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{{Infobox person
{{Infobox person
| name         = Gautam Adani
| name = Gautam Adani
| birth_name   = Gautam Shantilal Adani
| birth_name = Gautam Shantilal Adani
| image       = Gautam Adani.jpg
| image = Gautam Adani.jpg
| caption     = Adani in 2012
| caption = Adani in 2012
| birth_date   = {{birth date and age|1962|6|24|df=y}}
| birth_date = {{Birth date and age|1962|6|24|df=y}}
| birth_place = [[Ahmedabad]], [[Gujarat]], India
| birth_place = Ahmedabad, Gujarat, India
| nationality = Indian
| nationality = Indian
| occupation   = Businessman
| occupation = Businessman
| title        = Founder and Chairman, [[Adani Group]]
| known_for = Founder and chairman of [[Adani Group]]
| children    = 2
| title = Chairman, Adani Group
| known_for    = Founding the [[Adani Group]]
| children = 2
| years_active = 1978–present
| years_active = 1978–present
| education   = Sheth Chimanlal Nagindas Vidyalaya (dropped out)
| education = Sheth Chimanlal Nagindas Vidyalaya (dropped out)
}}
}}


'''Gautam Shantilal Adani''' (born 24 June 1962) is an Indian billionaire businessman and the founder and chairman of the [[Adani Group]], a multinational conglomerate with interests spanning port management, energy, logistics, agribusiness, real estate, and infrastructure. From modest beginnings as a diamond sorter in [[Mumbai]], Adani built one of India's largest business empires, with operations that have made him one of the wealthiest individuals in Asia and the world. His rise has been marked by rapid expansion across sectors deemed critical to India's economic development, particularly ports, power generation, and renewable energy. In 2022, ''[[Time (magazine)|Time]]'' magazine named him one of the 100 most influential people in the world.<ref>{{cite web |title=About Gautam Adani |url=https://www.adani.com/About-us/One-Vision-One-Team/Gautam-Adani |publisher=Adani Group |access-date=2026-02-24}}</ref> His career has also been the subject of significant controversy, including allegations of stock manipulation by the American short-selling firm [[Hindenburg Research]] in January 2023 and a criminal indictment by U.S. federal prosecutors in November 2024 on charges of bribery.<ref>{{cite news |date=2023-01-26 |title=Short seller Hindenburg targets billionaire Gautam Adani |url=https://www.bloomberg.com/news/articles/2023-01-26/short-seller-nate-anderson-s-hiindenburg-is-targeting-billionaire-gautam-adani |work=Bloomberg News |access-date=2026-02-24}}</ref> In early 2026, the [[U.S. Securities and Exchange Commission]] (SEC) moved forward with a civil fraud lawsuit against Adani after clearing procedural hurdles.<ref>{{cite news |date=2026-01-30 |title=US SEC fraud case against Gautam Adani can proceed after procedural matter resolved |url=https://www.reuters.com/legal/government/us-sec-fraud-case-against-gautam-adani-can-proceed-after-procedural-matter-2026-01-30/ |work=Reuters |access-date=2026-02-24}}</ref>
'''Gautam Shantilal Adani''' (born 24 June 1962) is an Indian billionaire businessman and the founder and chairman of the [[Adani Group]], a multinational conglomerate with operations spanning port management, energy, logistics, agribusiness, real estate, and infrastructure. From modest beginnings as a diamond sorter in Mumbai, Adani built one of India's largest business empires, with the Adani Group becoming a dominant force in India's port operations and energy sectors. His rapid ascent in global wealth rankings drew international attention in the early 2020s; in 2022, ''Time'' magazine named him one of the 100 most influential people in the world.<ref>{{cite web |title=About Gautam Adani |url=https://www.adani.com/About-us/One-Vision-One-Team/Gautam-Adani |publisher=Adani Group |access-date=2026-02-24}}</ref> Adani's business career has also been marked by controversy, including allegations of stock manipulation raised by the American short-selling firm Hindenburg Research in January 2023, and a criminal indictment issued by the U.S. Attorney's Office in Brooklyn, New York, in November 2024, charging him and other executives with bribery. He has denied wrongdoing in both matters.<ref>{{cite news |date=2023-01-26 |title=India's Adani Group says evaluating taking action against Hindenburg Research |url=https://www.reuters.com/business/indias-adani-group-says-evaluating-taking-action-against-hindenburg-research-2023-01-26/ |work=Reuters |access-date=2026-02-24}}</ref> As of February 2026, the Adani Group has announced plans to invest $100 billion in renewable-energy-powered, hyperscale AI-ready data centres across India by 2035, signaling a major expansion into technology infrastructure.<ref>{{cite news |date=2026-02-17 |title=Billionaire Gautam Adani Earmarks $100 Billion To Develop AI Data Centers Across India |url=https://www.forbes.com/sites/yessarrosendar/2026/02/17/billionaire-gautam-adani-earmarks-100-billion-to-develop-ai-data-centers-across-india/ |work=Forbes |access-date=2026-02-24}}</ref>


