Gautam Adani is a prominent Indian billionaire and serves as the chairman of the Adani Group, a diversified conglomerate engaged in multiple sectors such as energy, resources, logistics, agribusiness, real estate, and defense.
He has emerged as one of Asia’s wealthiest individuals, with a net worth estimated at $81.2 billion, although this figure has experienced considerable fluctuations due to various controversies linked to his business operations.
In Kenya, Adani’s firm has generated significant controversy over a proposed $1.85 billion investment to manage and enhance Jomo Kenyatta International Airport (JKIA) through a 30-year concession.
This proposal has encountered opposition from local unions and civil society organizations, who raise concerns regarding potential job losses for Kenyan employees.
Early beginnings
Adani was born in 1962 in Ahmedabad, Gujarat, into a middle-class Jain family, with his father, Shantilal Adani, engaged as a small textile merchant.
He completed his education at Sheth C.N. Vidyalaya School in Ahmedabad and subsequently enrolled in a bachelor’s program in commerce at Gujarat University.
However, he left the program after his second year to explore other ventures.
At the age of 16, in 1978, Adani relocated to Mumbai, where he spent approximately two to three years working as a diamond sorter for Mahendra Brothers.
In 1981, his elder brother, Mahasukhbhai Adani, acquired a plastics manufacturing unit in Ahmedabad and invited Adani to oversee its operations.
This role served as a crucial turning point for Adani, facilitating his entry into global trading through the importation of polyvinyl chloride (PVC).
In 1985, he commenced the importation of primary polymers for small-scale industries.
By 1988, he established Adani Exports, which is currently recognized as Adani Enterprises, the parent company of the Adani Group.
Initially, the firm concentrated on trading in agricultural and power commodities.
Notably, by 1982, during his tenure in the diamond industry in Mumbai, he had already achieved his first million rupees.
Multi-million companies Gautam Adani owns
One of the key companies within the Adani Group is Adani Ports and SEZ, which is India’s largest commercial port operator.
It manages the Mundra Port in Gujarat, the largest port in India, and plays a crucial role in port development and operations.
Another major player in the Adani portfolio is Adani Green Energy, which has emerged as a leader in renewable energy.
The company focuses on solar and wind power generation and has ambitious plans to expand its renewable energy capacity, aiming for a total of 20 gigawatts by 2025.
Adani Power is another significant subsidiary, involved in power generation with several thermal power plants operating across India.
It is recognized as one of the largest private power producers in the country, contributing to the growing energy demands of a rapidly developing economy.
In the agribusiness sector, Adani Wilmar, a joint venture with Wilmar International, has established itself as a major player in food processing, particularly in the production of edible oils and various food products.
This diversification into essential consumer goods showcases the group’s expansive reach into everyday markets.
Lastly, Adani Total Gas focuses on the distribution of natural gas and is actively involved in developing city gas distribution networks across India.
This venture not only supports the energy needs of urban populations but also aligns with the country’s goals for cleaner energy consumption.
Scrutinized business practices
Adani has faced increasing scrutiny over his business practices in recent years.
One of the most significant allegations came from the short-seller Hindenburg Research, which accused the Adani Group of “pulling the largest con in corporate history.”
The report alleged widespread fraud and money laundering, leading to heightened concerns about the integrity of the Adani Group’s operations.
Adding to the controversy, U.S. prosecutors are currently investigating whether entities associated with Adani or individuals linked to the company were involved in paying officials in India for favorable treatment on an energy project.
This probe is being conducted by the U.S. Attorney’s Office for the Eastern District of New York and the Justice Department’s fraud unit in Washington, indicating the seriousness of the allegations.
The relationship between Adani and Indian Prime Minister Narendra Modi has also drawn attention.
Both hail from the same state and share humble beginnings, which has led to speculation about a symbiotic relationship that may have fueled Adani’s rapid business growth over the years.
Critics argue that this connection raises questions about the fairness and transparency of the Adani Group’s business dealings.
In defense of his business practices, Adani and the Adani Group have vigorously denied the allegations, asserting that they operate with the highest standards of governance and are fully compliant with anti-corruption and anti-bribery laws.
Personal life
Adani is married to Priti Adani, who was born in 1965 in Mumbai to a Gujarati family.
Priti completed her bachelor’s degree in dental surgery from the Government Dental College in Ahmedabad.
After her marriage to Adani, she became the chairwoman of the Adani Foundation in 1996.
Adani and Priti have two sons, Karan and Jeet. Karan Adani serves as the Chief Executive Officer of Adani Ports & Special Economic Zone Ltd.
In 2013, Karan married Paridhi Adani, and they have a daughter together.
Jeet Adani is currently completing his education at the University of Pennsylvania School of Engineering and Applied Science.
He is engaged to Diva, the daughter of Jaimin Shah, who is the owner of C. Dinesh and Co Pvt Ltd, a diamond trading company.
Priti is actively involved in philanthropic activities through the Adani Foundation, which she founded in 1996.
The foundation operates in over 2,300 villages across nearly 18 states in India, focusing on various social initiatives and community development projects.
