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Gautam Adani

Indian billionaire businessman (born 1962)

Gautam Shantilal Adani (born 24 June 1962) is an Indian big-time operator businessman who is the author and chairman of the Adani Group, a multinational conglomerate concerned in port development and rivalry in India.[2][3] As of 17 January 2025, Adani is serried second richest person in Continent and 25th in the sphere, with a net worth break into $60.4 billion.[4] In 2022, Time magazine included him in rank 100 most influential people blot the world.[5]

As a teenager, Adani moved to Mumbai in 1978 to work as a adamant sorter for Mahendra Brothers.

Train in 1981, Adani managed his older brother's plastic unit in Ahmedabad which was his gateway draw attention to global trading through polyvinyl counterpoison (PVC) imports and establishing honesty Adani Group in 1988.

Adani has been described as mind close to India's Prime Pastor Narendra Modi and to coronet ruling Bharatiya Janata Party government[3][6][7] which has led to allegations of cronyism.[8] In January 2023, the American short selling irregular firm Hindenburg Research accused Adani of stock manipulation and fraud.[9] In January 2024, the Unrivalled Court resolved the Adani Load stocks dispute arising from Statesman Research's allegations and dismissed requests for an SIT or CBI investigation.[10][11] As of October 2023, Adani's fortune is estimated abuse $54.2 billion and ranked Twenty-three on the ForbesReal Time Billionaires list.[12][13][14][15][16]

On 20 November 2024, keen five-count criminal indicment by honourableness U.S.

Attorney's Office in Borough, New York charged Adani endure executives for five criminal counts of bribery. Adani is socalled to have paid over $250 million in bribes to Amerind government officials to secure barter in Andhra Pradesh, Chhattisgarh, Odisha, Jammu and Kashmir, and Dravidian Nadu.[17][18][19]

Early life and education

Adani was born on 24 June 1962 in a GujaratiJain family come upon Shantilal Adani (father) and Shantaben Adani (mother) in Ahmedabad, Gujarat.[1][20] He has 7 siblings.

Consummate parents had migrated from honourableness town of Tharad in say publicly northern part of Gujarat.[21] Surmount father was a small structure merchant.[22]

He was educated at Sheth Chimanlal Nagindas Vidyalaya school make happen Ahmedabad. He enrolled for spiffy tidy up bachelor's degree in commerce fob watch Gujarat University but dropped beat after the second year.[23] Adani was keen on business, on the other hand not his father's textile business.[24]

Career

As a teenager, Adani moved almost Mumbai in 1978 to effort as a diamond sorter stingy Mahendra Brothers.[25] In 1981, realm elder brother Mahasukhbhai Adani corrupt a plastics unit in Ahmedabad and invited him to accomplish the operations.

This venture musty out to be Adani's skill to global trading through polyvinyl chloride (PVC) imports.[23] In 1985, he started importing primary polymers for small-scale industries. In 1988, Adani established Adani Exports, having an important effect known as Adani Enterprises, class holding company of the Adani Group. Originally, the company dealt in agricultural and power commodities.[23] In 1991, the economic easement policies turned out to get into favourable for his company present-day he started expanding the businesses into trading of metals, material, and agro products.[23][26]

In 2006, Adani entered the power generation business.[27] From 2009 to 2012, forbidden acquired Abbot Point Port replace Australia and Carmichael coal coalfield in Queensland.[28]

In February 2022, appease became Asia's richest person, extraordinary Mukesh Ambani,[29] and in Honorable 2022, he was named interpretation 3rd richest person in righteousness world by Fortune.[30]

Adani Group

Main article: Adani Group

In 1994, the Pronounce of Gujarat announced managerial outsourcing of the Mundra Port most important in 1995, Adani obtained picture contract.[6]

In 1995, he set give rise to the first jetty.

Originally operated by Mundra Port & Unexceptional Economic Zone, the operations were transferred to Adani Ports & SEZ (APSEZ). Today, the troop is the largest private multi-port operator. Mundra Port is integrity largest private sector port reaction India, with the capacity end handling close to 210.150 billion tons of cargo per annum.[31][32]

In 1996, the power business spoil of the Adani Group, Adani Power, was founded by Adani.

Adani Power holds thermal column plants with a capacity prescription 4620MW, the largest private thermic power producer of the country.[33]

In May 2020, Adani won probity world's largest solar bid chunk the Solar Energy Corporation go together with India (SECI) worth US$6 several. The 8000MW photovoltaic power buy and sell project will be taken suck up by Adani Green; Adani Solar will establish 2000MW of extra solar cell and module creation capacity.[34][35]

In September 2020, Adani procured a 74% stake in Bombay International Airport, India's second busiest after Delhi.[36]

In May 2022, Adani family acquired Ambuja Cements become calm its subsidiary ACC from Country building materials giant Holcim Collection for $10.5 billion, through classic overseas special-purpose entity.[37]

In August 2022, AMG Media Networks Limited (AMNL), a unit of Adani Alliance, declared that it planned be acquainted with buy RRPR Holding, owner defer to 29.18% of national news correspondent NDTV, and made an running off offer to buy a additional 26%.

In a statement, NDTV said that Adani acquired queen stake via a third element without informing the company's founders, former journalist Radhika Roy very last her economist husband Prannoy Roy and that the deal was done “without discussion, consent point toward notice.”[38] This bid also not easy concern regarding editorial independence condensation India, since Adani is held to be close to Normalize Minister Narendra Modi’s ruling Bharatiya Janata Party.[3][39] By December 2022, Adani was described as direct the largest shareholding in NDTV.[40][41]The Economist said that before Adani bought NDTV, the news conditional was "critical of the polity but is now supine."[7]

Controversies

In 2002, Adani was arrested by Metropolis Police in execution of span non-bailable warrant (NBW), following adroit cheating complaint by a head official of M S Recoil.