== Early Life ==
== Early Life ==


Gautam Shantilal Adani was born on 24 June 1962 in [[Ahmedabad]], [[Gujarat]], India. He attended Sheth Chimanlal Nagindas Vidyalaya in Ahmedabad but did not complete his studies there.<ref name="adani-official">{{cite web |title=About Gautam Adani |url=https://www.adani.com/About-us/One-Vision-One-Team/Gautam-Adani |publisher=Adani Group |access-date=2026-02-24}}</ref> As a teenager, Adani moved to [[Mumbai]] in 1978, where he found work as a diamond sorter at Mahendra Brothers. The move to Mumbai at the age of sixteen marked the beginning of Adani's career in business and trade.<ref name="mapsofindia">{{cite web |title=Gautam Adani |url=https://business.mapsofindia.com/business-leaders/gautam-adani.html |publisher=Maps of India |access-date=2026-02-24}}</ref>
Gautam Shantilal Adani was born on 24 June 1962 in Ahmedabad, Gujarat, India.<ref name="mapsofindiaprofile">{{cite web |title=Gautam Adani |url=https://business.mapsofindia.com/business-leaders/gautam-adani.html |publisher=Maps of India |access-date=2026-02-24}}</ref> He attended Sheth Chimanlal Nagindas Vidyalaya in Ahmedabad but did not complete his formal education. In 1978, at the age of sixteen, Adani left school and moved to Mumbai, where he found employment as a diamond sorter with Mahendra Brothers.<ref name="mapsofindiaprofile" /><ref name="adaniofficial">{{cite web |title=About Gautam Adani |url=https://www.adani.com/About-us/One-Vision-One-Team/Gautam-Adani |publisher=Adani Group |access-date=2026-02-24}}</ref>


In 1981, Adani returned to [[Ahmedabad]] to manage a plastics unit owned by his elder brother. This position introduced him to the world of global commodity trading, particularly the import of [[polyvinyl chloride]] (PVC). The experience gained in managing the plastics business and navigating international trade channels proved foundational for his later ventures. Adani has a brother, Vinod Adani, who has also been involved in business activities associated with the family's enterprises.<ref name="mapsofindia" />
Adani's time in the diamond trade was formative but brief. In 1981, he returned to Ahmedabad to manage a plastics unit owned by his elder brother. This role introduced him to the world of global commodity trading, particularly in polyvinyl chloride (PVC) imports. The experience he gained in managing supply chains and navigating international trade would prove instrumental in his later business ventures.<ref name="mapsofindiaprofile" />


Adani's early life was also marked by personal danger. In 1998, he survived a kidnapping attempt in Ahmedabad. Two individuals accused of involvement in the abduction were later tried in court; in 2018, a court in Ahmedabad acquitted the accused after a prolonged legal process.<ref>{{cite news |title=Two accused of abducting Gautam Adani 20 years ago acquitted |url=https://indianexpress.com/article/cities/ahmedabad/two-accused-of-abducting-gautam-adani-20-years-ago-acquitted-5473592/ |work=The Indian Express |access-date=2026-02-24}}</ref> Additionally, Adani was reported to have survived the [[2008 Mumbai attacks]], having been present at the [[Taj Mahal Palace Hotel]] during the terrorist siege.<ref>{{cite news |title=Throwback: When India's fifth richest man survived a kidnapping and terrorist attack |url=https://www.timesnownews.com/business-economy/companies/article/throwback-when-indias-fifth-richest-man-survived-a-kidnapping-and-terrorist-attack/606122 |work=Times Now |access-date=2026-02-24}}</ref>
Adani is known to have survived personal dangers during his rise. In the late 1990s, he was the victim of a kidnapping attempt in Ahmedabad. Two individuals were accused of abducting Adani approximately twenty years before a 2018 court ruling; however, the accused were acquitted by the court due to insufficient evidence.<ref>{{cite news |title=Two accused of abducting Gautam Adani 20 years ago acquitted |url=https://indianexpress.com/article/cities/ahmedabad/two-accused-of-abducting-gautam-adani-20-years-ago-acquitted-5473592/ |work=The Indian Express |access-date=2026-02-24}}</ref> Adani was also reported to have been present at the Taj Mahal Palace Hotel in Mumbai during the November 2008 terrorist attacks and survived the ordeal.<ref>{{cite news |title=Throwback: When India's fifth richest man survived a kidnapping and terrorist attack |url=https://www.timesnownews.com/business-economy/companies/article/throwback-when-indias-fifth-richest-man-survived-a-kidnapping-and-terrorist-attack/606122 |work=Times Now |access-date=2026-02-24}}</ref>
 
His brother Vinod Adani has also been involved in the Adani Group's business activities and has featured prominently in various reports about the conglomerate's corporate structure and overseas operations.
 
== Education ==
 
Adani attended Sheth Chimanlal Nagindas Vidyalaya, a school in Ahmedabad. He dropped out in 1978 without completing his secondary education and did not pursue a college degree. Instead, he moved directly into commercial work, first in Mumbai's diamond industry and later in commodity trading in Ahmedabad.<ref name="mapsofindiaprofile" /><ref name="adaniofficial" />


== Career ==
== Career ==


=== Founding of the Adani Group ===
=== Early Trading and Founding of Adani Group ===
 
After returning to Ahmedabad in 1981 to manage his brother's plastics unit, Adani gained experience in the import of PVC and other commodities. This period of commodity trading laid the groundwork for his entrepreneurial ambitions. In 1988, Adani formally established the Adani Group, initially focused on commodity trading and later expanding into a diversified conglomerate.<ref name="mapsofindiaprofile" /><ref name="adaniofficial" />
 
The Adani Group's early growth was driven by its involvement in agricultural commodities and the import-export trade. Adani leveraged India's economic liberalisation in the early 1990s, which opened up new opportunities for private-sector companies to participate in industries that had previously been dominated by state enterprises.
 
