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<keyword id="6367820" type="General" weightage="20" keywordseo="Adani-Group" source="Orion">Adani Group</keyword> Chairman <keyword id="111343" type="General" weightage="20" keywordseo="Gautam-Adani" source="Orion">Gautam Adani</keyword> said that he "believes - I am what I am - because I never over evaluate or over think the choices in front of me". "I personally find this aspect the most liberating and this liberation is what makes me an entrepreneur. "I firmly believe that India holds the potential to build a 100 <keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> Groups. And there could be no better place than India to be an entrepreneur today," he said. Addressing an event in Palanpur where Adani recounted his journey, he said that first-generation entrepreneurs mostly start with a unique advantage - the advantage of having nothing to lose. "This belief is their strength. In my own mind, this was liberating. "I had no legacy to follow - but I had the opportunity to create a legacy. "I had nothing to prove to anybody - but had an opportunity to prove to my own self that I could rise. "I had nothing to risk by jumping into uncharted waters. I had no expectations to fulfil except those of my own. "These beliefs became a part of me," Adani said. "And my first real break came in the year 1985. This happened following the general elections with Rajiv Gandhi becoming the Prime Minister of the country and liberalising the import policies," Adani said. "While I had no trading experience, I took advantage of the opportunity and moved swiftly to establish a trading organisation. We started importing polymers, to supply to the raw-material-deprived small-scale industries. This move laid the initial foundation of the global trading business I was soon to build," Adani said. "In 1991, India was going through its worst foreign exchange reserve crisis. We were, as a nation, down to less than 10 days of foreign exchange. "It was then that P.V. Narasimha Rao, the Prime Minister and his Finance Minister, Manmohan Singh ji, announced a series of bold decisions including a dramatic depreciation of the rupee to boost exports. "Here again, I made an immediate decision and moved swiftly to establish a full-fledged global trading house dealing in polymers, metals, textiles, and agro products," he said. "We became the largest global trading house in the country within 2 years. I had turned 29 and had a full appreciation of the value of two dimensions that would define everything we did - scale and speed," Adani said. "Over the years I have realised you may not always be able to 'time things right' but your tenacity can 'right time things'. And our third big break was the result of a series of right-timed opportunities," he added. "And the opportunity came in 1995, when the Gujarat government decided to develop its coastline, he noted. "It was around this same time that global commodities trader Cargill approached us with a proposal to source the salt produced across the Kutch coastline. "To cut a long, interesting story short, the partnership did not proceed. But we were left with about 40,000 acres of marshy land to harvest salt and an approval to build a captive jetty at Mundra for the export of salt. "Following the formalisation of the ports policy, the Gujarat government chose us as their partner to build out a full-fledged commercial port in Mundra," Adani said. SEE ALSO: <a href="https://www.businessinsider.in/thelife/personalities/news/gautam-adani-aap-ki-adalat-interview-dhirubhai-ambani-is-my-role-model-mukesh-ambani-a-very-good-friend/articleshow/96828407.cms">Dhirubhai Ambani is my role model and Mukesh Ambani a very good friend, says Gautam Adani</a> <a href="https://www.businessinsider.in/business/telecom/news/airtel-reliance-jio-and-vodafone-idea-q3-earnings-preview-tariff-hikes-a-key-trigger/articleshow/96796094.cms">Churn and fewer 4G subscribers to slow down telecom revenue growth in Q3</a> <a href="https://www.businessinsider.in/stock-market/news/foreign-institutional-investors-sell-shares-nearly-5000-crore-in-first-four-trading-days-of-2023/articleshow/96790974.cms">Foreign institutional investors sell nearly ₹5,000 crore worth equities in first four days of 2023</a>

