Gautam Adani

Gautam Adani
Born	Gautam Shantilal Adani (1962-06-24) June 24, 1962 Ahmedabad, Gujarat, India
Occupation(s)	Entrepreneur, businessman
Years active	1978–present
Known for	Founder and chairman of Adani Group

Gautam Shantilal Adani (born 24 June 1962) is an Indian billionaire entrepreneur and the founder and chairman of the Adani Group, a global conglomerate primarily engaged in port development and operations within India. As of May 2025, he holds the position of the second wealthiest individual in India and ranks 25th worldwide, with an estimated net worth of $60.3 billion. In 2022, Time recognized him as one of the 100 most influential figures globally.

Adani's professional journey began in 1978 in Mumbai, where he worked as a diamond sorter. By 1981, he was managing his elder brother’s plastics business in Ahmedabad, which paved the way for the creation of the Adani Group in 1988, initially focusing on international trade involving polyvinyl chloride (PVC) imports.

He is noted for his close association with India's Prime Minister Narendra Modi and the ruling Bharatiya Janata Party, which has led to accusations of cronyism. In January 2023, the American short-selling firm Hindenburg Research alleged stock manipulation and fraudulent activities by Adani. However, the Indian Supreme Court rejected calls for further probes into these claims in January 2024. By October 2023, his net worth was assessed at $54.2 billion, placing him 23rd on the Forbes Real Time Billionaires ranking.

On 20 November 2024, charges were filed by the U.S. Attorney's Office in Brooklyn against Adani and senior executives, accusing them of five counts of bribery involving payments exceeding $250 million to Indian government officials to obtain contracts in Andhra Pradesh, Chhattisgarh, Odisha, Jammu and Kashmir, and Tamil Nadu.

Early life and education

Born on 24 June 1962 into a Gujarati Jain family in Ahmedabad, Gujarat, Gautam Adani is one of eight siblings born to Shantilal and Shantaben Adani. His family originally hailed from Tharad in northern Gujarat, with his father engaged as a modest textile trader. Adani attended Sheth Chimanlal Nagindas Vidyalaya but left school at age 16. From an early age, he demonstrated a keen interest in commerce, although not specifically in his father’s textile business.

Career

Adani relocated to Mumbai in 1978 to work as a diamond sorter for Mahendra Brothers. By 1981, he had joined his older brother Mahasukhbhai’s plastics manufacturing enterprise in Ahmedabad, which marked his entry into international trading through PVC imports. Starting in 1985, he began importing raw polymers for small-scale industries. In 1988, he launched Adani Exports (now known as Adani Enterprises), initially dealing in agricultural and power commodities. The economic liberalization reforms of 1991 facilitated diversification into sectors such as metals, textiles, and agro products.

His venture into power generation commenced in 2006. Between 2009 and 2012, he acquired Australia's Abbot Point Port along with the Carmichael coal mine located in Queensland.

By February 2022, Adani had become Asia’s wealthiest individual, overtaking Mukesh Ambani, and by August that year Fortune magazine ranked him as the third richest person globally.

Adani Group

In 1994, the Government of Gujarat outsourced the management of Mundra Port; a year later in 1995, Adani won the contract. He developed the first jetty that same year under Mundra Port & Special Economic Zone (MPSEZ), which was subsequently transferred to Adani Ports & SEZ (APSEZ). Today, APSEZ stands as India’s largest private multi-port operator, with Mundra Port managing close to 210 million tons of cargo annually.

Established in 1996, Adani Power serves as the group’s energy division and operates thermal power plants totaling a capacity of 4620MW, making it India’s largest private thermal power producer.

In May 2020, Adani secured the world’s largest solar project bid from the Solar Energy Corporation of India (SECI), valued at US$6 billion. This initiative involves an 8000MW photovoltaic project managed by Adani Green Energy Limited while Adani Solar focuses on expanding solar cell and module manufacturing capacity by an additional 2000MW.

September 2020 saw Adani acquire a controlling stake of 74% in Mumbai International Airport, which ranks as India’s second busiest airport after Delhi’s Indira Gandhi International Airport.

In May 2022, the Adani family completed a $10.5 billion acquisition of Ambuja Cements and its subsidiary ACC from Swiss company Holcim Group through an overseas special-purpose vehicle.

In August 2022, AMG Media Networks Limited (AMNL), part of the Adani Group, announced plans to purchase RRPR Holding’s 29.18% stake in national broadcaster NDTV along with an open offer to acquire an additional 26%. The founders of NDTV criticized this takeover as being conducted without their approval. The transaction raised concerns regarding editorial independence due to Adani’s close connections with Prime Minister Narendra Modi’s Bharatiya Janata Party. By December 2022, Adani held the largest shareholding position in NDTV. The Economist observed that NDTV shifted from its previously critical stance towards the government to a more compliant editorial line following this acquisition.