=== Expansion into Ports and Infrastructure ===


Adani established the Adani Group in 1988, building on his experience in commodity trading and PVC imports. The company initially focused on trading in agricultural and energy commodities before diversifying into infrastructure development. The group's headquarters were established in Ahmedabad, Gujarat.<ref name="adani-official" />
A defining chapter in the Adani Group's growth was its entry into port development and management. The group developed the Mundra Port in Gujarat into one of the largest commercial ports in India. Mundra Port became a critical hub for India's trade, handling coal, crude oil, containers, and other cargo. The port's success established the Adani Group as a major infrastructure player and provided a steady revenue stream that funded further expansion.<ref>{{cite web |title=One Vision, One Team |url=https://www.adani.com/About-us/One-Vision-One-team |publisher=Adani Group |access-date=2026-02-24}}</ref>


A pivotal early step in the growth of the Adani Group was securing the contract to develop and operate [[Mundra Port]] in the western Indian state of Gujarat. Mundra Port grew to become India's largest private-sector port and a cornerstone of the group's logistics and trading operations. The port's strategic location on the western coast of India, along key international shipping routes, helped position the Adani Group as a major player in India's trade infrastructure.<ref>{{cite web |title=About Us – One Vision, One Team |url=https://www.adani.com/About-us/One-Vision-One-team |publisher=Adani Group |access-date=2026-02-24}}</ref>
Through Adani Ports and Special Economic Zone (APSEZ), the group expanded its port operations to multiple locations across India, becoming the country's largest private port operator. The company's logistics capabilities extended beyond port operations to include warehousing, inland transport, and shipping services.


=== Expansion into Energy and Infrastructure ===
=== Energy Sector ===


Over the decades following its founding, the Adani Group expanded into numerous sectors, including power generation, coal mining, renewable energy, gas distribution, airports, cement, and media. The conglomerate grew to operate across multiple publicly listed companies, including Adani Enterprises, Adani Ports and Special Economic Zone, Adani Power, Adani Green Energy, Adani Total Gas, Adani Transmission (later Adani Energy Solutions), and Adani Wilmar, among others.<ref name="bbc">{{cite news |title=Gautam Adani: The school dropout now Asia's richest man |url=https://www.bbc.com/news/business-62655446 |work=BBC News |access-date=2026-02-24}}</ref>
The Adani Group expanded significantly into the energy sector, encompassing both fossil fuels and renewable energy. Adani Power became one of the largest private thermal power producers in India, operating coal-fired power plants across multiple states. The group also invested in coal mining operations, both domestically and internationally, including the controversial Carmichael coal mine project in Queensland, Australia.


Adani Power, the group's thermal power generation arm, operates power plants across India. In 2026, Bangladesh's government announced plans to renegotiate its power purchase agreement with Adani Power Ltd. in order to seek lower electricity prices, reflecting the international scope of the company's energy operations.<ref>{{cite news |date=2026-02-23 |title=Bangladesh's New Government Plans to Revise Adani Power Deal |url=https://www.bloomberg.com/news/articles/2026-02-23/bangladesh-s-new-government-plans-to-revise-adani-power-deal |work=Bloomberg News |access-date=2026-02-24}}</ref>
In the renewable energy space, Adani Green Energy emerged as one of the world's largest solar energy companies. The group committed to building a substantial portfolio of solar and wind energy installations, aligning with India's broader goals for expanding renewable energy capacity.<ref>{{cite news |date=2022-09-22 |title=Adani's Fortune Trumping Bezos Deserves Greater Recognition |url=https://www.bloomberg.com/opinion/articles/2022-09-22/adani-s-fortune-trumping-bezos-deserves-greater-recognition |work=Bloomberg |access-date=2026-02-24}}</ref>


Adani's ambitions in the energy sector have included significant investments in thermal coal and, more recently, large-scale renewable energy projects. In September 2022, [[Bloomberg News]] noted the rapid growth of Adani's wealth, observing that his fortune had at various points surpassed that of [[Jeff Bezos]].<ref>{{cite news |title=Adani's fortune trumping Bezos deserves greater recognition |url=https://www.bloomberg.com/opinion/articles/2022-09-22/adani-s-fortune-trumping-bezos-deserves-greater-recognition |work=Bloomberg Opinion |date=2022-09-22 |access-date=2026-02-24}}</ref> The [[BBC]] described Adani as a "school dropout" who had become Asia's richest person, highlighting his trajectory from diamond sorting to heading a conglomerate with operations in ports, airports, energy, and logistics.<ref name="bbc" />
As of February 2026, the Adani Group's energy ambitions continued to evolve. In Bangladesh, the government announced plans to renegotiate its power purchase agreement with Adani Power Ltd., seeking lower electricity prices under the terms of the deal.<ref>{{cite news |date=2026-02-23 |title=Bangladesh's New Government Plans to Revise Adani Power Deal |url=https://www.bloomberg.com/news/articles/2026-02-23/bangladesh-s-new-government-plans-to-revise-adani-power-deal |work=Bloomberg |access-date=2026-02-24}}</ref> In India, Adani personally reviewed power projects worth over ₹40,000 crore (approximately US$4.7 billion) in Jharkhand and Bihar in February 2026.<ref>{{cite news |date=2026-02-22 |title=Gautam Adani Reviews Projects Worth Over Rs 40,000 Crore In Jharkhand, Bihar |url=https://www.ndtv.com/india-news/gautam-adani-reviews-projects-worth-over-rs-40-000-crore-in-jharkhand-bihar-11121320 |work=NDTV |access-date=2026-02-24}}</ref>


