html |title= Gautam Adani Biography |website= Business map of india |date= 2015-06-02}}</ref> According to ''[[Forbes]]'', his family's net worth is estimated to be around {{USD|78.6 billion}} as of 9 June 2021.<ref name=":0">{{Cite web|title=Gautam Adani|url=https://www.forbes.com/profile/gautam-adani-1/|access-date=2021-03-10|website=Forbes|language=en}}</ref> He was the second richest man in Asia and 13th richest man in the world according to ''Forbes'',<ref>{{cite web | url=https://timesofindia.indiatimes.com/business/india-business/gautam-adani-with-67-billion-is-asias-2nd-richest/articleshow/82819181.cms?utm_source=facebook.com&utm_medium=social&utm_campaign=TOI&fbclid=IwAR3D5qYi3hkRxMOMXNZZQUcRc-jFqtRRvyZ5U_NDnZhP-zoMR9jaKtYwTO4 | title=Gautam Adani, with $67 billion, is Asia's 2nd richest | work=[[The Times of India]] | date=21 May 2021 | accessdate=21 May 2021}}</ref><ref name="Forbes DEC 2020">{{cite web|title=Forbes profile: Gautam Adani & family |url=https://www.forbes.com/profile/gautam-adani/ |access-date=7 October 2020}}</ref> a spot that he attained in 2021.<ref>{{Cite news|url=https://www.livemint.com/news/india/forbes-india-rich-list-2019-mukesh-ambani-retains-top-spot-gautam-adani-second-11570851278520.html|title=Forbes India Rich List 2019: Mukesh Ambani retains top spot, Gautam Adani second|date=12 October 2019|website=mint}}</ref> {{as of|2018}} he had a 66% stake in [[Adani Ports & SEZ]], 75% stake in Adani Enterprises, 73% stake in Adani Power, and a 75% stake in [[Adani Transmission]].<ref>{{cite web|url=https://www.bloomberg.com/billionaires/profiles/gautam-s-adani/|title=Bloomberg Billionaires Index - Gautam Adani|website=bloomberg.com|access-date=3 August 2018}}</ref> On 17 June 2021, Adani lost the title of the second richest man in Asia due to the sudden decrease in share prices of the [[Adani Group]].<ref>{{Cite web|last1=DelhiJune 17|first1=India Today Web Desk New|last2=June 17|first2=2021UPDATED|last3=Ist|first3=2021 15:13|title=Gautam Adani's net worth slides, no longer Asia's 2nd richest person|url=https://www.indiatoday.in/business/story/gautam-adani-s-net-worth-slides-no-longer-asia-s-2nd-richest-person-1816050-2021-06-17|access-date=2021-06-17|website=India Today|language=en}}</ref>
'''Gautam Shantilal Adani''' (born 24 June 1962) is an Indian [[billionaire]] industrialist who is the founder and chairman of [[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"/>


==Early life==
Adani has been described as being close to the Indian Prime Minister [[Narendra Modi]] and his ruling  [[Bharatiya Janata Party]].<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 |work=[[The Economist]] |date=9 February 2023 |title=The humbling of Gautam Adani is a test for Indian capitalism }}</ref> This has led to allegations of [[cronyism]],<ref name="BBC News-02Dec22"/> as his firms have won many  energy and infrastructure  contracts in India and abroad after Modi became the Prime Minister of India.<ref name=Quartz-13Dec22/> In January 2023, following accusations of [[Market manipulation|stock manipulation]] and fraud by American short selling activist firm [[Hindenburg Research]],<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=2023-02-05 |website=[[Hindenburg Research]] |language=en-US}}</ref> Adani's and his family's  fortune has plummeted by over 50%<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 |work=[[Forbes]] |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}}</ref><ref>{{Cite news |date=2 February 2023 |title=Adani's $58 Billion Wealth Wipeout in Six Days Has Few Parallels |language=en |work=Bloomberg.com |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}}</ref><ref>{{Cite web |last=Iordache |first=Ruxandra |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=2023-02-03 |website=CNBC |language=en}}</ref><ref>{{Cite news |last=Shankar |first=Vivek |date=2023-01-31 |title=This Mogul Lost Tens of Billions of Dollars in Days. What Happened? |language=en-US |work=The New York Times |url=https://www.nytimes.com/2023/01/31/business/who-is-gautam-adani.html |access-date=2023-02-03 |issn=0362-4331}}</ref> to an estimated US$50.2 billion, as of March 2023, while falling to the 24th place 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>
Adani was born on 24 June 1962 in a Gujarati [[Jain]] family to Shantilal and Shanti Adani in [[Ahmedabad]], [[Gujarat]].<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]] |date= 2019-02-26}}</ref> He has 7 siblings and his parents had migrated from the town of [[Tharad]] in the northern part of Gujarat.<ref>{{cite news |url=https://www.tu13dekh.com/gautam-adani-wiki-age-height-wife-net-worth-biography-family/|title= Gautam Adani Biography |website= Tu13Dekh |date= 2019-10-22}}</ref> His father was a 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= 2015-08-01}}</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="auto"/> Adani was keen on business, but not his father's textile business.<ref>{{cite journal |url= https://www.cambridge.org/core/journals/business-history-review/article/transnational-indian-business-in-the-twentieth-century/6B6236551634D106A0E65880574D7373/core-reader# |title= Transnational Indian Business in the Twentieth Century |author= Cambridge Core |journal= Business History Review |date= 2017-12-12|volume= 91 |issue= 4 |pages= 651–679 |doi= 10.1017/S0007680517001350 |s2cid= 158483062 }}</ref>
==Early life ==
 