India holds the potential to build 100 Adani groups says Gautam Adani

In order to transport coal out of the <keyword id="1471690" type="UNKNOWN" weightage="100" keywordseo="Carmichael-mine">Carmichael mine</keyword> for <keyword id="118623" type="COMPANY" weightage="100" keywordseo="Adani-Enterprises">Adani Enterprises</keyword>’ $7-billion project, Australia’s Queensland province will pick up a ‘substantial stake’ to become a co-investor in the infrastructure projects, for instance: providing port and rail connectivity. 
 "They (state government) are going to be a co-investor in the infrastructure project — and this is going to be the first time it's happening in Queensland," Adani Group’s chairman <keyword id="111343" type="PERSON" weightage="100" keywordseo="Gautam-Adani">Gautam Adani</keyword> told The Economic Times in an interview. 
 Talking about criticism by the Congress over <keyword id="6354731" type="CITY" weightage="60" keywordseo="State-Bank-Of-India">State Bank of India</keyword>'s (SBI) memorandum of understanding (MoU) with Adani group to lend $1 billion for the project, he said, “The controversy over this agreement was misguided as Adani had a 25-year relationship with India's largest commercial bank.” 
 
"A project set up by the private sector is getting support from the government of Queensland. They see the importance of the project," said the 52-year-old entrepreneur. Although he did not reveal the exact sum of investment, he disclosed that it would be a “substantial amount.” 
 
The Congress party had demanded an explanation from the Centre and the State Bank of India (SBI) over the latter's decision to lend $1 billion to the Adani group. It had also accused Prime Minister Narendra Modi of "taking interest in promoting the Adani group" and demanded that SBI should disclose the MoU it had signed with the Adani group.

Australia’s Queensland To
Fund Adani’s Port And Rail Projects

<ul class="summary-list"><li>Billionaire investor Mark Mobius said his firm avoided the share sale by Adani Enterprises that was later pulled. </li><li>The debt load at Indian conglomerate Adani and its associates "sort of scared us away," he told Bloomberg.</li></ul>Mark Mobius, a pioneer in emerging-markets investing, said his firm didn't take part in Adani Enterprises' stock sale before it was scrapped because it had concerns about the embattled Indian conglomerate's debt. "It's all about debt. The company and its associates are heavily in debt, and that's what sort of scared us away," the founding partner of Mobius Capital Partners <a href="https://www.youtube.com/watch?v=1qes61MyR2I" target="_blank" rel="noopener">said in a Bloomberg interview Thursday</a>. Mobius said the problems surrounding Adani Enterprises and the Adani Group are specific to those entities. "India is going to still go from strength to strength. It's an incredible country, incredible prospects, high-growth, young population. I think it's a typical scandal that you get in capital markets and it'll pass," he said. Shares in Adani Enterprises, whose businesses range from energy to infrastructure to agricultural products, have plunged after US short seller Hindenburg Research released a bombshell <a href="https://hindenburgresearch.com/adani/" target="_blank" rel="noopener">report</a> about the Adani Group. Adani Enterprises canceled a<a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/8e2c9f40-730f-444a-a65f-432194e81edc.pdf" target="_blank" rel="noopener"> $2.5 billion share sale</a> even after the offering was<a href="https://markets.businessinsider.com/news/stocks/adani-completes-share-sale-market-rout-hindenburg-fraud-allegations-2023-1?utm_medium=ingest&amp;utm_source=markets"> fully subscribed Tuesday</a> with help from institutional investors. Hindenburg said its two-year investigation of the company, led by Indian tycoon Gautam Adani, found it has engaged in "brazen stock manipulation" and an accounting fraud scheme over decades.Mobius said banks are going to be more cautious as a result of the turmoil surrounding Adani. "That will impact some of the highly indebted companies, but those companies that have strong balance sheets and low debt will continue to do well," he said.Indian tycoon Gautam Adani has hit back against Hindenburg's report, calling it <a href="https://markets.businessinsider.com/news/stocks/adani-group-legal-action-hindenburg-short-seller-2023-1?utm_medium=ingest&amp;utm_source=markets">"maliciously mischievous" and "unresearched"</a>. The short seller in response has stood its ground on the accusations.