In February 2026, Adani reviewed major power sector projects in [[Jharkhand]] and [[Bihar]] valued at over ₹40,000 crore (approximately $4.7 billion), underscoring continued investment in India's domestic energy infrastructure.<ref>{{cite news |date=2026-02-22 |title=Gautam Adani Reviews Projects Worth Over Rs 40,000 Crore In Jharkhand, Bihar |url=https://www.ndtv.com/india-news/gautam-adani-reviews-projects-worth-over-rs-40-000-crore-in-jharkhand-bihar-11121320 |work=NDTV |access-date=2026-02-24}}</ref>
=== Technology and AI Infrastructure ===


=== AI and Data Centre Strategy ===
In February 2026, the Adani Group announced plans to invest $100 billion to develop renewable-energy-powered, hyperscale AI-ready data centres across India by 2035. The initiative represented a significant strategic pivot into the technology infrastructure sector, aiming to position India as a global hub for artificial intelligence computing capacity powered by clean energy.<ref>{{cite web |date=2026-02-23 |title=Adani Group unveils $100 billion AI energy plan |url=https://www.porttechnology.org/adani-group-unveils-100-billion-ai-energy-plan/ |publisher=Port Technology |access-date=2026-02-24}}</ref><ref>{{cite news |date=2026-02-17 |title=Billionaire Gautam Adani Earmarks $100 Billion To Develop AI Data Centers Across India |url=https://www.forbes.com/sites/yessarrosendar/2026/02/17/billionaire-gautam-adani-earmarks-100-billion-to-develop-ai-data-centers-across-india/ |work=Forbes |access-date=2026-02-24}}</ref>


In February 2026, the Adani Group announced a plan to invest $100 billion by 2035 to develop renewable-energy-powered, hyperscale AI-ready data centres across India. The initiative represents a major strategic pivot toward digital infrastructure and artificial intelligence, areas the group identified as central to India's future economic growth.<ref>{{cite news |date=2026-02-17 |title=Billionaire Gautam Adani Earmarks $100 Billion To Develop AI Data Centers Across India |url=https://www.forbes.com/sites/yessarrosendar/2026/02/17/billionaire-gautam-adani-earmarks-100-billion-to-develop-ai-data-centers-across-india/ |work=Forbes |access-date=2026-02-24}}</ref> The plan was described as combining the group's existing strengths in energy generation and infrastructure with the growing global demand for data centre capacity driven by artificial intelligence workloads.<ref>{{cite web |title=Adani Group unveils $100 billion AI energy plan |url=https://www.porttechnology.org/adani-group-unveils-100-billion-ai-energy-plan/ |publisher=Port Technology |date=2026-02-23 |access-date=2026-02-24}}</ref>
=== Wealth and Rankings ===


=== Hindenburg Research Report and Aftermath ===
Adani's personal wealth grew substantially in the early 2020s, attracting significant media and investor attention worldwide. The BBC reported on his rapid rise in global wealth rankings, noting the scale and speed of his fortune's growth.<ref>{{cite news |title=Gautam Adani: India's richest man and his remarkable rise |url=https://www.bbc.com/news/business-62655446 |work=BBC News |access-date=2026-02-24}}</ref> Bloomberg Opinion noted that Adani's fortune surpassing that of Jeff Bezos at certain points in 2022 "deserves greater recognition" as a milestone for an Indian business figure on the global stage.<ref>{{cite news |date=2022-09-22 |title=Adani's Fortune Trumping Bezos Deserves Greater Recognition |url=https://www.bloomberg.com/opinion/articles/2022-09-22/adani-s-fortune-trumping-bezos-deserves-greater-recognition |work=Bloomberg |access-date=2026-02-24}}</ref>


On 24 January 2023, the American short-selling firm [[Hindenburg Research]], led by Nate Anderson, published a report accusing the Adani Group of "brazen stock manipulation and accounting fraud" over a period of decades. The report alleged that the group had used a network of shell entities, many based in tax havens and controlled by Adani's brother Vinod Adani, to facilitate transactions that artificially inflated the stock prices of Adani Group companies. Hindenburg Research held short positions in Adani Group stocks at the time of the report's release.<ref>{{cite news |date=2023-01-26 |title=Short seller Hindenburg targets billionaire Gautam Adani |url=https://www.bloomberg.com/news/articles/2023-01-26/short-seller-nate-anderson-s-hiindenburg-is-targeting-billionaire-gautam-adani |work=Bloomberg News |access-date=2026-02-24}}</ref>
== Controversies and Legal Proceedings ==