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= 2019-02-26}}</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 |url= https://www.cambridge.org/core/journals/business-history-review/article/transnational-indian-business-in-the-twentieth-century/6B6236551634D106A0E65880574D7373/core-reader# |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 }}</ref>


==Career==
==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.<ref>{{cite journal|url=https://www.cambridge.org/core/journals/business-history-review/article/transnational-indian-business-in-the-twentieth-century/6B6236551634D106A0E65880574D7373/core-reader#|title=Business Journal|date=2017-12-12|journal=[[cambridge]]|volume=91|issue=4|pages=651–679|doi=10.1017/S0007680517001350|last1=Tumbe|first1=Chinmay|s2cid=158483062}}
{{undue weight | section | reason=This section should focus on the subject's professional career as an entrepreneur and manager (including controversies where due); not on the mergers, acquisition and financial performance of the companies he managed.|date=February 2023}}
As a teenager, Adani moved to [[Mumbai]] in 1978 to work as a diamond sorter for Mahendra Brothers.<ref>{{cite journal|url=https://www.cambridge.org/core/journals/business-history-review/article/transnational-indian-business-in-the-twentieth-century/6B6236551634D106A0E65880574D7373/core-reader#|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}}
</ref>
</ref>


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.<ref name="Gautam Adani">{{cite news|url=https://business.mapsofindia.com/business-leaders/gautam-adani.html|title=Gautam Adani Biography|date=2015-06-02|publisher=Businessmapsofindia}}</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 liberalization policies turned out to be favorable 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 1994, the [[Government of Gujarat]] announced managerial outsourcing of the [[Mundra Port]] and in 1995, Adani got 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 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>
 
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>
 
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 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="Gautam Adani"/>
In 2006, Adani entered the power generation business.<ref name="coal to H2"/> 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=2015-07-10|publisher=outlookbusiness.com}}</ref>


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.<ref>{{Cite web|date=2020-02-26|title=Gautam Adani Success Story- A College Dropout to Indian Billionaire Entrepreneur|url=https://sugermint.com/gautam-adani-success-story-a-college-dropout-to-indian-billionaire-entrepreneur/|access-date=2021-03-11|website=Suger Mint|language=en-US}}</ref>
In 2012, the [[Serious Fraud Investigation Office]] (SFIO) had filed a charge sheet against twelve accused including the Adani for cheating & criminal conspiracy related to 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 & other 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 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>


In 1994, the [[Government of Gujarat]] announced managerial outsourcing of the [[Mundra Port]] and in 1995, Adani got the contract.<ref>{{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|date=2014-04-10|publisher=[[timesofindia]]}}</ref>
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=2020-06-10 |work=[[The Financial Express (India)]] |language=en |agency=[[Press Trust of India]] }}</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 million tons of cargo per annum.<ref>{{Cite web|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=2021-03-11|website=@businessline|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|access-date=2021-03-11}}</ref>
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=2021-07-01 |work=[[Forbes]] |language=en}}</ref>


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 4620 MW, the largest private 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=2016-06-13|publisher=economictimes.com}}</ref>
In November 2021, while speaking at the Bloomberg India Economic Forum, Adani said the group is investing US$70 billion in a new green energy 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><ref>{{cite news |title=Adani to invest $70 billion in renewable energy, produce cheapest hydrogen |url=https://www.thehindu.com/business/Industry/adani-to-invest-70-billion-in-renewable-energy-produce-cheapest-hydrogen/article37440792.ece |access-date=9 September 2022 |work=[[The Hindu]] |agency=[[Press Trust of India]] |date=11 November 2021 |language=en-IN}}</ref><ref>{{cite news |title=Gautam Adani says $50-70 bn investment planned across energy chain |url=https://www.business-standard.com/article/companies/gautam-adani-says-50-70-bn-investment-planned-across-energy-chain-121100401172_1.html |access-date=9 September 2022 |work=[[Business Standard]] |agency=[[Press Trust of India]] |date=4 October 2021 |language=en}}</ref> In July 2022, he offered new details on how this investment will be utilized to build three giant factories – solar, electrolyzer (to make green hydrogen), wind turbine plants.<ref>{{cite news |last1=Singh |first1=Rajesh Kumar |last2=Sanjai |first2=P R |title=Billionaire Adani Adds More Detail on $70 Billion Green Push |url=https://www.bloomberg.com/news/articles/2022-09-07/third-richest-adani-adds-more-detail-on-70-billion-green-push |access-date=9 September 2022 |work=[[Bloomberg News]] |date=7 September 2022}}</ref><ref>{{cite news |last1=Sanjai |first1=P R |title=Gautam Adani's $70 Billion Pledge Now Includes Greenest Data Centers |url=https://www.bloomberg.com/news/articles/2021-11-11/adani-s-70-billion-pledge-now-includes-greenest-data-centers |access-date=9 September 2022 |work=[[Bloomberg News]] |date=November 11, 2021}}</ref>