Legendary investor Mark Mobius said he shunned embattled Adani's share sale over debt concerns but he's still bullish on India

<ul class="summary-list"><li>The world's biggest asset manager BlackRock holds over $100 million in Adani dollar bonds, per Bloomberg.</li><li>It's one of the biggest holdings among the 200 or so institutions with exposure to the Indian conglomerate.</li></ul>BlackRock has more than $100 million tied up in Adani Group's dollar bonds, which have come under intense scrutiny since a US short seller's scathing research note on the Indian conglomerate sparked a rout in its stocks.Filings to the SEC show the <a href="https://www.advratings.com/top-asset-management-firms">world's biggest asset manager</a> has one of the biggest known exposures to Adani's estimated $8 billion in US currency notes, <a href="https://www.bloomberg.com/news/articles/2023-02-03/blackrock-among-top-funds-with-exposure-to-adani-s-dollar-debt" target="_blank" rel="noopener">Bloomberg reported Friday.</a>Short-seller Hindenburg Research's <a href="https://hindenburgresearch.com/adani/" target="_blank" rel="noopener">research note</a> last Tuesday alleged there was a "brazen stock manipulation and accounting fraud scheme" at the Adani Group. The ensuring battle between Adani and Hindenburg has driven a rout in stocks of the group's individually listed businesses, <a href="https://markets.businessinsider.com/news/stocks/adani-stocks-wipe-out-over-100-billion-market-value-2023-2">wiping over $100 billion off their market value</a>.Notably, concern over Adani's debt was a key pillar of Hindenburg's argument for initiating a short-sell battle with the group."Key listed Adani companies have also taken on substantial debt, including pledging shares of their inflated stock for loans, putting the entire group on precarious financial footing. 5 of 7 key listed companies have reported 'current ratios' below 1, indicating near-term liquidity pressure," it said in its research note.Adani <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/8e2c9f40-730f-444a-a65f-432194e81edc.pdf" target="_blank" rel="noopener">canceled a $2.5 billion share sale</a> this week, despite <a href="https://markets.businessinsider.com/news/stocks/adani-completes-share-sale-market-rout-hindenburg-fraud-allegations-2023-1?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">picking up enough investors to pull it off</a>.Legendary investor Mark Mobius said his firm didn't take part in Adani Enterprises' stock sale before it was scrapped because it had concerns about the embattled Indian conglomerate's debt."It's all about debt. The company and its associates are heavily in debt, and that's what sort of scared us away," the founding partner of Mobius Capital Partners <a href="https://www.youtube.com/watch?v=1qes61MyR2I" target="_blank" rel="noopener nofollow">said in a Bloomberg interview Thursday</a>. Over 200 institutions have taken on debt from the group's companies, Bloomberg reported. Its analysis of filings covered only 18% of Adani's total dollar debt due to different reporting rules across countries, it said. It reported that Adani is considering prepaying some loans early to restore confidence in the conglomerate's financial health. BlackRock didn't immediately respond to Insider's request for comment.

BlackRock has more than $100 million exposure to Adani's dollar debt, report says