The Adani Group responded on 29 January 2023 with a 413-page document rejecting the allegations, describing the Hindenburg report as "a malicious combination of selective misinformation and stale, baseless and discredited allegations" intended to "create a false market in securities to enable Hindenburg, an admitted short-seller, to book massive financial gain."<ref>{{cite web |title=Adani Response to Hindenburg – January 29, 2023 |url=https://www.adani.com/-/media/Project/Adani/Invetsors/Adani-Response-to-Hindenburg-January-29-2023.pdf?la=en |publisher=Adani Group |date=2023-01-29 |access-date=2026-02-24}}</ref><ref>{{cite news |date=2023-01-29 |title=India's Adani Group says Hindenburg report intended to 'create false market' |url=https://www.reuters.com/business/indias-adani-group-hindenburg-report-intended-create-false-market-2023-01-29/ |work=Reuters |access-date=2026-02-24}}</ref> The group also indicated it was evaluating legal action against Hindenburg Research.<ref>{{cite news |date=2023-01-26 |title=India's Adani Group says evaluating taking action against Hindenburg Research |url=https://www.reuters.com/business/indias-adani-group-says-evaluating-taking-action-against-hindenburg-research-2023-01-26/ |work=Reuters |access-date=2026-02-24}}</ref>
=== Hindenburg Research Report ===


Hindenburg Research responded by challenging the Adani Group to pursue litigation in the United States, where American discovery rules would apply.<ref>{{cite news |date=2023-01-27 |title=Hindenburg Research dares Adani Group to sue |url=https://www.theguardian.com/business/2023/jan/27/hindenburg-research-dares-adani-group-to-sue |work=The Guardian |access-date=2026-02-24}}</ref> Reuters reported that Hindenburg Research had rarely been sued in the United States, and legal experts noted the difficulty of pursuing such cases against short sellers under American law.<ref>{{cite news |date=2023-01-31 |title=Adani Group threatens Hindenburg Research, rarely sued in US |url=https://www.reuters.com/legal/government/adani-group-threatens-hindenburg-research-rarely-sued-us-2023-01-31/ |work=Reuters |access-date=2026-02-24}}</ref>
On 24 January 2023, the American short-selling firm Hindenburg Research published a report accusing the Adani Group of stock manipulation and accounting fraud over the course of decades. The report alleged that the group had engaged in a "brazen stock manipulation and accounting fraud scheme" and raised questions about the use of offshore shell companies, related-party transactions, and the group's high debt levels.<ref>{{cite news |date=2023-01-26 |title=Short seller Nate Anderson's Hindenburg is targeting billionaire Gautam Adani |url=https://www.bloomberg.com/news/articles/2023-01-26/short-seller-nate-anderson-s-hiindenburg-is-targeting-billionaire-gautam-adani |work=Bloomberg |access-date=2026-02-24}}</ref><ref>{{cite news |date=2023-01-27 |title=A short-seller rattles Gautam Adani's empire |url=https://www.economist.com/business/2023/01/27/a-short-seller-rattles-gautam-adanis-empire |work=The Economist |access-date=2026-02-24}}</ref>


''[[The Economist]]'' reported on the affair in January 2023, noting the impact the short-seller's report had on the Adani empire and the broader questions it raised about corporate governance in Indian conglomerates.<ref>{{cite news |date=2023-01-27 |title=A short seller rattles Gautam Adani's empire |url=https://www.economist.com/business/2023/01/27/a-short-seller-rattles-gautam-adanis-empire |work=The Economist |access-date=2026-02-24}}</ref> ''[[The Wall Street Journal]]'' also covered the dispute extensively.<ref>{{cite news |title=Adani vs. Hindenburg: The Story So Far |url=https://www.wsj.com/livecoverage/federal-reserve-meeting-interest-rate-hike-february-2023/card/adani-vs-hindenburg-the-story-so-far-KDYDHRgNPMSecbrevsU4 |work=The Wall Street Journal |access-date=2026-02-24}}</ref>
The Adani Group responded forcefully, calling the Hindenburg report a "malicious combination of selective misinformation."<ref>{{cite news |date=2023-01-25 |title=Adani Group calls Hindenburg report 'malicious combination of selective misinformation' |url=https://www.livemint.com/news/india/adani-group-calls-hindenburg-report-malicious-combination-of-selective-misinformation-11674633964009.html |work=Livemint |access-date=2026-02-24}}</ref> The group published a detailed 413-page rebuttal, which it described as a comprehensive response to each allegation raised in the report.<ref>{{cite web |title=Adani Response to Hindenburg |url=https://www.adani.com/-/media/Project/Adani/Invetsors/Adani-Response-to-Hindenburg-January-29-2023.pdf?la=en |publisher=Adani Group |date=2023-01-29 |access-date=2026-02-24}}</ref> The group also said it was "evaluating taking action" against Hindenburg Research.<ref>{{cite news |date=2023-01-26 |title=India's Adani Group says evaluating taking action against Hindenburg Research |url=https://www.reuters.com/business/indias-adani-group-says-evaluating-taking-action-against-hindenburg-research-2023-01-26/ |work=Reuters |access-date=2026-02-24}}</ref> Reuters reported that Adani Group threatened legal action against Hindenburg Research, a firm that had rarely been sued in the United States.<ref>{{cite news |date=2023-01-31 |title=Adani Group threatens Hindenburg Research, rarely sued in US |url=https://www.reuters.com/legal/government/adani-group-threatens-hindenburg-research-rarely-sued-us-2023-01-31/ |work=Reuters |access-date=2026-02-24}}</ref>