In 2006, Adani entered the power generation business. From 2009 to 2012, he acquired Abbot Point Port in Australia and Carmichael Coal in Queensland.<ref>{{cite news|url=https://www.outlookbusiness.com/specials/the-boss/gautam-adani-1237|title=Gautam Adani, chairman Adani group|date=2015-07-10|publisher=outlookbusiness.com}}</ref>
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> 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=August 29, 2022 |language=en}}</ref>


In May 2020, Adani won the world's largest solar bid by the [[Solar Energy Corporation of India]] (SECI) worth $6 billion. The 8000 MW photovoltaic power plant project will be taken up by [[Adani Green Energy|Adani Green]]; and Adani Solar will establish 2000 MW of additional solar cell and module manufacturing capacity.<ref>{{Cite news|last=Reporter|first=S. I.|date=2020-06-09|title=Adani Green hits new high on winning world's largest solar bid worth $7 bn|work=Business Standard India|url=https://www.business-standard.com/article/markets/adani-green-hits-new-high-stock-zooms-127-in-three-months-120060900281_1.html|access-date=2020-06-10}}</ref><ref>{{Cite web|date=2020-06-09|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=2020-06-10|website=The Financial Express|language=en-US}}</ref>
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>


In September 2020, Adani acquired a 74% stake in Mumbai International Airport, India's second busiest.<ref>{{Cite web|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=2021-07-01|website=Forbes|language=en}}</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=2022-08-26 |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]] |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"/>
 
=== Allegations of fraud ===
{{Main|Adani-Hindenburg row}}
In January 2023, Adani and his companies [[Adani Group#2023 fraud allegations|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 |last=AFP |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=2023-01-29 |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, 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=2023-02-23 |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 |last=Pyasi |first=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 it was "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> Alison Frankel (a senior legal writer at [[Reuters]]) wrote 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 has published a 413-page rebuttal to 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>
 
== 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 personally maintains a negligible media presence{{citation needed|date=February 2023}} but 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> With an Indian government auditor accusing 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 newsmagazine 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>


==Personal life==
==Personal life==
Adani is married to Priti Adani.<ref>{{cite web|url=https://business.mapsofindia.com/business-leaders/gautam-adani.html|title=Gautam Adani |date=2015-06-02|website=mapsofindia.com}}</ref><ref>{{cite news|url=https://ahmedabadmirror.indiatimes.com/columns/the-informer/achtung-baby/articleshow/53066653.cms|title=Priti Adani|date=2016-07-07|website=ahmedabadmirror}}</ref><ref>{{cite web|url=https://www.wealthx.com/dossier/gautam-shantilal-adani/|title=Gautam Adani|website=wealthx.com}}{{Dead link|date=February 2021 |bot=InternetArchiveBot |fix-attempted=yes }}</ref> He was abducted and held hostage for ransom in 1998, but was released without collecting the money.<ref>{{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>{{cite news |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 |date=1 December 2018 |location=Ahmedabad |language=en}}</ref> He was in the [[Taj Mahal Palace Hotel|Taj Hotel]] during the [[2008 Mumbai attacks]].<ref>{{cite news |last1=Sazonov |first2=Bhuma |last2=Shrivastava |first3=P R |last3=Sanjai |first1=Alexander |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>
Gautam Adani is married to [[Priti Adani]]. The couple have two sons, [[Karan Adani]] and Jeet Adani.<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>
 
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 another businessman 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"/>