Gautam Adani has become a legend today by taking his Adani Group’s businesses to new heights. His contribution to the growth of Indian infrastructure and economy are highly significant. Engaged in a wide range of businesses from coal mining, exploring gas and oil to power generation and ports, the Adani group is one of the biggest operators of ports in the nation. A great inspiration to the aspiring entrepreneurs, Gautam Adani has a number of interesting things about him. Here are 10 interesting facts that will make our eyebrows raise in admiration of this business legend. 1. A school dropout Gautam Adani was a school drop out from the commerce department of CN Vidyalaya in Ahmedabad. Since long, Mumbai’s thriving diamond business allured him. He mastered the insider tricks of the business within three years. 2. An awesome visionary During his school days, Adani visited Gujarat’s Kandla Port. On that day, he decided he would also build something like that in his life or even bigger than that. From that day, he chased his dream which came true in a bigger dimension. 3. He paved his own road to growth Gautam Adani was born in a family owning a textile business. But, he was never interested in his family business and made his first million within three years of his Mumbai life as a diamond broker. Adani was a self-made millionaire at the age of 20. 4. Sealed a 6,000 crore deal within 100 hours With his amazing negotiation skills, he obtained the Udupi Thermal Power Plant in a 6,000 crore rupees deal. The entire negotiation process lasted for not more than 100 hours. 5. His company is the biggest private power producer in the country Adani power limited is the power business of the Adani Group that owns a number of thermal power plants that produce up to 4620 MW. His company is the largest private power producer and the largest solar power producer in the country. 6. Gives about 3% of the Group’s earnings for philanthropic activities The Adani foundation is run with 3% of the profits he makes from the Adani Group ventures. Adani Vidya Mandir School in Ahmedabad provides free education to children from low-income families. 7. Through his port project, he realized his childhood dream In 1995, the Adani Group secured the contract for privately running the Mundra Port in Gujarat. Gautam turned it into the largest private port in India thus realizing his childhood dream in a manifold. 8. His group ranks high in the infrastructure segment Adani Group is ranked as the country’s most trusted infrastructure brand in “The Brand Trust Report 2015”. 9. He works with a mantra In an interview with the press people, he said that he works with a mantra that steered his way towards success. Throughout his entire life, he focused on trying rather than getting obsessed with the results. 10. He is the brain behind India’s port-rail linkage policy He approached the then Railway Minister of India Nitish Kumar and convinced him about the national importance of a scheme that would connect the country’s ports with the main railways. Following this, the port-rail linkage policy of the government was crafted. See Also - <a href="https://www.businessinsider.in/business/news/top-10-richest-people-in-the-world/articleshow/74415117.cms">Top 10 richest people in the world</a> <a href="https://www.businessinsider.in/entertainment/news/top-10-richest-actresses-of-india/articleshow/72018327.cms">Top 10 Richest Actress in India </a> <a href="https://www.businessinsider.in/meet-the-top-10-richest-actors-in-india/articleshow/69645149.cms">Top 10 richest actor in India</a>

Gautam Adani - Some interesting facts about Gautam Adani that you should know

<ul class="summary-list"><li>Rajiv Jain made a big bet on Gautam Adani's business empire last month.</li><li>He told Bloomberg Monday that he believes his $1.9 billion investment could deliver 100% returns over the next five years.</li></ul>Investing in Gautam Adani's companies could generate massive returns over the next five years, according to an emerging markets specialist who made a big bet on the Indian tycoon's troubled business empire last month.Rajiv Jain poured $1.9 billion into four of the Adani Group's ten listed companies last month – and said Monday that he thinks the value of his investment could double over the next half-decade."These could be multibaggers," the GQG Partners CIO told <a href="https://www.bnnbloomberg.ca/gqg-sees-2-billion-adani-bet-delivering-returns-over-100-1.1904556" target="_blank" rel="noopener">Bloomberg</a>, referring to stocks that deliver returns of 100% or more.Adani has lost as much as $153 billion worth of market capitalization since short-seller Hindenburg Research <a href="https://markets.businessinsider.com/news/stocks/adani-group-hindenburg-research-short-report-4th-richest-person-world-2023-1?utm_medium=ingest&amp;utm_source=markets">released a scathing report</a> in January that alleged the conglomerate had engaged in stock manipulation and accounting fraud to perpetrate what it called "<a href="https://hindenburgresearch.com/adani/" target="_blank" rel="noopener">the largest con in corporate history</a>", according to data from Bloomberg.The Indian conglomerate has repeatedly dismissed Hindenburg's report, saying it includes "<a href="https://www.adanienterprises.com/newsroom/media-releases/Media-Statement-on-Hindenburg-Research-Report">misinformation and stale, baseless and discredited allegations</a>".Jain agreed with those denials and is betting that Adani's coal-mining assets, data centers, and majority stake in Mumbai's international airport will deliver returns for GQG."If you peel the onion a little bit further, we didn't find any signs of fraud or anything like that," Jain told <a href="https://www.bloomberg.com/news/videos/2023-04-04/why-gqg-s-rajiv-jain-is-betting-on-adani-s-empire-video">Bloomberg TV</a> in an interview that aired Monday."If you look at the longer-term opportunities that these companies have, it's tremendous," he added. "These are very well run assets, unique assets, monopolistic assets.""And obviously, there was a little bit of crisis and we believe that that creates a massive, longer-term headroom for these businesses and opportunity for us."Read more: <a href="https://markets.businessinsider.com/news/stocks/gautam-adani-hindenburg-research-explained-stock-market-outlook-investing-analysis-2023-1">Everything you need to know about Gautam Adani and Hindenburg after the short seller's fraud allegations burnt a $72 billion hole in the richest Asian's empire</a>