The Hindenburg report triggered a massive sell-off in Adani Group stocks, with tens of billions of dollars in market capitalisation lost across the group's listed companies in the weeks that followed. The Adani Group called the report's claims "discredited" and the sell-off a result of market manipulation by the short seller.<ref>{{cite news |date=2023-01-25 |title=Adani Group calls Hindenburg report malicious combination of selective misinformation |url=https://www.livemint.com/news/india/adani-group-calls-hindenburg-report-malicious-combination-of-selective-misinformation-11674633964009.html |work=Mint |access-date=2026-02-24}}</ref>
Hindenburg Research responded by daring the Adani Group to follow through on its legal threats.<ref>{{cite news |date=2023-01-27 |title=Hindenburg Research dares Adani Group to sue |url=https://www.theguardian.com/business/2023/jan/27/hindenburg-research-dares-adani-group-to-sue |work=The Guardian |access-date=2026-02-24}}</ref> The ''Wall Street Journal'' provided ongoing coverage of the unfolding dispute between the two parties.<ref>{{cite news |title=Adani vs. Hindenburg: The Story So Far |url=https://www.wsj.com/livecoverage/federal-reserve-meeting-interest-rate-hike-february-2023/card/adani-vs-hindenburg-the-story-so-far-KDYDHRgNPMSecbrevsU4 |work=The Wall Street Journal |access-date=2026-02-24}}</ref> The Adani Group further described the Hindenburg report as intended to "create a false market."<ref>{{cite news |date=2023-01-29 |title=India's Adani Group: Hindenburg report intended to create false market |url=https://www.reuters.com/business/indias-adani-group-hindenburg-report-intended-create-false-market-2023-01-29/ |work=Reuters |access-date=2026-02-24}}</ref>


In January 2024, the [[Supreme Court of India]] resolved the stock dispute arising from the Hindenburg allegations, dismissing petitions calling for a Special Investigation Team (SIT) or [[Central Bureau of Investigation]] (CBI) probe into the matter.
The fallout from the report was significant. Adani Group stocks experienced sharp declines, wiping billions of dollars off the conglomerate's market capitalisation. In January 2024, the Supreme Court of India resolved the stocks dispute arising from the Hindenburg allegations, dismissing requests for a Special Investigation Team (SIT) or Central Bureau of Investigation (CBI) probe into the matter.


=== U.S. Criminal Indictment and SEC Civil Lawsuit ===
=== Earlier Legal Matters ===


On 20 November 2024, the U.S. Attorney's Office for the [[Eastern District of New York]] in Brooklyn unsealed a five-count criminal indictment charging Gautam Adani and other Adani Group executives with bribery. According to the indictment, Adani is alleged to have paid over $250 million in bribes to Indian government officials in order to secure solar energy contracts in the states of [[Andhra Pradesh]], [[Chhattisgarh]], [[Odisha]], [[Jammu and Kashmir]], and [[Tamil Nadu]].
Prior to the Hindenburg episode, Adani and members of his family had faced other legal proceedings. An Ahmedabad court withdrew non-bailable warrants that had been issued against Adani.<ref>{{cite news |title=Court withdraws NBWs against Adani |url=https://timesofindia.indiatimes.com/city/ahmedabad/court-withdraws-nbws-against-adani/articleshow/31099790.cms |work=The Times of India |access-date=2026-02-24}}</ref> In a separate case, a Maharashtra court discharged the Adani brothers in a cheating case.<ref>{{cite news |title=Adani brothers discharged in cheating case by Maharashtra court |url=https://economictimes.indiatimes.com/news/politics-and-nation/adani-brothers-discharged-in-cheating-case-by-maharashtra-court/articleshow/37009583.cms |work=The Economic Times |access-date=2026-02-24}}</ref> However, in a share-rigging case, a court overturned a clean chit that had previously been given to the Adanis.<ref>{{cite news |title=Court overturns clean chit to Adanis in share rigging case |url=https://indianexpress.com/article/business/companies/court-overturns-clean-chit-to-adanis-in-share-rigging-case-6209072/ |work=The Indian Express |access-date=2026-02-24}}</ref>


In parallel, the U.S. Securities and Exchange Commission filed a civil fraud lawsuit against Adani. In January 2026, the SEC case cleared a procedural hurdle related to the service of process, allowing the case to advance.<ref>{{cite news |date=2026-01-30 |title=US SEC fraud case against Gautam Adani can proceed after procedural matter resolved |url=https://www.reuters.com/legal/government/us-sec-fraud-case-against-gautam-adani-can-proceed-after-procedural-matter-2026-01-30/ |work=Reuters |access-date=2026-02-24}}</ref> Bloomberg News reported that Adani hired a prominent Wall Street lawyer in connection with the case, which observers interpreted as a sign that the SEC proceedings would move forward substantively.<ref>{{cite news |date=2026-01-30 |title=Adani Hires Top Wall Street Lawyer in Sign SEC Case Will Advance |url=https://www.bloomberg.com/news/articles/2026-01-30/adani-hires-top-wall-street-lawyer-in-sign-sec-case-will-advance |work=Bloomberg News |access-date=2026-02-24}}</ref> The American Bazaar reported that the SEC had moved ahead with the civil fraud case while parallel criminal proceedings remained ongoing.<ref>{{cite news |date=2026-01-31 |title=SEC moves ahead with civil fraud case against Gautam Adani |url=https://americanbazaaronline.com/2026/01/31/sec-moves-ahead-with-civil-fraud-case-against-gautam-adani-474308/ |work=The American Bazaar |access-date=2026-02-24}}</ref>
=== U.S. Criminal Indictment and SEC Civil Case ===


=== Earlier Legal Issues ===
On 20 November 2024, the U.S. Attorney's Office for the Eastern District of New York issued a five-count criminal indictment charging Gautam Adani and other Adani Group executives with bribery. The indictment alleged that Adani paid over $250 million in bribes to Indian government officials to secure energy contracts in the states of Andhra Pradesh, Chhattisgarh, Odisha, Jammu and Kashmir, and Tamil Nadu. Adani has denied the allegations.