==Philanthropy==
==Philanthropy==
Adani is the president of the Adani Foundation, funded through 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]].<ref>{{Cite web|title=Adani Foundation {{!}} Youth4work|url=https://www.university.youth4work.com/adani-foundation|access-date=2020-12-07|website=youth4work.com|language=en}}</ref>
Adani's wife, [[Priti Adani]], has been the chairperson of the Adani Foundation since she founded it 1996.<ref>{{cite news |url=https://www.dnaindia.com/business/report-meet-priti-adani-billionaire-gautam-adani-s-wife-and-force-behind-adani-foundation-3018838 |title=Meet Priti Adani, billionaire Gautam Adani's wife and force behind Adani Foundation |work=[[DNA India]] |date=23 January 2023 }}</ref><ref name="ANI-17Nov20"/>  This is the [[corporate social responsibility]] (philanthropy) arm of the Adani Group and has a presence in 18 states of India.<ref name="ANI-17Nov20">{{Cite news |title=Gautam Adani ushers in Gujarati New Year at Adani Foundation volunteer's Mundra home |url=https://www.aninews.in/news/national/general-news/gautam-adani-ushers-in-gujarati-new-year-at-adani-foundation-volunteers-mundra-home20201117200756/ |date=17 November 2020 |access-date=2021-01-18 |work=[[Asian News International]] |language=en}}</ref>


In March 2020, he contributed ₹100 crore to the [[PM CARES Fund]] through his group's philanthropy arm, to fight the [[Coronavirus disease 2019|Coronavirus]] outbreak.<ref>{{Cite web|url=https://www.indiatvnews.com/business/news-coronavirus-gautam-adani-donation-rs-1000-crore-pm-fund-602679|title=Gautam Adani gives Rs 100 crore to PM Fund to fight coronavirus|last=Joshi|first=Manas|date=2020-03-29|website=www.indiatvnews.com|language=en|access-date=2020-04-01}}</ref> A contribution of ₹5 crore was made to the Gujarat CM Relief Fund and ₹1 crore to the Maharashtra CM Relief Fund.<ref>{{Cite news|url=https://economictimes.indiatimes.com/news/company/corporate-trends/billionaire-gautam-adani-commits-to-support-fight-against-coronavirus/articleshow/74983932.cms|title=Billionaire Gautam Adani commits to support fight against coronavirus|date=2020-04-04|work=The Economic Times|access-date=2020-04-10}}</ref>
In March 2020, Adani contributed {{INRConvert|100|c|lk=on|year=2020}} to the [[PM CARES Fund|PM Cares Fund]] through his group's philanthropy arm, to fight the [[COVID-19 pandemic in India|COVID-19]] outbreak.<ref>{{Cite news |url=https://www.indiatvnews.com/business/news-coronavirus-gautam-adani-donation-rs-1000-crore-pm-fund-602679|title=Gautam Adani gives Rs 100 crore to PM Fund to fight coronavirus|last=Joshi|first=Manas|date=2020-03-29|website=www.indiatvnews.com|language=en|access-date=2020-04-01}}</ref> A contribution of {{INRConvert|5|c|lk=on|year=2020}} was made to the Gujarat CM Relief Fund and {{INRConvert|1|c|lk=on|year=2020}} to the Maharashtra CM Relief Fund.<ref>{{cite news|url=https://economictimes.indiatimes.com/news/company/corporate-trends/billionaire-gautam-adani-commits-to-support-fight-against-coronavirus/articleshow/74983932.cms|title=Billionaire Gautam Adani commits to support fight against coronavirus|date=4 April 2020 |work=[[The Economic Times]]|access-date=2020-04-10}}</ref>


Adani led diversified conglomerate [[Adani Group]] imported four ISO [[Cryogenics|cryogenic]] tanks filled with 80 metric tones of liquid medical oxygen from [[Dammam]] in [[Saudi Arabia]] to [[Mundra]] in [[Gujarat]]. The group is also securing 5,000 medical-grade oxygen cylinders from Linde Saudi Arabia. In a [[Twitter]] post, Adani shared that each day his group is supplying 1,500 cylinders with medical oxygen to wherever they are needed in [[Kutch district|Kutch]] of [[Gujarat]].<ref>{{Cite web|last=My Nation|title=To improve oxygen availability, Adani group imports cryogenic tanks from Saudi Arabia|url=https://www.mynation.com/india-news/to-improve-oxygen-availability-adani-group-imports-cryogenic-tanks-from-saudi-arabia-qs47sk|url-status=live|access-date=2021-05-11|website=Asianet News Network Pvt Ltd|language=en}}</ref>
Adani-led Adani Group imported four [[International Organization for Standardization|ISO]] [[Cryogenics|cryogenic]] tanks filled with 80 metric tonnes of [[Liquid oxygen|liquid medical oxygen]] from [[Dammam]] in [[Saudi Arabia]] to [[Mundra]] in [[Gujarat]]. The group also secured 5,000 [[oxygen tank|medical-grade oxygen cylinders]] from [[Linde plc|Linde]] Saudi Arabia. In a [[Twitter]] post, Adani shared that each day his group is supplying 1,500 cylinders with medical oxygen to wherever they are needed in the [[Kutch district]] of [[Gujarat]].<ref>{{Cite web|last=My Nation|title=To improve oxygen availability, Adani group imports cryogenic tanks from Saudi Arabia|url=https://www.mynation.com/india-news/to-improve-oxygen-availability-adani-group-imports-cryogenic-tanks-from-saudi-arabia-qs47sk|access-date=2021-05-11|website=Asianet News Network Pvt Ltd|language=en}}</ref>
In June 2022, Adani committed to donate Rs 60,000 crore ($7.7 billion) to social causes. Adani's corpus will be administered by the Adani Foundation, making it one of the biggest transfers to a philanthropic trust in India.<ref>{{Cite web| url=http://timesofindia.indiatimes.com/articleshow/92423541.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst|title=Adani commits to give away Rs 60,000 crore in charity|date=2022-06-24|access-date=2022-06-24|website=The Times of India|language=en}}</ref>


