Gautam Adani Net Worth 2023- Journey of struggle and success of one of the richest men in India

Gautam Adani is the founder of the Adani Group, a multinational conglomerate with a revenue of a whopping $33 billion (as of 2023). Adani is a self-made billionaire who appeared on the Forbes list first time in 2008 and by 2022 was one of the richest persons in the world with a whopping net worth of $154 billion. Through his company Adani Group, Adani has a presence in major sectors including ports, airports, power generation, green energy, etc. Read this article for more information on Gautam Adani’s net worth in 2023 along with details of his personal and professional life.

Adani Net Worth 2023

Gautam Adani Personal Biography

Gautam Adani was born on 24 June 1962 in Ahmedabad, Gujarat to middle-class parents Shantaben and Shantilal Adani. His father was a small textile merchant and his mother was a homemaker. Gautam has a total of 7 siblings. Adani did his schooling from Sheth Chimanlal Nagindas Vidyalaya school and enrolled in Gujarat University to pursue a B.Com degree, only to drop out after the second year. He was always interested in business but did not want to join his father’s textile business and wanted to create something on his own.

Gautam Adani is married to Priti Adani. Priti was a dentist at the time of her marriage to Gautam and currently serves as the chairperson of the Adani Foundation, a philanthropic wing managed by the Adani Group. Together, the couple has two sons. The elder son Karan Adani is the chief executive officer (CEO) of Adani Ports & SEZ Limited and the director of Adani Airport Holdings Limited. Jeet Adani, their youngest joined the Adani Group in 2019 as the Group CFO’s office, looking at Strategic Finance, Capital Markets, and Risk & Governance Policy.

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Gautam Adani Career Milestones

In 1978 Adani moved to Mumbai and started working as a diamond sorter for Maharashtra-based exporters Mahendra Brothers when he was only a teenager. A few years later when his elder brother Mahasukhbhai Adani bought a plastics unit in Ahmedabad, Gautam joined him and began managing the company’s operations. This turned out to be a big opportunity for Gautam that opened doorways for him to global trading. In 1988, he established his very own company Adani Exports Limited, now known as the Adani Group. Adani Exports started as a commodity trading company and later expanded into the import and export of multiple commodities.

Adani’s business soon began to expand and in 1995 he won the contract of the Mundra Port from the Government of Gujarat for managerial outsourcing. The next year he founded Adani Power, a power trading branch of the Adani Group which evolved as India’s largest private thermal power producer. Gautam’s other major projects include Adani Ports & SEZ, India’s largest private port operator, Adani Green Energy, one of the largest solar photovoltaic plants in the world, Adani Transmission, one of the largest private sector power transmission companies in India, and many more. Other than establishing his own business, Adani has also acquired control of big companies including Ambuja Cements, ACC, and NDTV.

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Arresting, Kidnapping, Fraud & Other Controversies

Apart from being one of the richest persons in the world, Adani is also known for being surrounded by controversies every now and then. In 1988, Adani was allegedly kidnapped for ransom along with an associate, Shantilal Patel. Two gangsters were accused of the kidnapping but later acquitted after Adani did not show up for depositions, even after being summoned by the court many times. Again, in 2002, Adani was arrested by Delhi Police after a cheating complaint was filed against him (and 11 others) by a top official of M S Shoes. However, the warrant was later withdrawn as the parties agreed to a compromise. The Serious Fraud Investigation Office filed a charge sheet against Adani in 2012 for cheating & criminal conspiracy involving the purchase and sale of shares. However, a Mumbai sessions court gave a clean chit to Adani in this case in 2020.

Many people believe Adani to be a close associate of Indian Prime Minister Narendra Modi which has often led to allegations of favoritism. Adani’s firms have been accused of winning many Indian energy and infrastructure government contracts through partiality. A former Indian government auditor has even accused PM Modi of giving low-cost fuel to Adani in 2012 when he was serving as the chief minister of the state. After Adani purchased a major portion of NDTV stocks, it was also said that the news channel that was earlier critical of the Modi government has gone docile.

The share of Adani Group suffered a major hit at the start of 2023 after Gautam and his companies were accused of stock manipulation by Hindenburg Research, a New York-based investment firm. According to their report, the Adani Group was in substantial debt and were manipulating stocks which led to a 3-7% fall in the stocks of seven listed Adani companies. Although the Adani Group denied the allegations, the companies suffered major losses causing Gautam Adani to lose his spot as the richest person in India and Asia.

Adani and 26/11 Attack in Mumbai

The 26/11 attack in Mumbai, also known as the 2008 Mumbai attack, was one of the most infamous terrorist attacks in India. The Taj Mahal Palace Hotel was among the key places to be attacked and at the time Adani was present in the hotel restaurant with the terrorists only 15 feet away from him. Fortunately, Adani was able to hide in the hotel kitchen and toilet and later came out without suffering any major injury.

Philanthropic Activities

A renowned industrialist, Gautam Adani is also a major philanthropist who performs charity work through the Adani Foundation. The foundation was established by his wife Priti Adani in 1996 and currently has a presence in over 18 states of India. During the Covid outbreak, the foundation contributed ₹100 crore to the PM Cares Fund, and donations of other ₹5 crore and ₹1 crore were made to the Gujarat CM Relief Fund and Maharashtra CM Relief Fund respectively. In 2022, Adani vowed to donate ₹60k crore to social causes, making it one of the biggest transfers to a philanthropic trust in India.

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Gautam Adani on Social Media

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