A Shy Gautam Adani Opens Up On Life And Business

Billionaire Gautam Adani was calm and composed in a rare public appearance on Indian television, as the world's third richest person countered allegations and answered questions about the growth of his ports-to-renewable power conglomerate. 

Adani fielded every accusation thrown at him on India TV's ‘Aap Ki Adalat' show hosted by journalist Rajat Sharma. He reiterated how the group won all its projects through competitive bidding. And, answering a question on debt profile, he again underscored how the conglomerate has the highest number of companies rated equivalent to the sovereign credit rating. 

The group, Adani said, now has operations across 22 states, governed by both the Bharatiya Janata Party and opposition parties, with investments planned in ports, airports, roads and highways, real estate, data centres and consumer sector. 

Adani, a first-generation entrepreneur who started as a diamond trader, is now ranked as the third-richest person, according to the Bloomberg Billionaires Index. He ranks behind Bernard Arnault, the owner of luxury lifestyle group LVMH; and Elon Musk, the chief executive of Tesla Inc. and founder of SpaceX. Adani's net worth, linked to the market valuation of the group stocks, grew by about $40 billion in 2022 when most billionaires had a tough year amid persisting global uncertainty. 

Adani calls Dhirubhai Ambani, the Reliance Industries Ltd. founder, as his role model for the way he showed direction to think big when India was a closed economy. Billionaire Mukesh Ambani is a “good friend”, Adani said, and he respects the way he has taken the businesses to new heights. 

Life, Family And A Game He Often Loses 

The interview offered a glimpse into the life of one of India's most successful businessmen. Adani came across as a shy, private person and a family man. And two life-threatening events didn't alter his focus.  

He was once kidnapped. "When something is not in your control, there is no point worrying about it," Adani said. The night after the kidnapper released him, he still "slept well". 

Then, on Nov. 26, 2008, he was in Mumbai's iconic Taj Mahal hotel having dinner with the Dubai Port World CEO when it was attacked by terrorists.  

Just five minutes before the firing began, they had paid the bill but his friend wanted to discuss more and they decided to have coffee, Adani said. "I sometimes wonder, if we had left after paying the bill, I would have been in the lobby then." 

Adani credits his success to hard work and the support of his family. There “isn't a mathematics, chemistry or physics formula” to succeed but only hard work, he said. 

“I was 15 years old when I left Ahmedabad for Mumbai. I spent four years there. The city taught me a lot–most importantly the importance of hard work,” he said. “We were a middle-class business family. I was passionate about starting something apart from my family's business.” 

But that does not mean education is not important, he said. “I wasn't able to choose that path, unfortunately. I chose another path–that of experience and hard work. And that gave me wisdom,” he said. “Sometimes, I wonder if I had education and knowledge to go along with the wisdom I've acquired, I might have been better than the Gautam Adani of today.” 

Adani, in jest, blamed lack of adequate education for not being able to speak when he met his wife Priti for the first time. “I am a shy person, an illiterate, and she is a doctor.” 

She is his “pillar” of strength. “She quit her profession to support me and the family,” he said. And now that children have grown, she has taken over the mantle of leading the Adani Foundation. 

Even the decision to pledge Rs 60,000 crore to charity was taken along with the family. “The family was deciding what to gift me on my 60th birthday. I suggested that we offer Rs 60,000 crore to the family foundation. They agreed.” 

The pledged funds will go towards healthcare, education and skill development across India. 

Adani likes to spend as much time with family as possible. He goes to work late at least thrice a week as he is outside Ahmedabad on other days. 

“In the morning, I spend time with my granddaughters, wife and children,” he said. “Even in the office, during the lunch hours, every family member available at the time is in the dining room.” 

And his days mostly end with a game of Indian Rummy with his wife. He rarely wins. 

Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.