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


== External links ==
== External links ==
{{commons category|Gautam Adani}}
* {{Official|https://www.adani.com/About-us/One-Vision-One-Team/Gautam-Adani}}
* [https://www.adanifoundation.org/ Adani Foundation]


{{Adani Group}}
* {{Official website|https://www.adani.com/About-us/One-Vision-One-Team/Gautam-Adani}}
* {{Twitter|id=@gutam_adani|name=Gautam Adani}}
* [https://www.forbes.com/profile/gautam-adani-1/?sh=28e50db15b0e Profile] at [[Forbes]]
* [https://www.bloomberg.com/billionaires/profiles/gautam-s-adani/#xj4y7vzkg Profile] at [[Bloomberg L.P.]]
 
{{Adani Group|state=collapsed}}


{{DEFAULTSORT:Adani, Gautam}}
{{DEFAULTSORT:Adani, Gautam}}
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[[Category:Businesspeople from Gujarat]]

Latest revision as of 01:59, 22 July 2023


Gautam Adani
Adani in 2012
Born
Gautam Shantilal Adani

(1962-06-24) 24 June 1962 (age 64)
Ahmedabad, Gujarat, India
EducationGujarat University (dropped out, 1978)[1]
OccupationIndustrialist
Years active1981–present
Title
Spouse(s)Priti Adani
Children2, including Karan Adani
RelativesVinod Adani (brother)
Pranav Adani (nephew)

Gautam Shantilal Adani (born 24 June 1962) is an Indian billionaire industrialist who is the founder and chairman of Adani Group, a multinational conglomerate involved in port development and operations in India.[2][3]

Adani has been described as being close to the Indian Prime Minister Narendra Modi and his ruling Bharatiya Janata Party.[3][4][5] This has led to allegations of cronyism,[6] as his firms have won many energy and infrastructure contracts in India and abroad after Modi became the Prime Minister of India.[7] In January 2023, following accusations of stock manipulation and fraud by American short selling activist firm Hindenburg Research,[8] Adani's and his family's fortune has plummeted by over 50%[9][10][11][12] to an estimated US$50.2 billion, as of March 2023, while falling to the 24th place on the Forbes Real Time Billionaires list.[13]

Early life[edit | edit source]

Adani was born on 24 June 1962 in a Gujarati Jain family to Shantilal Adani (father) and Shantaben Adani (mother) in Ahmedabad, Gujarat.[1][14] He has 7 siblings. His parents had migrated from the town of Tharad in the northern part of Gujarat.[15] His father was a small textile merchant.[16]

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.[17] Adani was keen on business, but not his father's textile business.[18]

Career[edit | edit source]

As a teenager, Adani moved to Mumbai in 1978 to work as a diamond sorter for Mahendra Brothers.[19]

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.[17]

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.[17]

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.[17][20]

In 1994, the Government of Gujarat announced managerial outsourcing of the Mundra Port and in 1995, Adani got the contract.[4]

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 million tons of cargo per annum.[21][22]

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.[23]

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.[24]

In 2006, Adani entered the power generation business.[25] From 2009 to 2012, he acquired Abbot Point Port in Australia and Carmichael coal mine in Queensland.[26]

In 2012, the Serious Fraud Investigation Office (SFIO) had filed a charge sheet against twelve accused including the Adani for cheating & criminal conspiracy related to 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 & other accused of this case in May, 2014.[27] However, in 2020, a Mumbai sessions court overturned the clean chit to Adani in this case.[28]

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.[29][30]

In September 2020, Adani acquired a 74% stake in Mumbai International Airport, India's second busiest after Delhi.[31]

In November 2021, while speaking at the Bloomberg India Economic Forum, Adani said the group is investing US$70 billion in a new green energy business.[25][32][33] In July 2022, he offered new details on how this investment will be utilized to build three giant factories – solar, electrolyzer (to make green hydrogen), wind turbine plants.[34][35]

In February 2022, he became Asia's richest person, surpassing Mukesh Ambani.[36] In August 2022, he was named the 3rd richest person in the world by Fortune.[37]