Prior to the Hindenburg controversy and the U.S. indictment, Adani and his associates had been involved in other legal matters in India. A court in Maharashtra discharged the Adani brothers in a cheating case in 2014.<ref>{{cite news |title=Adani brothers discharged in cheating case by Maharashtra court |url=https://economictimes.indiatimes.com/news/politics-and-nation/adani-brothers-discharged-in-cheating-case-by-maharashtra-court/articleshow/37009583.cms |work=The Economic Times |access-date=2026-02-24}}</ref> In a separate matter, a court in Ahmedabad withdrew non-bailable warrants that had been issued against Adani.<ref>{{cite news |title=Court withdraws NBWs against Adani |url=https://timesofindia.indiatimes.com/city/ahmedabad/court-withdraws-nbws-against-adani/articleshow/31099790.cms |work=The Times of India |access-date=2026-02-24}}</ref> In 2019, a court overturned a clean chit that had been given to the Adanis in a share-rigging case.<ref>{{cite news |title=Court overturns clean chit to Adanis in share rigging case |url=https://indianexpress.com/article/business/companies/court-overturns-clean-chit-to-adanis-in-share-rigging-case-6209072/ |work=The Indian Express |access-date=2026-02-24}}</ref>
In parallel with the criminal case, the U.S. Securities and Exchange Commission (SEC) pursued a civil fraud lawsuit against Adani. In January 2026, the SEC case cleared a procedural hurdle related to serving Adani with the lawsuit, allowing the case to proceed.<ref>{{cite news |date=2026-01-30 |title=US SEC fraud case against Gautam Adani can proceed after procedural matter resolved |url=https://www.reuters.com/legal/government/us-sec-fraud-case-against-gautam-adani-can-proceed-after-procedural-matter-2026-01-30/ |work=Reuters |access-date=2026-02-24}}</ref> Bloomberg reported that Adani hired a prominent Wall Street lawyer in connection with the case, which was interpreted as a sign that the SEC proceedings would advance significantly.<ref>{{cite news |date=2026-01-30 |title=Adani Hires Top Wall Street Lawyer in Sign SEC Case Will Advance |url=https://www.bloomberg.com/news/articles/2026-01-30/adani-hires-top-wall-street-lawyer-in-sign-sec-case-will-advance |work=Bloomberg |access-date=2026-02-24}}</ref> The ''American Bazaar'' reported on the SEC's progress in moving forward with the civil fraud case, noting that parallel criminal proceedings remained active.<ref>{{cite news |date=2026-01-31 |title=SEC moves ahead with civil fraud case against Gautam Adani |url=https://americanbazaaronline.com/2026/01/31/sec-moves-ahead-with-civil-fraud-case-against-gautam-adani-474308/ |work=The American Bazaar |access-date=2026-02-24}}</ref>


== Political Associations ==
=== Political Connections and Allegations of Cronyism ===


Adani has been described in Indian and international media as having a close relationship with India's Prime Minister [[Narendra Modi]] and the ruling [[Bharatiya Janata Party]] (BJP). This perceived proximity has led to recurring allegations of [[cronyism]], with critics questioning whether the Adani Group has benefited from favourable government policies and contracts. Both Adani and the Indian government have denied these allegations. The relationship between Adani and Modi dates back to Modi's tenure as Chief Minister of Gujarat, during which the Adani Group expanded significantly in the state, particularly through the development of Mundra Port and associated special economic zones.<ref name="bbc" />
Adani has been described in media reports as having a close relationship with India's Prime Minister Narendra Modi and the ruling Bharatiya Janata Party (BJP) government. Both Adani and Modi hail from Gujarat, and Adani's business expansion accelerated notably during the period of Modi's political ascent, first as Chief Minister of Gujarat and subsequently as Prime Minister of India. These connections have led to allegations of cronyism from political opponents and media commentators. Adani and the Adani Group have denied that the conglomerate has received any undue favours from the government.<ref>{{cite news |title=Gautam Adani: India's richest man and his remarkable rise |url=https://www.bbc.com/news/business-62655446 |work=BBC News |access-date=2026-02-24}}</ref>


== Personal Life ==
== Personal Life ==


Gautam Adani has two children.<ref name="adani-official" /> He resides in Ahmedabad, Gujarat. His brother, Vinod Adani, has been involved in various business activities associated with the Adani Group and was named prominently in the Hindenburg Research report in connection with alleged offshore entities.<ref>{{cite web |title=Adani Response to Hindenburg – January 29, 2023 |url=https://www.adani.com/-/media/Project/Adani/Invetsors/Adani-Response-to-Hindenburg-January-29-2023.pdf?la=en |publisher=Adani Group |date=2023-01-29 |access-date=2026-02-24}}</ref>
Gautam Adani is based in Ahmedabad, Gujarat, where the Adani Group is headquartered. He has two children.<ref name="adaniofficial" /> His elder brother, Vinod Adani, has been involved in the Adani Group's business activities and has been referenced in various reports concerning the conglomerate's corporate structure and international operations.