Adani could deliver 'multibagger' returns, an investor who bet $2 billion on the troubled business empire says

<ul><li><keyword id="111343" type="General" weightage="100" keywordseo="gautam-adani" source="Orion">Gautam Adani</keyword>, will be sitting in the hot seat of Rajat Sharma's Aap Ki Adalat.</li><li><keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> will be replying to a barrage of questions from the inimitable TV icon.</li><li>Last month, Sharma had asked viewers to share the names of top personalities they wished to see in fresh episodes of 'Aap Ki Adalat', and Adani's name figured on top of the wish list.</li></ul><keyword id="6358777" type="General" weightage="20" keywordseo="new-delhi" source="Orion">New Delhi</keyword>, A big treat is awaiting television viewers in the New Year on Saturday to be precise when the worlds third richest person, Gautam Adani, will be sitting in the hot seat of Rajat Sharmas 'Aap Ki Adalat'. Adani will be replying to a barrage of questions from the inimitable TV icon, who will be returning with fresh episodes of his longest running TV show. Adani, who normally avoids one-on-one TV interviews, has agreed to be the guest in the show. He will be replying to several tricky questions from Sharma, relating to controversies relating to his corporate group. Already there is lot of buzz among the social chatterati about how Adani is going to respond to accusations that have been levelled by his rivals and opposition leaders. Expectations of viewers about this episode have naturally reached a fever pitch as the D-Day draws closer. Last month, Sharma had asked viewers to share the names of top personalities they wished to see in fresh episodes of 'Aap Ki Adalat', and Adani's name figured on top of the wish list. The list includes names of several other top personalities, who will also be featuring in 'Aap Ki Adalat', as it steams ahead in the coming weeks with fresh episodes. The wish list includes top cricketers, politicians, godmen, and superstars of Indian cinema. Since its inception in 1993, 'Aap Ki Adalat' has featured more than 1,000 prominent personalities sitting in its dock. From powerful politicians, film superstars, leading sportsmen, famous singers to spiritual gurus, none could escape the probing questions from Sharma, always delivered with a smile, but with exact precision. The roster of distinguished guests in his iconic show includes Presidents, Prime Ministers, cabinet ministers and chief ministers. 'Aap Ki Adalat' is the only show that has the distinction of getting all three Bollywood Khans together on the same stage. There is no other show in Indian TV industry where eminent guests lay bare their raw emotions, vulnerabilities, and no-holds-barred opinions with such ease. Another high point is that 'Aap Ki Adalat' on <keyword id="211456" type="General" weightage="50" keywordseo="india-tv" source="Orion">India TV</keyword> can now be watched by viewers across the world, including the US and UAE. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/early-attractions-at-ces-2023-here-are-the-best-innovations-and-products-from-the-biggest-tech-show/articleshow/96758252.cms">Early attractions at CES 2023: Here are the best innovations and products from the biggest tech show</a> <a href="https://www.businessinsider.in/tech/news/this-ai-tech-may-be-able-to-generate-3d-holograms-on-smartphones-in-real-time/articleshow/96706618.cms">This AI tech may be able to generate 3D holograms on smartphones in real-time</a>

Gautam Adani will be in the hot seat on Rajat Sharma's show 'Aap Ki Adalat' on Saturday