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.[38]

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.”[39] 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][40] By December 2022, Adani was described as controlling the largest shareholding in NDTV.[41][42] The Economist said that before Adani bought NDTV, the news channel was "critical of the government but is now supine."[5]

Allegations of fraud[edit | edit source]

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.[43][44] 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, 27 January 2023.[45] The Adani Group's CFO (Jugeshinder 'Robbie' Singh)[46] stated that the timing of the report's publication was a "brazen, mala fide intention" to damage the offering.[45] The Adani Enterprises public offering was cancelled on 1 February 2023.[47][48]

The Adani Group said that the Hindenburg Research report was "malicious combination of selective misinformation and stale" information,[45][49] and that it was "evaluating the relevant provisions under U.S. and Indian laws for remedial and punitive action against Hindenburg Research".[50][51] Alison Frankel (a senior legal writer at Reuters) wrote 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.[52] "The Adani Group has published a 413-page rebuttal to claims by Hindenburg Research".[53][54]

Political views[edit | edit source]

Secretary of State John Kerry greets Gautam Adani, 2014.

Adani personally maintains a negligible media presence[citation needed] but is widely known for being close to Indian Prime Minister Narendra Modi and his ruling Bharatiya Janata Party.[3][40] This has led to allegations of cronyism as his firms have won many Indian energy and infrastructure government contracts.[7] With an Indian government auditor accusing Modi in 2012 of giving low cost fuel from a Gujarat state-run gas company to Adani and other businesspeople.[55]

Adani and Modi have both denied allegations of cronyism.[6] The Economist has described Adani as "a master operator", skilled at "navigating the complicated legal and political landscape of Indian capitalism," although the newsmagazine cautions that his firm is known for its "Byzantine" structure and opaque finances.[53]

Personal life[edit | edit source]

Gautam Adani is married to Priti Adani. The couple have two sons, Karan Adani and Jeet Adani.[56]

In January 1998, Adani and an associate, Shantilal Patel, were allegedly abducted and held hostage for ransom.[57][58] 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.[58][6]

Adani was in the restaurant of Taj Mahal Palace Hotel in Mumbai having dinner with another businessman 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.[59][60][57]

Philanthropy[edit | edit source]

Adani's wife, Priti Adani, has been the chairperson of the Adani Foundation since she founded it 1996.[61][62] This is the corporate social responsibility (philanthropy) arm of the Adani Group and has a presence in 18 states of India.[62]

In March 2020, Adani contributed ₹100 crore (US$14 million) to the PM Cares Fund through his group's philanthropy arm, to fight the COVID-19 outbreak.[63] A contribution of ₹5 crore (US$700,000) was made to the Gujarat CM Relief Fund and ₹1 crore (US$140,000) to the Maharashtra CM Relief Fund.[64]

Adani-led Adani Group imported four ISO cryogenic tanks filled with 80 metric tonnes of liquid medical oxygen from Dammam in Saudi Arabia to Mundra in Gujarat. The group also secured 5,000 medical-grade oxygen cylinders from Linde Saudi Arabia. In a Twitter post, Adani shared that each day his group is supplying 1,500 cylinders with medical oxygen to wherever they are needed in the Kutch district of Gujarat.[65] In June 2022, Adani committed to donate Rs 60,000 crore ($7.7 billion) to social causes. Adani's corpus will be administered by the Adani Foundation, making it one of the biggest transfers to a philanthropic trust in India.[66]

References[edit | edit source]

