Gautam adani biography pdf

Gautam Adani

Indian billionaire businessman (born )

Gautam Shantilal Adani (born 24 June ) is an Indian billionaire businessman who is the founder and chairman of the Adani Group, a multinational conglomerate deeply interested in port development and operations in India.[2][3] As of 17 January , Adani is ranked second richest person in Asia and 25th in the society, with a net worth of $ billion.[4] In , Time magazine included him in the most influential people in the world.[5]

As a teenager, Adani moved to Mumbai in to labor as a diamond sorter for Mahendra Brothers.

In , 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 Collective in

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 , the American limited selling activist firm Hindenburg Analyze accused Adani of stock use and fraud.[9] In January , the Supreme Court resolved the Adani Group stocks dispute arising from Hindenburg Research's allegations and dismissed requests for an Recline or CBI investigation.[10][11] As of October , Adani's fortune is estimated at $ billion and ranked 23rd on the ForbesReal Time Billionaires list.[12][13][14][15][16]

On 20 November , 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 $ 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

Adani was born on 24 June in a GujaratiJain 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 compact textile merchant.[22]

He was educated at Sheth Chimanlal Nagindas Vidyalaya university 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

As a teenager, Adani moved to Mumbai in to labor as a diamond sorter for Mahendra Brothers.[25] In , his elder brother Mahasukhbhai Adani bought a plastics unit in Ahmedabad and invited him to control the operations.

This venture turned out to be Adani's gateway to global trading through polyvinyl chloride (PVC) imports.[23] In , he started importing primary polymers for small-scale industries. In , 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 , 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 , Adani entered the power generation business.[27] From to , he acquired Abbot Point Port in Australia and Carmichael coal mine in Queensland.[28]

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

Adani Group

Main article: Adani Group

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

In , 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 million tons of cargo per annum.[31][32]

In , the power business arm of the Adani Group, Adani Power, was founded by Adani.

Adani Authority holds thermal power plants with a capacity of MW, the largest private thermal power producer of the country.[33]

In May , Adani won the world's largest solar bid by the Solar Energy Corporation of India (SECI) worth US$6 billion.

The MW photovoltaic power plant project will be taken up by Adani Green; Adani Solar will set up MW of additional solar cell and module manufacturing capacity.[34][35]

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

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

In August , AMG Media Networks Limited (AMNL), a unit of Adani Group, declared that it planned to buy RRPR Holding, owner of % 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 writer 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 , 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

In , 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 , 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 [43] However, in , a Mumbai sessions court overturned the clean chit to Adani in this case.[44]

Hindenburg's report

Main article: Adani-Hindenburg row

In January , 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 Team 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 creature on a "precarious financial footing", causing stocks of seven listed Adani companies to fall %.

The report was released ahead of Adani Enterprises' follow-on general offering, which opened on Friday, 6 pm, 27 January [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 [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 page rebuttal to the claims by Hindenburg Research.[55][56]

OCCRP report

The Organised Crime and Corruption Reporting Project (OCCRP) reported in August that it had documents which prove how the Adani Group used individuals and front companies to bargain 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

On 21 November , Gautam Adani and his associates were charged by a district court in New York for paying bribes of more than US$ 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] Monitoring the news his net worth fell by $12 billion.[60]

As a result of the indictments, Kenya canceled over US$ 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

Adani is widely known for being nearby 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 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 Organization 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 Gujarat riots.[65][66]

Personal life

Gautam Adani married Priti Vora, a dentist, in and have two sons, Karan and Jeet.

[67][68][69] Priti Adani is the chairperson of Adani Group’s philanthropic arm, the Adani Foundation.[69] Karan is CEO of Adani Ports & SEZ. Jeet leads the Adani Airports business and the Adani Digital Labs.[70][71]

In January , 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 , 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 on 26 November when the hotel was attacked by terrorists.

The terrorists were only 15 feet (&#;m) away from them. Adani hid in the hotel kitchen and later in the toilet and came out safely at the next day.[74][75][72]

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    GAUTAM ADANI - Adani Group: Mr. Gautam Adani is the Chairman of the Adani Group, a principal Trading and Export Company of India. Recently the Forbes magazine recognized him as the 10th richest Indian person, in the International market with the net worth estimated at $ billion.

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    As a teenager, Adani moved to Mumbai in to work as a diamond sorter for Mahendra Brothers. InAdani 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 Organization in 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. On 20 Novembera five-count criminal indicment by the U.

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    Explore the dynamic life of Gautam Adani through the lens of Mahesh Dutt Sharma's comprehensive biography, offering readers an insightful portrayal of one of India's most prominent business magnates. Embark on a captivating journey through the highs and lows of Gautam Adani's remarkable career, from his incremental beginnings to his emergence as a global leader in infrastructure, energy, and logistics. Sharma skillfully navigates through the pivotal moments and strategic decisions that acquire shaped Adani's trajectory. Themes of ambition, entrepreneurship, and resilience permeate Sharma's biography, inviting readers to reflect on the transformative authority of vision and determination.

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    The Adani Group and founder-chairman Gautam Adani’s vision was in packed flow in with much to celebrate. Expanding at an explosive rate, the group’s market capitalisation grew nine-fold in just three years to cross Rs lakh crore as on December 23, making it India’s second most valuable firm just behind the.

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External links

Media related to Gautam Adani at Wikimedia Commons