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Gautam Adani, Chairman, Adani Group (Jai Hind College, Mumbai)
Adani Group Chairman Gautam Adani has said that people still ask me why I came to Mumbai and why I did not complete my studies? The answer to this lies in the heart of every youth who dreams and sees boundaries not as obstacles but as challenges.
He said, I was only 16 years old when I decided to break my first boundary. With whatever education I had, I had to move towards an unknown future in Mumbai.
In 2014, the country got good governance and major reforms under the leadership of PM Modi. This further strengthened the essence of independence. All these years stand as turning points in India’s remarkable journey.
Adani said this at a Teachers’ Day program at Jai Hind College in Mumbai. During his lecture, Adani said, I stand here today, humble and grateful. I studied in this college in the year 1977-78 after coming to Mumbai from Gujarat.
Adani is Asia’s second richest businessman
The chairman of Adani Group is Asia’s second richest businessman. According to Forbes, his net worth is $82.4 billion (about Rs 6.92 lakh crore). He is ranked 21st in the list of the world’s richest people. The Adani Group’s empire extends to coal trading, mining, logistics, power generation and distribution.
After the report of Hindenburg Research came out last year, the price of most of the company’s shares fell by more than half. There was uproar from Parliament to the streets. However, now these shares have recovered. Hindenburg Research had made allegations ranging from money laundering to share manipulation against the Adani Group. SEBI was investigating this matter.
Tried luck in diamond industry
Born on June 24, 1962, college dropout Gautam Adani hails from Gujarat. He tried his luck in Mumbai’s diamond industry in the early 1980s before returning to Gujarat to help run his brother’s plastics business. He then started the Adani Group in 1988 with a small agri trading firm.
It has now grown into a group that spans across coal trading, mining, logistics, power generation and distribution. The Adani Group is also into green energy, airports, data centers and the cement industry. Gautam Adani has committed to invest a total of $70 billion by 2030 to make his group the world’s largest renewable energy producer.
Adani Foundation was formed in 1996
The Adani Foundation was established in 1996 under the leadership of his wife Preeti Adani. It has worked on social programs in rural areas of India. According to the website of Adani Group, currently this foundation is helping in the upliftment of 34 lakh people annually in 18 states of the country. Preeti Adani is a doctor by profession, who has graduated in dental surgery (BDS).
Now let us also take a look at the controversies related to Gautam Adani…
First controversy: Hindenburg Research accused of money laundering
It is January 2023. Gautam Adani’s flagship company Adani Enterprises announced a follow-on public offer of Rs 20,000 crore. The offer was to open on 27 January 2023, but just before that, on 24 January 2023, Hindenburg Research released a report, in which Adani Group was accused of money laundering and share manipulation.
By January 25, the market value of the group’s shares fell by about $12 billion (about Rs 1 lakh crore). However, Adani denied any allegations of wrongdoing. In such a situation, Adani Group also cancelled its follow-on public offer of Rs 20,000 crore. The Supreme Court formed a 6-member committee to investigate the case and SEBI also investigated the matter.
After the court’s decision, Adani Group chairman Gautam Adani had said, ‘The court’s decision shows that truth has won. Satyameva Jayate. I am grateful to those who stood with us. Our contribution to India’s growth story will continue. Jai Hind.’
Second controversy: Accusation of selling low-grade coal as high-grade
A month ago, the Financial Times, citing a report by the Organised Crime and Corruption Reporting Project, had claimed that in January 2014, Adani Group had purchased ‘low-grade’ coal from an Indonesian company at a reported price of $28 per tonne.
The report alleged that this shipment was then sold to the Tamil Nadu Generation and Distribution Company (TANGEDCO) as high-quality coal at an average price of $91.91 per tonne.
Earlier also Adani Group was accused of fraud in coal import bill…
- In a report, the Financial Times alleged that the Adani Group imported coal from Indonesia at a low rate and manipulated the bills to show higher prices. As a result, the group sold electricity generated from coal to customers at a higher price.
- The Financial Times investigated 30 coal shipments imported by the Adani Group from Indonesia to India in 32 months between 2019 and 2021. The import records of all these shipments showed higher prices than the export declarations. The amount was inflated by about ₹ 582 crore.
Read this news also…
Gautam Adani will step down as chairperson at the age of 70: Will hand over the reins of the company to his sons and cousins in early 2030
Adani Group chairman Gautam Adani plans to step down at the age of 70, he is currently 62 years old. News agency Bloomberg quoted an interview as saying that Adani may hand over the reins of the company to his sons and cousins in the early 2030s. Read full news…
Adani family is the richest in the country, leaving Ambani behind: Wealth ₹11.62 lakh crore in Hurun India Rich List, property increased by 95% in one year
The total wealth of Adani Group chairman Gautam Adani and his family has increased by 95% in a year to Rs 11.62 lakh crore. The Adani family has increased its total wealth by Rs 5,65,503 crore in the last one year. Read full news…
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