  1. ↑ 1.0 1.1 "Gautam Adani- College Dropout To Billionaire Entrepreneur". Prime Insights.
  2. ↑ "Gautam Adani Bloomberg Index". Bloomberg.com. Retrieved 11 February 2022.
  3. ↑ 3.0 3.1 3.2 3.3 Mukherjee, Andy. "The World's Second-Biggest Fortune Deserves a Keener Spotlight". Bloomberg News. Retrieved 15 October 2022.
  4. ↑ 4.0 4.1 Mehta, Harit (10 April 2014). "Gautam Adani, the baron to watch out for if Narendra Modi becomes king". The Times of India. Retrieved 16 April 2022.
  5. ↑ 5.0 5.1 "The humbling of Gautam Adani is a test for Indian capitalism". The Economist. 9 February 2023.
  6. ↑ 6.0 6.1 6.2 Biswas, Soutik (2 December 2022). "Gautam Adani: The school dropout's high-risk journey to become Asia's richest man". BBC News. Retrieved 13 December 2022.
  7. ↑ 7.0 7.1 Verma, Mimansa; Sharma, Niharika (13 December 2022). "For India, the Adani Group is growing too big to fail". Quartz (publication). Retrieved 13 December 2022.
  8. ↑ "Adani Group: How The World's 3rd Richest Man Is Pulling The Largest Con In Corporate History". Hindenburg Research. 24 January 2023. Retrieved 5 February 2023.
  9. ↑ "How Gautam Adani Lost More Than $50 Billion In A Week—And His Ranking As Asia's Richest". Forbes. 26 January 2023.
  10. ↑ "Adani's $58 Billion Wealth Wipeout in Six Days Has Few Parallels". Bloomberg.com. 2 February 2023. Retrieved 3 February 2023.
  11. ↑ Iordache, Ruxandra. "Adani losses top $100 billion in the wake of Hindenburg Research report". CNBC. Retrieved 3 February 2023.
  12. ↑ Shankar, Vivek (31 January 2023). "This Mogul Lost Tens of Billions of Dollars in Days. What Happened?". The New York Times. ISSN 0362-4331. Retrieved 3 February 2023.
  13. ↑ "Profile Gautam Adani". Forbes. Retrieved 5 February 2023.
  14. ↑ Chandna, Himani (26 February 2019). "The Rise Of The Tycoon: Gautam Adani". Businessworld.
  15. ↑ "A look into profile of billionaire Gautam Adani". India Today. 20 August 2011. Retrieved 23 May 2022.
  16. ↑ "Top 10 Gujrati Billionaires". India TV. 1 August 2015.
  17. ↑ 17.0 17.1 17.2 17.3 Joseph, Anto T. (8 December 2007). "Gautam Adani: Another Gujarati who made it big". The Economic Times. Retrieved 23 May 2022.
  18. ↑ Cambridge Core (12 December 2017). "Transnational Indian Business in the Twentieth Century". Business History Review. 91 (4): 651–679. doi:10.1017/S0007680517001350. S2CID 158483062.
  19. ↑ Tumbe, Chinmay (12 December 2017). "Transnational Indian Business in the Twentieth Century". Business History Review. 91 (4): 651–679. doi:10.1017/S0007680517001350. S2CID 158483062.
  20. ↑ Vora, Rutam (22 May 2022). "Gautam Adani: Cementing his portfolio". The Hindu Businessline. Retrieved 23 May 2022.
  21. ↑ Manoj, P. (3 August 2017). "APSEZ set to become top container port operator". The Hindu Businessline. Retrieved 11 March 2021.
  22. ↑ "Adani becomes first Indian port operator to record 200 MT cargo movement". The Economic Times. 27 March 2019. Retrieved 11 March 2021.
  23. ↑ "Adani Solar Project". The Economic Times. 13 June 2016.
  24. ↑ "Court withdraws NBWs against Adani". The Times of India. 13 December 2002.
  25. ↑ 25.0 25.1 Kay, Chris; Sanjai, P R. "The World's Third-Richest Man Sells the World a Green Dream Built on Coal". Bloomberg News. Retrieved 9 September 2022.
  26. ↑ "Gautam Adani, chairman Adani group". outlookbusiness.com. 10 July 2015.
  27. ↑ "Adani brothers discharged in cheating case by Maharashtra court". The Economic Times. 22 June 2014.
  28. ↑ Narayan, Khushboo (10 January 2020). "Court overturns clean chit to Adanis in share-rigging case". The Indian Express.
  29. ↑ SI Reporter (9 June 2020). "Adani Green hits new high on winning world's largest solar bid worth $7 bn". Business Standard. Retrieved 10 June 2020.
  30. ↑ "Adani wins world's largest solar project; to invest Rs 45,000 crore". The Financial Express (India). Press Trust of India. 9 June 2020. Retrieved 10 June 2020.
  31. ↑ Karmali, Naazneen. "India's 10 Richest Billionaires 2021". Forbes. Retrieved 1 July 2021.
  32. ↑ "Adani to invest $70 billion in renewable energy, produce cheapest hydrogen". The Hindu. Press Trust of India. 11 November 2021. Retrieved 9 September 2022.
  33. ↑ "Gautam Adani says $50-70 bn investment planned across energy chain". Business Standard. Press Trust of India. 4 October 2021. Retrieved 9 September 2022.
  34. ↑ Singh, Rajesh Kumar; Sanjai, P R (7 September 2022). "Billionaire Adani Adds More Detail on $70 Billion Green Push". Bloomberg News. Retrieved 9 September 2022.