<ul class="summary-list"><li>Indian billionaire Karan Adani announced plans to challenge Chinese dominance in global seaports.</li><li>Adani Ports has received "in-principle" approval for a $2 billion project in Da Nang, Vietnam.</li></ul>Karan Adani, the <a target="_blank" class="" href="https://www.businessinsider.com/gautam-adani-succession-planning-sons-nephews-take-over-retirement-handover-2024-8">son of one of Asia's richest men</a>, wants to loosen China's grip on seaports and transform India into a major trading hub."We are working on making India the center point of the overall supply chain from east to west," said Karan in an interview with <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-08-05/adani-ports-aims-to-grow-india-into-global-trading-hub-in-challenge-to-china">Bloomberg</a> for their "Inside Adani" series.Karan, who is the CEO of Adani Ports, said that the company had received an "in-principle" from the Vietnamese government for a potential $2 billion greenfield project in Da Nang.This would be the latest addition to the Adani Ports' portfolio. In 2022, it <a target="_blank" class="" href="https://www.thehindubusinessline.com/economy/logistics/with-haifa-port-acquisition-adani-sets-its-eyes-on-opportunities-in-europe/article65643118.ece">won a joint bid</a> on the Israel government's tender to buy the Haifa Port for $1.2 billion.It also owns port assets in Colombo in Sri Lanka and the Port of Dar es Salaam in Tanzania.<h2 id="b168f51e-af17-4dfd-93ff-9422bbccd00f">Loosening China's grip</h2>India has long feared that China is surrounding its country with ports. The trade infrastructure in the Indian Ocean is often referred to as China's "string of pearls".China's <a target="_blank" class="" href="https://www.businessinsider.com/china-spends-twice-us-but-belt-road-initiative-losing-steam-2021-9">Belt and Road initiative</a> (also referred to as the New Silk Road) involves buying up multiple ports across the world to build a sea route running from the coast of China through the major transit route of the Indian Ocean and the busiest maritime points of the Middle East, and ending in Europe.<a target="_blank" class="" href="https://www.washingtonpost.com/world/interactive/2023/china-ports-trade-military-navy/">According to the Washington Post</a>, the majority of investments in Chinese-owned ports have been made by companies owned by the Chinese government, which would make the Chinese Communist Party the biggest operator of the ports that fuel global supply chains.The <a target="_blank" class="" href="https://www.cfr.org/tracker/china-overseas-ports">Council on Foreign Relations states</a> that China operates or has ownership stakes in at least one port in every continent except Antarctica. 92 out of the 101 ports were active as of 2023.The <a target="_blank" class="" href="https://www.ft.com/content/a7c2b2f6-e106-436d-a599-cfcc69d18b05">Financial Times</a> cited a report by the Qianzhan Industrial Research Institute stating that China invested at least $40bn in coastal port infrastructure between 2016 and 2021.It also showed that China has 76 port terminals able to support large ships carrying more than 14,000 20ft containers, while south and south-east Asian countries have just 31 between them.<a target="_blank" class="" href="https://www.fortuneindia.com/enterprise/adani-kerala-to-fast-track-vizhinjam-port-completion-with-rs-20000-crore-investment/117536">Fortune India reported</a> that so far, 75% of India's transshipped cargo is handled by ports outside the country.The Adani Group wants to change that.<h2 id="f5591fc4-d44e-43a5-90bb-81fe08ef0678">Making India the world's factory</h2>The company has openly aligned its business interests with Indian Prime Minister Narendra Modi's development agenda of making India the world's factory.Earlier this month, it welcomed the first mother ship in the first phase of its port in Vizhinjam harbor, a project undertaken with the state government of Kerala in India.Expected to reach completion in 2028, the seaport aims to handle up to half of India's container transshipment needs.According to the Bloomberg Billionaires Index, Adani Enterprises, the group's main company, reported revenue of $11.6 billion in 2024, and Karan Adani's father, Gautam Adani, owns a 75% stake.The 62-year-old is worth over $80 billion and <a target="_blank" class="" href="https://www.businessinsider.com/gautam-adani-succession-planning-sons-nephews-take-over-retirement-handover-2024-8">announced his succession plan</a> on Monday — naming his sons Karan and Jeet and nephews Pranav and Sagar as heirs to the Adani Group.The Adani family have previously faced scrutiny for their close ties to Modi, and allegations of preferential treatment from the Modi government.The Adanis frame the association as a desire to improve the country, with the Chairman's Message on the Adani Group website promising to "foray into sectors where the country needs to establish a foothold," and affirming that they will "look at these opportunities as part of our national duty."