In early 2025, Gautam Adani attended the Maha Kumbh Mela held at Prayagraj accompanied by his family. During this event, the Adani Group collaborated with ISKCON to facilitate Mahaprasad Seva, providing complimentary meals to devotees throughout the festival period from January 13 to February 26.

Controversies

In 2002, Gautam Adani was detained by the Delhi Police under a non-bailable warrant issued after a senior executive from M S Shoes filed a complaint alleging fraud. The warrant was revoked the following day once both parties agreed to enter into settlement discussions.

In 2012, the Serious Fraud Investigation Office (SFIO) charged twelve individuals, including Adani, with allegations of cheating and criminal conspiracy linked to share dealings. The SFIO claimed that Adani Agro facilitated illicit activities through the provision of funds and shares. While a Mumbai court acquitted Adani and others in 2014, this verdict was reversed by a sessions court in 2020.

Hindenburg's report

In January 2023, Hindenburg Research, an investment firm based in New York, accused Gautam Adani and his companies of manipulating stock prices in a report titled "Adani Group: How The World's 3rd Richest Man Is Pulling The Largest Con In Corporate History." Following the publication, shares of Adani Group companies plummeted by $45 billion in market value, causing Adani’s Forbes ranking to fall from third to twenty-second richest globally. The report emphasized the group’s heavy debt load and fragile financial condition, resulting in a 3-7% decline in stock prices across seven listed Adani entities. This report appeared just before the opening of Adani Enterprises’ follow-on public offering (FPO) on 27 January 2023.

Adani Group’s Chief Financial Officer Jugeshinder 'Robbie' Singh condemned the timing as a "brazen, mala fide intention" aimed at undermining the offering. Subsequently, the FPO was called off on 1 February 2023.

The Adani Group dismissed the Hindenburg report as a "malicious combination of selective misinformation and stale information," announcing plans to explore legal recourse under both U.S. and Indian jurisdictions against Hindenburg Research. Nonetheless, Reuters observed that pursuing litigation in U.S. courts is improbable due to protections afforded to financial opinions under American free speech laws. The group also released an extensive 413-page document refuting Hindenburg’s allegations.

OCCRP report

In August 2023, the Organised Crime and Corruption Reporting Project (OCCRP) published findings based on documents indicating that the Adani Group employed intermediaries and shell companies to conduct stock transactions aimed at evading Indian securities regulations intended to prevent market manipulation. The OCCRP named Nasser Ali Shaban Ahli and Chang Chung-Ling as principal actors executing stock trades valued at hundreds of millions of dollars on behalf of the conglomerate.

Bribery charges

On 21 November 2024, a New York district court charged Gautam Adani and his associates with paying bribes exceeding US$250 million to Indian officials to obtain advantageous energy contracts. Prosecutors further alleged that the group secured $3 billion through loans and bonds by providing false information to American investors regarding this scheme. Following these accusations, Adani’s net worth declined by $12 billion.

In response, Kenya terminated over US$2.5 billion worth of agreements related to the acquisition of Jomo Kenyatta International Airport and other energy ventures with the group amid concerns about potential contract violations and associated penalties.

Political views

Gautam Adani maintains a close association with Indian Prime Minister Narendra Modi and the ruling Bharatiya Janata Party, which has sparked accusations of cronyism due to the numerous government contracts his enterprises have received in sectors like energy and infrastructure. In 2012, an Indian government auditor alleged that Modi facilitated the provision of subsidized fuel from a Gujarat state-owned gas company to Adani and other business leaders.

Both Modi and Adani have refuted these claims. According to The Economist, Adani is considered "a master operator" skilled at maneuvering through India's intricate legal and political business landscape, while also highlighting the company's complex corporate structure and lack of financial transparency.

Adani formerly led the Resurgent Group of Gujarat (RGG), an organization established by regional entrepreneurs as a counterbalance to the Confederation of Indian Industry (CII) following criticism of Modi's response to the 2002 Gujarat riots.

Personal life

In 1986, Gautam Adani wed Priti Vora, a professional dentist. The couple has two sons: Karan and Jeet. Priti Adani serves as the chairperson of the Adani Foundation, the philanthropic division of the group. Karan holds the position of CEO at Adani Ports & SEZ, while Jeet oversees operations at Adani Airports and Adani Digital Labs.

In January 1998, Adani and his associate Shantilal Patel were reportedly kidnapped for ransom. Although two former criminals faced charges, they were acquitted in 2018 after both Adani and Patel failed to appear for court testimonies.

During the 2008 Mumbai terror attacks, Adani was present at the Taj Mahal Palace Hotel when it was assaulted. He took refuge first in the kitchen and later in a restroom, eventually emerging unharmed the following morning.

External links

• Profile at Forbes
• Profile at Bloomberg L.P.