“I could never take orders from anyone” – GAUTAM ADANI
India undoubtedly has given rise to the most notable billionaires even as family businesses have passed down from generation to generation. The country has witnessed a gradual increase in the number of billionaires in the last couple of years.
Gautam Adani is an Indian business tycoon who is the founder of the Adani Group, a multinational conglomerate company headquartered in Ahmedabad, India. Founded in 1988, the company is today a crucial player in coal trading, coal mining, oil & gas exploration, ports, multi-modal logistics, and power generation among others. Born into a business family, he without a doubt inherited his forefathers’ business acumen but did not develop any interest in the family’s textile business. Adani was a very ambitious young man, he dropped out of school and moved to Mumbai from Ahmedabad to strive and seek his fortune. He first started with diamond brokering where he found great success within years and was soon a millionaire. He returned home on the behest of his brother to help him run a small plastics factory. An entrepreneur at heart, eventually Adani set up his own business, Adani Enterprises, which became the Adani Group’s flagship company. Initially dealing in export and import of commodities, the business soon expanded to encompass coal mining, ports, power generation, agri infrastructure, edible oil & transmission, and gas distribution, among other ventures. Adani is well known for being a risk-taker and his business strategy revolves heavily around excessive leverage and political patronage. His phenomenal success as a first-generation entrepreneur often leads to comparisons with another Gujarati entrepreneur, Dhirubhai Ambani, the founder of Reliance Industries.
CAREER AND EARLY LIFE – A SELF MADE BILLIONAIRE FROM GUJARAT
- Gautam Adani was born on 24 June 1962, in Ahmedabad, Gujarat, India, into a bania family, to Shantilal and Shanta Adani. He has seven siblings. His family was involved in the textile business.
- He was ambitious and determined from a young age. He had little interest in academics and dropped out of school as a teenager. He later attended the Gujarat University but did not stay to complete his degree. While he was interested in business, he had no intention of joining his father’s textile unit.
- His entrepreneurial spirit made him leave Ahmedabad and move to Mumbai when he was 18. Possessing just a few hundred rupees, the young man was determined to make it big. He began working as a diamond sorter at Mahindra Brothers and set up his own diamond brokerage business after a couple of years.
- His business did well and he became a millionaire by the time he was 20. By this time his elder brother had newly purchased a plastic factory in Ahmedabad and asked Gautam Adani to help him in running it.
- Adani returned to Ahmedabad and started working with his brother. He soon began commodity trading by importing Polyvinyl Chloride (PVC), a key raw material for manufacturing plastic, and visited South Korea where he made a deal for importing PVC.
- In 1988, he established Adani Exports Limited (now known as the Adani Enterprises Ltd). The company initially dealt in agricultural commodities and power and eventually expanded over the years.
- The liberalization and economic reforms of 1991 boosted Adani’s business and increased revenues and profits for his company. The favorable business environment allowed Adani to expand his company rapidly.
- In 1993, the Government of Gujarat invited private companies to run the Mundra Port and in 1995 Adani won the contract. It was initially operated by Mundra Port & Special Economic Zone Ltd which was later expanded into the Adani Ports and Special Economic Zone Limited (APSEZ). It is today India’s largest private multi-port operator.
- Gautam Adani is the founder of Adani Power Limited, the power business subsidiary of Adani Group, in 1996. The company is India’s largest private power producer and also the largest solar power producer of India. The Adani Group is an Indian multinational conglomerate and its headquarters is located in Ahmedabad, Gujarat. It was founded by Gautam Adani in the year 1988 as a commodity trading business, with the flagship company Adani Enterprises Limited.
ALL ABOUT THE FAMILY OF THE BUSINESS TYCOON
Gautam Adani, an Infrastructure tycoon is on the second position in Forbes India magazine’s list of the rich of 2021. Adani family has also been featured in the list of wealthiest families in India. Gautam Adani is the founder of Adani Ports & SEZ.
Gautam Adani got married to Preity Adani and they have two sons. The elder son is named Karan Adani and the younger son is Jeet Adani. His wife, Preeti is a dentist who also contributes in Gautam’s work as the managing trustee of the Adani Foundation, especially in the matter of education. She runs several campaigns for the education of children. Karan Adani has completed his graduation in Economics from Purdue University, USA. After completing his studies, he joined his father’s business. Karan was appointed as the CEO of Adani Ports and SEZ (APSEZ) with effect from 1 January 2016. He has been overseeing the development of Adani ports across India since 2009. He got married in the year 2013 to Paridhi Shroff, the daughter of Cyril Shroff, arguably the biggest name in India’s corporate law terrain.
Karan is fully handling the responsibility of Adani Group. In the Adani Group, he oversees daily operations. Karan has been handed over full responsibility of Adani Group. In the Adani Group, he oversees daily operations.
NET WORTH OF GAUTAM ADANI
A crash in Adani Group stocks wiped out over $7.6 billion (nearly Rs 55,692 crore) to $67.3 billion from business tycoon Gautam Adani’s net worth on June 14, 2021. The drastic fall in net worth of the billionaire businessman was reflected in the Forbes Real-time Billionaires index in early trade. The net worth of Gautam Adani is 6,240 Crores USD as of 2021.
SURPRISING FACTS ABOUT THE SECOND RICHEST MAN IN INDIA
- Gautam Adani was one of the hostages in the Taj Hotel during the tragic 26/11. Adani along with other hostages was hiding in the basement of the hotel. The next morning along with the other hostages, he was rescued by NSG commandos.
- Gautam Adani dropped out of his B.Com in 2nd Year and moved to Mumbai. He worked as a diamond sorter in Zaveri Bazaar.
- During his childhood, Gautam Adani visited Kandla Port on a school tour. He was awestruck by the mammoth port and he made a promise to himself to build a port of similar scale when he grows up. He fulfilled his promise in 1988 when he won the contract to build and operate the Mundra Port. He scaled up the Mundra Port to become the biggest cargo port in India.
- Gautam Adani has always been known for venturing into new and hot businesses. Adani has successfully entered the power generation and distribution business. Today Adani Power is the biggest private power generation company in India. Adani Group is also the biggest airport operator in India.
- There’s a busy suburb on the western line of Mumbai city called Borivali. It is one of the favorite destinations for those coming from Gujarat. In Borivali, Gautam Adani started his journey at the age of 18 in the year 1978!
“There are two turning points in my life. One in 1985, when the government relaxed import norms under open general license (OGL) for actual users. I began imports or raw materials—polymers—and entered trading. The second turning point came in 1995 when we decided to get into the port sector, as part of the group’s overall strategy to get into asset-building,” – ADANI
The journey of Gautam Adani and Adani Group is a source of motivation and a beacon of focus, determination, and success. In an era with growing entrepreneurship success stories, success is many a time measured by the value one has in terms of money. The success, however, is years of hard work and struggle which brings people where they are today.
“The key to success is becoming constant in learning and utilizing it purposefully to achieve what one dreams of in life”