An Indian billionaire has an audacious plan to take down part of China's economic masterplan

<ul class="summary-list"><li>The Indian tycoon <keyword id="12173789" type="UNKNOWN" weightage="60" keywordseo="gautam-adani" source="Orion">Gautam Adani</keyword> is nearly Asia's <keyword id="12429218" type="UNKNOWN" weightage="60" keywordseo="richest-man" source="Orion">richest man</keyword> on the Bloomberg Billionaires Index.</li><li>As stocks in his companies rose Wednesday, Indian <keyword id="11893589" type="UNKNOWN" weightage="100" keywordseo="news" source="Orion">news</keyword> outlets began placing him in the No. 1 spot.</li></ul>It's been a good year for Gautam Adani.The port tycoon, who hails from India, saw his fortune surge by $55.3 billion in 2021, according to estimates from the <a href="https://www.bloomberg.com/billionaires/">Bloomberg Billionaires Index</a>, knocking Zhong Shanshan, China's richest man, into third place among Asia's wealthiest billionaires on the list.Adani, 59, now sits at a net worth of $89.1 billion on the index. That makes him $800 million shy of Asia's highest-ranked person, the Indian energy magnate <keyword id="11905008" type="UNKNOWN" weightage="60" keywordseo="mukesh-ambani" source="Orion">Mukesh Ambani</keyword>.On Wednesday, Adani edged closer to the No. 1 spot, as shares of Adani Enterprise and Adani Ports rose 2.76% and 4.59% while Ambani's companies Reliance Industries and Reliance Industrial Infrastructure slipped by 1.48% and 1.57%, the <a href="https://news.abplive.com/business/gautam-adani-dethrones-mukesh-ambani-becomes-asia-s-richest-man-1495504">Indian outlet ABP News</a> reported.<a href="https://economictimes.indiatimes.com/markets/stocks/news/gautam-adani-surpasses-mukesh-ambani-as-asias-richest/articleshow/87887862.cms">Several local media outlets</a> now hail Adani as Asia's richest man, though he still sat at second place on Bloomberg's index as of Thursday.Adani has business interests in energy, defense, and real estate, and he owns <a href="https://www.adaniports.com/Ports-and-Terminals/Mundra-Port">India's largest commercial port</a>, one of the <a href="https://www.adanienterprises.com/businesses/mining-and-mdo/australia">world's largest coal mines</a>, and a <a href="https://timesofindia.indiatimes.com/business/india-business/adani-group-takes-over-mumbai-airport/articleshow/84380085.cms">74% stake in Mumbai's international airport</a>. And he's come a long way from his days as a college dropout and time as a gem sorter.<h2>Diamonds, exports, and loans</h2>Born in 1962 as one of eight children in Ahmedabad in the western state of Gujarat, Adani was the son of a textile merchant but declined to take on his father's business, <a href="https://www.siliconindia.com/news/success-stories/gautam-adani-from-a-college-dropout-to-billionaire-industrialist-nid-210122-cid-80.html">Silicon India reported</a>.Instead, he enrolled in Gujarat University in Ahmedabad to study commerce but dropped out after his second year, opting to work as a diamond sorter in Mumbai in the early 1980s, per the magazine <a href="https://www.adani.com/-/media/Project/Adani/Media-Coverage/TheNewBusinessFamilies.pdf?la=en">Business Today</a>.Adani then moved on to diamond trading and eventually started his own business, Adani Enterprises, to import and export commodities in 1988, <a href="https://www.ft.com/content/ffce04fe-d295-11e2-aac2-00144feab7de">the Financial Times reported</a>.He would use profits from his business to back heavy loans so he could enter other industries, per the Financial Times.Adani received permission from the Gujarat government in 1995 to start a harbor in the town of Mundra, according to <a href="https://timesofindia.indiatimes.com/news/Gautam-Adani-the-baron-to-watch-out-for-if-Narendra-Modi-becomes-king/articleshow/33521536.cms">The Times of India</a>. It eventually developed into India's largest private port.Adani, an ally of Indian Prime Minister Narendra Modi since Modi was chief minister of Gujarat in 2003, <a href="https://www.ft.com/content/474706d6-1243-4f1e-b365-891d4c5d528b">has been accused</a> of rising in prominence and wealth because he supported the national leader. In an interview with the Financial Times, he denied his business success came from his political ties.