Gautam Adani, the owner of the infrastructure conglomerate, Adani Group, endured record losses as a result of the dramatic decline in the shares of his group of companies and also missed a chance to become India’s richest man.
Adani lost over $12 billion of his wealth in hours in a recent sell-off triggered by fears of a new COVID-19 variant, leaving him with a net worth of $78.1 billion.
Adani’s fortune comes mainly from the Adani Group, which he founded in India. In addition to being India’s largest coal trader and thermal coal producer, the Ahmedabad, India-based infrastructure group produces thermal coal. The group’s listed trading house, Adani Enterprises, reported revenues of $5.3 billion for the year ended March 31, 2021.
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The September 2021 stock exchange filings show that he owns 75% of Adani Power, Adani Transmissions, and Adani Enterprises. The company’s other subsidiaries include Adani Total Gas, Adani Ports & Special Economic Zone, and Adani Green Energy.
The Indian-born billionaire is facing further downsides as elite banks like Bank of New York Mellon Corp have distanced themselves from his controversial Carmichael thermal coal mine in Australia. As a result, the U.S. lender will no longer pursue any further transactions with Adani in Australia. BNY Mellon said in a statement, “Our ESG principles don’t align with this business at BNY Mellon.”
After failing to secure external financing, Adani, which is rebranded Bravus Mining & Resources, expects to send the first shipment of Carmichael ore this year after opting to self-fund the project. Climate campaigners have seized on the project because it could lead to the opening up of the previously untouched Galilee Basin for coal mining, and Australia’s role as a major supplier of the highly-polluting fuel.
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Activists have also questioned Adani’s plans for new mines and coal-fired power plants after the conglomerate pledged to turn its ports-to-power business carbon negative, and as India pushes for net-zero electricity by 2070.
Born in the state of Gujarat, Andani dropped out of college as a teenager and moved to Mumbai, where he worked in the diamond trade before returning to his home state.
He got his start in global trading by importing polyvinyl chloride for his brother’s plastics business. The group’s flagship company, Adani Enterprises, was established by him in 1988 for the purpose of importing and exporting commodities.
According to the Mundra Port website,Andani was held for ransom by bandits in 1997. The website also discloses that Adani was one of the hostages held at the Taj hotel when terrorists attacked Mumbai 11 years later.