  35. ↑ Sanjai, P R (11 November 2021). "Gautam Adani's $70 Billion Pledge Now Includes Greenest Data Centers". Bloomberg News. Retrieved 9 September 2022.
  36. ↑ Pratap, Aayushi (3 February 2022). "Indian Billionaire Gautam Adani Becomes Asia's Richest Person". Forbes. Retrieved 11 February 2022.
  37. ↑ Sazonov, Alexander (29 August 2022). "A college dropout is now the 3rd richest person in the world". Fortune. Retrieved 9 September 2022.
  38. ↑ "Adani to acquire Holcim India assets for $10.5 bn". The Times of India. 16 May 2022. Retrieved 15 September 2022.
  39. ↑ Shih, Gary; Masih, Niha. "Fears for independent media in India as tycoon eyes major news channel". The Washington Post. ISSN 0190-8286. Retrieved 26 August 2022.
  40. ↑ 40.0 40.1 "India tycoon Adani in hostile bid for news channel NDTV". BBC News. 24 August 2022. Retrieved 24 August 2022.
  41. ↑ Nair, Ravi; Kumar, Raksha; Chaurasia, Atul; Komireddi, Kapil (17 December 2022). "India: Why is Gautam Adani so interested in NDTV?". Al Jazeera.
  42. ↑ Thomas, Chris (23 December 2022). Syamnath, Devika (ed.). "Billionaire Adani to control nearly 65% of NDTV as founders sell stake". Reuters.
  43. ↑ AFP (27 January 2023). "Fraud claims wipe $45 billion off India's Adani group stocks". Dawn. Retrieved 29 January 2023.
  44. ↑ Barrett, Jonathan (27 January 2023). "US activist investor who accused Adani of 'biggest con in corporate history' dares Indian group to sue". The Guardian. ISSN 0261-3077. Retrieved 23 February 2023.
  45. ↑ 45.0 45.1 45.2 "Adani Group responds to Hindenburg report, calls it 'malicious'". Mint. 25 January 2023.
  46. ↑ "Our Leadership – One Vision One Team", Adani Group
  47. ↑ "What next for Gautam Adani's embattled empire?". The Economist. 1 February 2023.
  48. ↑ "Adani vs. Hindenburg: The Story So Far". The Wall Street Journal. Retrieved 23 February 2023.
  49. ↑ Pyasi, Jayshree; Kalra, Aditya; Shah, Aditi (30 January 2023). "Adani hits back at Hindenburg, says it made all disclosures". Reuters. Retrieved 23 February 2023.
  50. ↑ "India's Adani Group says evaluating action against Hindenburg Research". Reuters. 27 January 2023.
  51. ↑ Ludlow, Edward; Burton, Katherine (26 January 2023). "Hindenburg vs Adani: The Short Seller Taking On Asia's Richest Person". Bloomberg News. Retrieved 26 January 2023.
  52. ↑ Frankel, Alison (2 February 2023). "Column: Adani Group threatens, but Hindenburg Research rarely sued in U.S." Reuters.
  53. ↑ 53.0 53.1 "A short-seller rattles Gautam Adani's empire". The Economist. 27 January 2023. ISSN 0013-0613. Retrieved 30 January 2023.
  54. ↑ Adani Response (PDF). Adani Group (Report). 29 January 2023.
  55. ↑ Dasgupta, Manas (31 March 2012). "CAG slams Modi regime for financial irregularities". The Hindu. ISSN 0971-751X. Retrieved 13 December 2022.
  56. ↑ "Gautam Adani Biography". mapsofindia.com. 2 June 2015.
  57. ↑ 57.0 57.1 "Throwback: When India's fifth richest man was kidnapped for ransom". Times Now News. 14 June 2020. Retrieved 13 December 2020.
  58. ↑ 58.0 58.1 "Two accused of abducting Gautam Adani 20 years ago acquitted". The Indian Express. Ahmedabad. 1 December 2018. Retrieved 13 December 2020.
  59. ↑ Sazonov, Alexander; Shrivastava, Bhuma; Sanjai, P R (13 December 2020). "Billionaire Survivor of Ransom, Terror Attacks Now Rivals Ambani". Bloomberg.com. Retrieved 13 December 2020.
  60. ↑ Shukla, Nimish (28 November 2008). "Gautam Adani felt safe in Taj toilet". The Times of India. Retrieved 13 December 2020.
  61. ↑ "Meet Priti Adani, billionaire Gautam Adani's wife and force behind Adani Foundation". DNA India. 23 January 2023.
  62. ↑ 62.0 62.1 "Gautam Adani ushers in Gujarati New Year at Adani Foundation volunteer's Mundra home". Asian News International. 17 November 2020. Retrieved 18 January 2021.
  63. ↑ Joshi, Manas (29 March 2020). "Gautam Adani gives Rs 100 crore to PM Fund to fight coronavirus". www.indiatvnews.com. Retrieved 1 April 2020.
  64. ↑ "Billionaire Gautam Adani commits to support fight against coronavirus". The Economic Times. 4 April 2020. Retrieved 10 April 2020.
  65. ↑ My Nation. "To improve oxygen availability, Adani group imports cryogenic tanks from Saudi Arabia". Asianet News Network Pvt Ltd. Retrieved 11 May 2021.
  66. ↑ "Adani commits to give away Rs 60,000 crore in charity". The Times of India. 24 June 2022. Retrieved 24 June 2022.

External links[edit | edit source]

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