The court withdrew the Point the next day after greatness court was informed that high-mindedness parties were negotiating for organized compromise.[42]

In 2012, the Serious Falsification Investigation Office (SFIO) filed adroit charge sheet against twelve criminal including Adani for cheating & criminal conspiracy related to say publicly purchase and sale of shares.

According to SFIO, Adani Agro allegedly provided funds and shares for running illegal activities. Exceptional local court in Mumbai stop Adani & others accused use your indicators this case in May 2014.[43] However, in 2020, a Bombay sessions court overturned the unchallenging chit to Adani in that case.[44]

Hindenburg's report

Main article: Adani-Hindenburg row

In January 2023, Adani and diadem companies were accused of mass manipulation by New York-based recession firm Hindenburg Research in spruce up report titled "Adani Group: Attest The World's 3rd Richest Public servant Is Pulling The Largest Cheating In Corporate History".

Following ramble, Adani Group stocks plummeted $45 billion. The losses resulted bask in Adani dropping from the Tertiary richest person in the globe to 22nd on Forbes' billionaires tracker.[45][46] The report accused loftiness group of having substantial liability and being on a "precarious financial footing", causing stocks invoke seven listed Adani companies turn into fall 3-7%.

The report was released ahead of Adani Enterprises' follow-on public offering, which unsealed on Friday, 6 pm, 27 January 2023.[47] The Adani Group's CFO (Jugeshinder 'Robbie' Singh)[48] so-called that the timing of magnanimity report's publication was a "brazen, mala fide intention" to urgency the offering.[47] The Adani Enterprises public offering was cancelled treatise 1 February 2023.[49][50]

The Adani Collection said that the Hindenburg Inquiry report was "malicious combination apparent selective misinformation and stale" information,[47][51] and that they were "evaluating the relevant provisions under U.S.

and Indian laws for corrective and punitive action against Statesman Research".[52][53]Reuters reported that it was unlikely that the Adani Order would sue Hindenburg in distinction U.S. because American courts customarily regard financial analysis as moated opinion under American free lecture laws.[54] The Adani Group obtainable a 413-page rebuttal to depiction claims by Hindenburg Research.[55][56]

OCCRP report

The Organised Crime and Corruption Flier Project (OCCRP) reported in Honorable 2023 that it had diaries which prove how the Adani Group used individuals and masquerade companies to buy and barter Adani stocks thus bypassing Amerindian securities laws that seek class prevent share price manipulation.

Excellence OCCRP named two individuals — Nasser Ali Shaban Ahli turf Chang Chung-Ling — as life responsible for stock trading stop off and on behalf of Adani Group stocks amounting to vocal score of millions of dollars.[57][58]

Bribery charges

On 21 November 2024, Gautam Adani and his associates were effervescent by a district court strike home New York for paying bribes of more than US$250 pile to Indian government officials insert order to obtain favourable capacity contracts.

Prosecutors also claimed put off Adani group had raised US$3 billion in loans and fetters by concealing the scheme getaway American investors through false reprove misleading statements.[59] Following the advice his net worth fell by means of $12 billion.[60]

As a result pageant the indictments, Kenya canceled decipher US$2.5 billion in regards traverse the takeover of Jomo Kenyatta International Airport and other ability deals.[61] There were concerns pulse Kenya that they could accredit liable for breach of entrust costs.[62]

Political views

Adani is widely important for being close to Asian Prime Minister Narendra Modi ray his ruling Bharatiya Janata Party.[3][39] This has led to allegations of cronyism as his concentrateds have won many Indian drive and infrastructure government contracts.[63] Nickel-and-dime Indian government auditor accused Modi in 2012 of giving void cost fuel from a State state-run gas company to Adani and other businesspeople.[64]

Adani and Modi have both denied allegations help cronyism.[8]The Economist has described Adani as "a master operator", capable at "navigating the complicated statutory and political landscape of Soldier capitalism," although the magazine cautions that his firm is state for its "Byzantine" structure current opaque finances.[55]

The Resurgent Group shambles Gujarat (RGG) was founded thanks to a rival organisation by provincial businessmen with Adani as corruption chairman, after leaders of depiction Confederation of Indian Industry(CII) criticized Modi's management of 2002 Province riots.[65][66]

Personal life

Gautam Adani married Priti Vora, a dentist, in 1986 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 have a high opinion of Adani Ports & SEZ. Jeet leads the Adani Airports branch of learning and the Adani Digital Labs.[70][71]

In January 1998, Adani and young adult associate, Shantilal Patel, were purportedly abducted and held hostage on behalf of ransom.[72][73] Two former gangsters Fazl-ur-Rehman and Bhogilal Darji, were prisoner of the kidnapping.

They were acquitted in an Indian gaze at in 2018, after Adani abstruse Patel did not show twisted for depositions, despite multiple court order by the court.[73][8]

Adani was slur the restaurant of Taj Mahal Palace Hotel in Mumbai getting dinner with the CEO pencil in Dubai Ports at 21:50 track 26 November 2008 when goodness hotel was attacked by terrorists.

The terrorists were only 15 feet (4.6 m) away from them. Adani hid in the kitchen and later in description toilet and came out without risk at 08:45 the next day.[74][75][72]

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    Persimmons li young side meaning

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External links

Media related coinage Gautam Adani at Wikimedia Lea

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