Gautam Adani biography, the founder, and chairman of Adani Group, has been in the news lately due to his acquisition of a majority stake in New Delhi Television Ltd. This move has taken the media industry by storm. In this article, we will delve into Gautam Adani’s family, early life, education, career, and philanthropy.
Gautam Adani Biography: House, Family, Age and Education
Gautam Adani was born on June 24, 1962, in Ahmedabad, Gujarat, to a middle-class Jain family. currently, Gautam Adani’s age is 60 years. His father, Shantilal Adani, was a small textile merchant. Gautam Adani is the third of seven siblings, and his elder brother, Mansukhbhai Adani, brought a plastics unit in 1981 and invited him to manage operations.
Gautam Adani’s house is in Ahmedabad and according to the forbs.com Gautam Adani’s biography he lives in Ahmedabad.
Gautam Adani completed his schooling at Sheth C.N. Vidyalaya School in Ahmedabad. He took admission to Gujarat University for a bachelor’s degree in commerce, but he dropped out after the second year.
Gautam Adani is married to Priti Adani, who is a dentist and leads Adani Foundation. They have two sons, Karan Adani and Jeet Adani.
Gautam Adani Biography: Career
Gautam Adani always wanted to do his own business, but he did not take over his father’s textile business. In 1978, he moved to Mumbai and worked as a diamond sorter for Mahendra Brothers. He worked there for around two to three years before establishing his own diamond brokerage firm at Zaveri Bazaar, Mumbai.
In 1981, his elder brother Mansukhbhai Adani brought a plastics unit in Ahmedabad and invited him to manage operations. This venture turned out to be Adani’s gateway to global trading via Polyvinyl Chloride (PVC) imports.
In 1985, Gautam Adani started importing primary polymers for small-scale industries. He established Adani Exports in 1988, which is now known as Adani Enterprises. The company deals in agriculture and power commodities.
In the 90s, Gautam Adani expanded the business by trading in metals, textiles, and agro products. Economic liberalisation policies turned out to be favourable in 1991, and he started expanding the business.
Gautam Adani won the Mundra Port contract in 1995 and set up the first jetty. It was originally operated by Mundra Port & Special Economic Zone, but later, the operations were transferred to Adani Ports & SEZ (APSEZ). Nowadays, APSEZ is the largest private multi-port operator.
In 1996, Adani Power was founded, which is the power business arm of the Adani Group. It holds thermal power plants of around 4620 capacity and is the largest thermal power producer in the country.
Gautam Adani also entered the power generation business in 2006. He acquired Abbot Point Port in Australia and Carmichael coal mine in Queensland from 2009 to 2012.
In May 2020, Adani won the world’s largest solar bid by the Solar Energy Corporation of India (SECI) worth $6 billion. Adani Green in the future will also take the project of an 8000 MW photovoltaic power plant. Adani Solar will establish 2000 MW of additional solar cell and module manufacturing capacity.
Gautam Adani Biography: Abduction and Mumbai Attacks
Gautam Adani faced challenging situations in the past, including being abducted in 1998 and held for ransom. However, he was ultimately released after a payment was made. In 2008, during the Mumbai attacks, Adani was staying at the Taj Hotel, but fortunately, he was rescued unharmed. Despite these difficult experiences, Adani continued to pursue his business ventures and make significant contributions to society.
Gautam Adani Biography: Philanthropic Contributions
Apart from his business ventures, Gautam Adani is also known for his philanthropic contributions. He is the president of the Adani Foundation, which operates in several states across India. The foundation focuses on initiatives related to education, community health, sustainable livelihoods, and rural infrastructure development.
In March 2020, Gautam Adani contributed around Rs 100 crore to the PM Cares Fund through his group’s philanthropy arm to fight against COVID-19. Additionally, he donated around Rs 5 crore to the Gujarat CM Relief Fund and Rs 1 Crore to the Maharashtra CM Relief Fund. Gautam Adani’s contributions to society have made him a respected and admired figure in India.
Gautam Adani Biography: Hindenburg research
The Adani Group has faced a significant amount of scrutiny and criticism since the release of Hindenburg Research’s report on alleged corporate malpractice and fraud in January. Despite the negative attention, the Adani Group has taken several steps to address the concerns of lenders and investors.
One of the Adani Group’s recent actions has been the prepayment of loans worth $1.11 billion that were due in September 2022. On Thursday, the group announced that it would prepay another $500 million in loans. These moves show the Adani Group’s commitment to maintaining financial stability and addressing concerns of its lenders.
Furthermore, the Reserve Bank of India (RBI) has issued a statement assuring the public that the banking sector is “resilient and stable,” and that exposure to the Adani Group is not a risk to the sector. In addition, major Indian banks that have lent to the Adani Group, including State Bank of India, Bank of Baroda, Punjab National Bank, Axis Bank, and IndusInd Bank, have publicly reassured their investors and the public that there is no risk arising from these loans.
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Union Minister for Finance Nirmala Sitharaman also stated in post-Budget interviews that the Life Insurance Corporation’s (LIC) investments in Adani companies were well within permissible limits. LIC itself has affirmed that it followed proper procedures and did its due diligence while making these investments.
These actions and statements may be working to restore investor confidence in the Adani Group. In the past week, the stock price of Adani Enterprises, the Group’s flagship company, has recovered 26%. While the Adani Group continues to face international scrutiny and investigations, its actions to address concerns at home may be a positive sign for its future stability and success.
Gautam Adani Biography: Conclusion
In conclusion, Gautam Adani is a highly successful businessman and philanthropist who has made a significant impact in India. His journey from a diamond sorter to the founder of the Adani Group is an inspiring story of perseverance and hard work. Through his various business ventures, including Adani Enterprises, Adani Ports and SEZ, and Adani Power, he has created numerous job opportunities and contributed to the growth of India’s economy.
Apart from his business ventures, Gautam Adani is also known for his philanthropic contributions through the Adani Foundation, which operates in several states across India. His contributions to the PM Cares Fund and various other relief funds during the COVID-19 pandemic have demonstrated his commitment to making a positive impact on society.
In summary, Gautam Adani is a well-respected and admired figure in India, not only for his business acumen but also for his philanthropy. His story serves as a testament to the potential of hard work, determination, and dedication in achieving success.