Success Story of Gautam Adani: Meet India’s richest person
Who is Gautam Adani?
Gautam Adani, an Indian manufacturer, and entrepreneur who formed the Adani Group, a worldwide conglomerate corporation engaged in port development and operations in India, is the richest man in Asia as of April 12, 2022, with a net worth of US$122.4 billion. The 1988-founded corporation has established itself as a major force in the fields of coal mining, coal trading, power generation, and multi-modal logistics.
Gautam Adani
Chairperson of Adani Group
- Born: 24 June 1962 (age 60 years), Ahmedabad
- Net worth: 13,780 crores USD (2022) Forbes
- Spouse: Priti Adani
- Children: Karan Adani, Jeet Adani
- Organizations founded: Adani Group, Adani Power, MORE
- Siblings: Vinod Adani, Rajesh Shantilal Adani, Mahasukh Adani, Vasant S. Adani
- Grandchild: Anuradha Karan Adani
His Early Life in Business:
In the Indian state of Gujrat, Gautam Adani was born into a family of entrepreneurs. Despite coming from a wealthy family, he never showed any interest in the textile company his family owned. He travelled to Mumbai when he was 18 to chase his fortune because he was an ambitious person and inherited his forefathers’ business acumen. In Mumbai’s Zaveri Bazar jewellery market, he began work as a diamond sorter for Mahindra Brothers.
After two years, he started his own diamond brokerage company, where he found great success and, at the age of 20, became a millionaire. However, Gautam went back home to assist his brother in his company. Having an entrepreneur mindset, Adani kickstarted his own business Adani Exports Limited which is now known as Adani Enterprises Ltd. It turned out to be the Adani Group’s flagship company.
The company’s initial focus was on the export and import of agricultural commodities, but it gradually diversified into other businesses like coal mining, electricity generating, ports, gas distribution, edible oil transportation, and others. Adani Enterprises Ltd. benefited greatly from the economic and liberalization reforms of 1991, which led to an increase in sales and earnings for the company. He quickly expanded his business in such a supportive business environment.
In 1995, Adani and Special Economic Zone Limited, the country’s largest private multi-port operator at the time, were awarded the contract to manage the Mundra Port. Additionally, in 1996, Gautam Adani founded Adani Power Limited, a division of the Adani Group dedicated to the power industry. The firm is currently the largest private energy and solar energy producer in India.
What Worked for Him?
The ability to spot opportunities and foresight are Gautam Adani’s key traits that have contributed to his enormous success. When the Indian economy opened its door to globalization, he took advantage of the opportunity and diversified his business to capture the new market. Gradually, the group emerged as a group.
According to Gautam Adani, “There are two key events in my life. The first occurred in 1985 when the government loosened import regulations under an open general licence for actual users. I started selling and importing raw commodities like polymers. The group’s decision to enter the port sector as part of its overall asset-building strategy marked the second turning point in 1995. His bargaining and convincing abilities were also crucial to his journey.
He once went to see Nitish Kumar, the railway minister at the time and convinced him to include ports in the rail network. The minister creates the port-linkage policy as a result. This rule gave port operators the freedom to run their rail lines to the nearest railheads. Gautam Adani is a man with high moral standards and a strong attitude. He has frequently been quoted as saying that interacting with the government does not need paying a bribe.
Also, he is a lifelong learner. He never took sophisticated training from prestigious business schools, although he taught himself to trade by observing the tricks of the trade and figuring out how supply and demand worked. His keen observation allows him to identify areas where a need may arise.
His Family:
The spouse of Gautam Adani is a dentist named Preity Adani. They have two sons: Jeet Adani is the younger and Karan Adani is the older. Preity assists Gautam in his work as a managing trustee of the Adani Foundation and runs numerous educational campaigns for children. Karan Adani is employed by his father after graduating with a degree in economics from Purdue University in the United States.
Karan was chosen to lead Adani Ports and SEZ in 2016. He is married to Paridhi Shroff, the daughter of one of the biggest names in corporate law Cyril Shroff. Jeet Adani is the vice president of the Adani Group finance department and graduated from the University of Pennsylvania.
What is Next?
The goal of Gautam Adani is to transform his business empire into the largest source of renewable energy in the world. According to Gautam Adani, over the next ten years, they would invest between $50 and $70 billion in both organic and inorganic growth possibilities along the whole value chain. The port-to-energy group will spend more than USD 20 billion on the production of only renewable energy.
“Our actions indicate that we are putting our money where our mouth is as over 75 percent of our planned capex until 2025 will be in green technologies,”. He said in an interview with Nikkei Asia.
Final Words:
In addition to being a business magnate, Gautam Adani is a philanthropist. The key elements in his success story have been his business acumen and vision. He once claimed to live by the motto “keep trying and never become obsessed with the result.” The motto “Growth with Goodness” that appears on the Adani Group website describes the future of business.
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