Gautam Adani: The Man Behind the Controversy
Introduction
Gautam Adani is an Indian billionaire industrialist; he is currently the world’s second richest person and is the Chairman and Founder of the Adani Group. He is also the chairman of the port operator APSEZ. He is one of the most influential people in India, and his name has been embroiled in many controversies.
Early Life and Education of Gautam Adani
In a Gujarati Vaishnava Bania family, Gautam Adani was born on 24th June 1962 (age 56 years) in Ahmedabad, Gujarat, India. His father, Shantilal Adani, set up a diamond brokerage firm at the age of 21 and later went on to establish the commodities trading firm – Adani Enterprises Ltd. in Mumbai.
Adani is the elder son of Shantilal and Pritilata Adani and has a younger brother Vinod Adani. He completed schooling at Sheth Chunilal Damodardas Barfiwala High School, Mumbai and pursued a Bachelor of Arts (Economics) from Gujarat University. Later he was admitted to an MBA at Ahmedabad’s United World College of South East Asia, but he discontinued his studies to join his father’s business.
Business Career
Adani’s business career began in 1987 when he started a commodity trading business with a capital of $5,000. In the next few years, he expanded his business by setting up offices in other Indian cities and Dubai. By 1995, Adani was running a successful export-import business with annual revenues of $67 million.
In 1999, Adani entered the power generation business with the help of his brother Vinod Adani. First, they set up a power plant in Mundra, Gujarat, with a capacity of 10 MW. Another power plant followed this in Tiroda, Maharashtra, with a capacity of 100 MW. Today, the Adani Group is one of India’s leading developers and operators of power plants, with a total installed capacity of over 11,000 MW.
In 2006, Adani acquired the Australian mines company Linc Energy for $465 million. This was followed by the purchase of mineral resources company Abbot Point Coal Terminal (ABCTL) for $1.8 billion in 2011. ABCTL is one of Australia’s largest coal terminals near the Great Barrier Reef.
The Adani Group has been controversial since it began operating in Australia. The most serious accusations against the company were environmental damage caused by its coal mines and port operations. There have also been allegations of corruption and favouritism towards the Adani Group by Indian and Australian politicians.
Controversies related to Gautam Adani
In March 2017, the Adani Group was accused of laundering money through shell companies by the Maharashtra Anti-Corruption Bureau. The group was also accused of setting up these companies to avoid paying taxes.
In May 2017, the Securities and Exchange Board of India (SEBI) accused the Adani Group of fraud. The group was accused of inflating its profits and not disclosing important information to investors.
In May 2018, a report by The Guardian revealed that the Adani Group had avoided paying taxes in Australia for years. The report also claimed that the Adani Group had used shell companies to avoid paying taxes.
In June 2018, it was revealed that the Adani Group had received a loan of Rs 526 crore from the Life Insurance Corporation of India (LIC). The loan was given to the group’s flagship company, Adani Ports and Special Economic Zone Limited (APSEZ), in 2016.
In September 2018, it was reported that the Adani Group had not paid any income tax for the last three years. The group reportedly paid Rs 1,285 crore in income tax in 2013-14 but did not pay any taxes in 2015-16 and 2016-17.
In October 2018, it was revealed that Gautam Adani’s name had appeared in the Panama Papers. The Panama Papers is a leaked document containing names of individuals with offshore accounts in Panama.
The philanthropy of Gautam Adani
Gautam Adani, an Indian billionaire, is the man behind the Adani Group, a multinational conglomerate based in India. The Adani Group has interests in energy, resources, logistics, real estate, agriculture, hospitality, and other sectors. The company operates in several countries, including Australia, Indonesia, and the United States.
Adani is a controversial figure due to his close relationship with Indian Prime Minister Narendra Modi and his alleged involvement in corruption. In addition, he has been accused of using his political connections to obtain favourable treatment for his businesses. Despite these controversies, Adani is widely respected for his business acumen and his commitment to philanthropy. He has donated millions of dollars to charitable causes, including educational initiatives and healthcare programs.
Personal Life of Gautam Adani
Gautam Adani was born in 1962 in Ahmedabad, India, into a family of businessmen. His father, Shantilal Adani, ran a successful diamond trading business. As a young man, Gautam Adani began working in his father’s business and soon took over the company.
In 1988, Gautam Adani married Priti Shroff, the daughter of a well-connected Mumbai businessman. The couple has two sons, Karan and Jai.
In 1995, Gautam Adani founded the Adani Group, a conglomerate interested in coal trading, power generation, logistics, and real estate. The company has grown rapidly under his leadership; today, it is one of India’s largest conglomerates.
The Adani Group has been embroiled in controversy for several years. In 2012, an investigation by the Indian government found that the group had evaded taxes on imported coal. The group has also been criticized for its environmental record; an environmental impact study by the Australian government found that a planned coal mine in Queensland would damage sensitive ecosystems and endanger endangered species.
Despite the controversies surrounding him, Gautam Adani remains one of India’s most influential businessmen. He is currently worth an estimated $12 billion.
Conclusion of the story of Gautam Adani: The Man Behind the Controversy
In conclusion, though Gautam Adani is a controversial figure, his impact on the business world no denied it. His story is one of the rags to riches, and his companies have made him one of the richest men in India. His critics say that he has used his connections to get sweetheart deals from the Indian government, but his supporters point to his relatively humble beginnings as evidence that he is a self-made man. No matter what your opinion of him may be, there is no denying that Gautam Adani is a powerful and influential businessman.