<h2>A terrorist attack and a $2 million ransom</h2>In 1998, Adani accused several men of kidnapping him and a companion, Shantilal Patel, <a href="https://indianexpress.com/article/cities/ahmedabad/two-accused-of-abducting-gautam-adani-20-years-ago-acquitted-5473592/">per The Indian Express</a>. He alleged that he and Patel were traveling in a car on New Year's Day when a scooter blocked their path, allowing a group of men to abduct the pair into a van at gunpoint.A report filed against the men said that they demanded a ransom of $2 million from Adani's family and that he and Patel were released after the money was sent over, according to The Indian Express. But two of the people brought to trial were acquitted in 2018, while six others were cleared of the charges in 2005 because the prosecution couldn't tie them to the alleged kidnapping, <a href="https://www.timesnownews.com/business-economy/companies/article/throwback-when-indias-fifth-richest-man-survived-a-kidnapping-and-terrorist-attack/606122">Times Now India reported</a>.Adani doesn't like to talk about the incident, according to the Financial Times, telling the outlet: "Two or three very unfortunate incidents happened in my life, that is one of them."A separate brush with danger came a decade later, during the <a href="https://www.bbc.com/news/world-asia-india-46314555">2008 Mumbai terrorist attacks</a>, a violent 60-hour siege of the city by 10 heavily armed Pakistani militants that left 166 people dead.<div type="image" title="A man holds a sign on top of a car" height="2001" width="3000" msid="87909988" hostid="261"></div>Adani was dining at the Taj Mahal luxury hotel when the siege occurred and said he could see the militants enter the building from his table, <a href="https://www.indiatoday.in/latest-headlines/story/gautam-adani-mallika-sarabhai-escape-after-close-encounter-with-death-34159-2008-11-28">India Today reported</a>.He hid in a basement with the help of hotel staff and later relocated to a chamber hall on an upper floor as the attack continued throughout the night. He told India Today that when commandos stormed the hotel the following day, and he was escorted to safety, he "saw death at a distance of just 15 feet."More than 100 people were hiding with him, he said at the time: "Some had hidden below the sofa while others had taken similar evasive position. Sitting on a sofa, I was telling them to have faith in God."In 2018, <a href="https://indianexpress.com/article/26-11/stories-of-strength/the-ordeal-the-hope-26-11-anniversary-mumbai-attacks-nsg-mumbai-police-5466005/">he wrote a reflection on the attack</a> published on The Indian Express, saying the anniversary of the attack was a "day of personal reflection and prayer" for him every year."One of the lives they saved that night was mine. I still recollect some of the faces — people I will never know, people I will never be able to repay," he wrote. "I am often struck by the thought that this was God's way of keeping me grateful and indebted."Insider has reached out to the Adani Group for comment.

Gautam Adani, the man who may soon be Asia's richest person, is a college dropout who survived the 2008 Mumbai terrorist attacks and says he was once kidnapped for ransom

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Gautam Adani, the man who may soon be Asia's richest person, is a college dropout who survived the 2008 Mumbai terrorist attacks and says he was once kidnapped for ransom

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