Gautam Adani, an Indian billionaire and the chairman of the Adani Group, has built a diversified business empire that spans various industries, including energy, resources, logistics, agribusiness, real estate, and defense. With an estimated net worth of $81.2 billion, Adani is one of Asia’s wealthiest individuals, though his fortune has seen notable fluctuations due to controversies surrounding his business ventures.
In Kenya, Adani’s firm is currently embroiled in controversy due to a proposed $1.85 billion project aimed at managing and upgrading Jomo Kenyatta International Airport (JKIA) under a 30-year concession. This proposal has met opposition from local unions and civil society organizations, who fear it may lead to job losses for Kenyan workers.
Early Life and Career Beginnings
Born in Ahmedabad, Gujarat, in 1962, Adani grew up in a middle-class Jain family. His father was a small textile merchant. Adani completed his education at Sheth C.N. Vidyalaya School before enrolling in a commerce degree at Gujarat University. However, he dropped out during his second year to pursue other opportunities.
At the age of 16, Adani moved to Mumbai, where he spent two to three years working as a diamond sorter for Mahendra Brothers. In 1981, his older brother Mahasukhbhai bought a plastics manufacturing plant in Ahmedabad and invited Adani to manage the business. This proved to be a pivotal moment in Adani’s career, as it introduced him to international trade through the importation of polyvinyl chloride (PVC).
By 1985, Adani had expanded into the import of primary polymers for small-scale industries. In 1988, he founded Adani Exports, which later became Adani Enterprises, the flagship company of the Adani Group. Initially, the firm focused on trading agricultural and energy commodities. Remarkably, Adani had already made his first million rupees by 1982, during his stint in the diamond industry.
Adani’s Business Empire
Among Adani’s many enterprises, Adani Ports and SEZ stands out as India’s largest commercial port operator. The company manages Mundra Port in Gujarat, the largest in India, and plays a critical role in port development and operations.
Adani Green Energy is another key entity within the conglomerate, with a focus on renewable energy through solar and wind power. The company aims to achieve 20 gigawatts of renewable energy capacity by 2025. Meanwhile, Adani Power, a leading private power producer, operates several thermal power plants across India, helping meet the country’s growing energy needs.
In the agribusiness sector, Adani Wilmar, a joint venture with Wilmar International, is a dominant player in food processing, particularly in the production of edible oils and food products. This expansion into consumer goods reflects the group’s broad influence on everyday markets.
Adani Total Gas, another subsidiary, focuses on the distribution of natural gas, with the company actively developing gas distribution networks in Indian cities. This initiative supports cleaner energy goals in the country.
Business Practices Under Scrutiny
In recent years, Adani has faced increasing scrutiny over the ethics of his business practices. Notably, the short-selling firm Hindenburg Research accused the Adani Group of orchestrating “the largest con in corporate history,” alleging widespread fraud and money laundering. These accusations have raised concerns about the transparency and integrity of the conglomerate’s operations.
Adding to the controversy, U.S. prosecutors are currently investigating whether entities tied to Adani or individuals associated with his companies were involved in bribing Indian officials to gain favorable treatment for an energy project. This investigation, led by the U.S. Attorney’s Office for the Eastern District of New York and the Justice Department’s fraud unit in Washington, reflects the seriousness of these allegations.
Adani’s close relationship with Indian Prime Minister Narendra Modi, with both men hailing from Gujarat and sharing similar humble origins, has also come under the spotlight. Critics argue that this connection may have facilitated Adani’s rapid rise in the business world, sparking concerns about fairness and transparency in his dealings.
Despite these allegations, Adani and his company have strongly denied any wrongdoing, maintaining that their operations are fully compliant with anti-corruption laws and that they adhere to high governance standards.
Personal Life and Philanthropy
Adani is married to Priti Adani, born in Mumbai in 1965, who holds a degree in dental surgery from Government Dental College in Ahmedabad. After their marriage, Priti became the chairwoman of the Adani Foundation, which she has led since 1996.
The couple has two sons, Karan and Jeet. Karan serves as the CEO of Adani Ports & Special Economic Zone Ltd., while Jeet is completing his education at the University of Pennsylvania. Jeet is engaged to Diva, the daughter of Jaimin Shah, owner of C. Dinesh and Co Pvt Ltd, a diamond trading firm.
Priti Adani is deeply involved in philanthropic activities through the Adani Foundation, which operates in over 2,300 villages across 18 Indian states. The foundation focuses on various social initiatives, including education, healthcare, and community development.