Adani survived a kidnapping attempt in Ahmedabad in 1998 and was also reported to have been present at the Taj Mahal Palace Hotel during the [[2008 Mumbai attacks]].<ref>{{cite news |title=Throwback: When India's fifth richest man survived a kidnapping and terrorist attack |url=https://www.timesnownews.com/business-economy/companies/article/throwback-when-indias-fifth-richest-man-survived-a-kidnapping-and-terrorist-attack/606122 |work=Times Now |access-date=2026-02-24}}</ref>
Adani's personal security became a subject of public attention following the reported kidnapping attempt in Ahmedabad and his presence at the Taj Mahal Palace Hotel during the 2008 Mumbai terrorist attacks.<ref>{{cite news |title=Throwback: When India's fifth richest man survived a kidnapping and terrorist attack |url=https://www.timesnownews.com/business-economy/companies/article/throwback-when-indias-fifth-richest-man-survived-a-kidnapping-and-terrorist-attack/606122 |work=Times Now |access-date=2026-02-24}}</ref>


== Recognition ==
== Recognition ==


In 2022, ''[[Time (magazine)|Time]]'' magazine included Gautam Adani in its annual list of the 100 most influential people in the world, recognising his influence on India's infrastructure and energy sectors.<ref name="adani-official" />
In 2022, ''Time'' magazine included Gautam Adani in its annual list of the 100 most influential people in the world, recognising his influence on the global business landscape and India's infrastructure development.<ref>{{cite news |title=Gautam Adani: India's richest man and his remarkable rise |url=https://www.bbc.com/news/business-62655446 |work=BBC News |access-date=2026-02-24}}</ref>


At various points in 2022 and 2023, Adani was ranked among the wealthiest people in the world by both ''[[Forbes]]'' and the [[Bloomberg Billionaires Index]]. In September 2022, Bloomberg noted that Adani's fortune had surpassed that of Jeff Bezos, making him briefly the second-wealthiest person in the world.<ref>{{cite news |title=Adani's fortune trumping Bezos deserves greater recognition |url=https://www.bloomberg.com/opinion/articles/2022-09-22/adani-s-fortune-trumping-bezos-deserves-greater-recognition |work=Bloomberg Opinion |date=2022-09-22 |access-date=2026-02-24}}</ref> The BBC profiled Adani as a school dropout who rose to become Asia's richest person, a trajectory it described as reflecting broader trends in Indian economic growth and the expansion of the country's private sector.<ref name="bbc" />
Adani's rise in global wealth rankings attracted sustained international media coverage. At various points in 2022, he was ranked among the top three richest people in the world, surpassing figures such as Jeff Bezos and Bill Gates in certain lists. Bloomberg and Forbes both tracked his wealth trajectory as his companies' stock prices surged.<ref>{{cite news |date=2022-09-22 |title=Adani's Fortune Trumping Bezos Deserves Greater Recognition |url=https://www.bloomberg.com/opinion/articles/2022-09-22/adani-s-fortune-trumping-bezos-deserves-greater-recognition |work=Bloomberg |access-date=2026-02-24}}</ref>


Following the Hindenburg report in January 2023, Adani's ranking on global wealth lists declined significantly as Adani Group stocks lost substantial market value. His wealth subsequently recovered partially as group stock prices stabilised and in some cases rebounded over the following years.
The BBC profiled Adani in a feature titled "India's richest man and his remarkable rise," examining his path from a college dropout in Ahmedabad to the helm of one of India's largest conglomerates.<ref>{{cite news |title=Gautam Adani: India's richest man and his remarkable rise |url=https://www.bbc.com/news/business-62655446 |work=BBC News |access-date=2026-02-24}}</ref>


== Legacy ==
== Legacy ==


Gautam Adani's career spans more than four decades of Indian economic history, from the country's pre-liberalisation era through the period of rapid growth that followed the economic reforms of 1991. The Adani Group's expansion from a small commodity trading firm into a conglomerate with interests in ports, energy, airports, cement, media, and digital infrastructure mirrors broader shifts in the Indian economy toward private-sector-led infrastructure development.
Gautam Adani's career represents a significant chapter in the history of Indian private enterprise in the post-liberalisation era. Beginning with commodity trading in the late 1980s, the Adani Group grew into a conglomerate with interests spanning ports, energy, logistics, mining, airports, cement, media, and technology infrastructure. The group's development of Mundra Port transformed it into one of India's most important commercial gateways, and Adani's investments in both thermal and renewable energy have made the conglomerate a central player in India's energy landscape.


The Mundra Port development, which transformed a stretch of Gujarat's coastline into India's largest private port, is frequently cited as one of the most significant private infrastructure projects in modern Indian history. The group's expansion into renewable energy, and more recently into AI-ready data centre infrastructure with a $100 billion investment plan announced in 2026, reflects ongoing efforts to position the conglomerate at the centre of India's energy transition and digital economy ambitions.<ref>{{cite news |date=2026-02-17 |title=Billionaire Gautam Adani Earmarks $100 Billion To Develop AI Data Centers Across India |url=https://www.forbes.com/sites/yessarrosendar/2026/02/17/billionaire-gautam-adani-earmarks-100-billion-to-develop-ai-data-centers-across-india/ |work=Forbes |access-date=2026-02-24}}</ref>
Adani's business trajectory has also been a subject of debate. Supporters point to the scale of infrastructure development, job creation, and India's strategic positioning that the Adani Group's investments have enabled. Critics have raised questions about the group's rapid growth in proximity to political power, the environmental impact of its coal operations, and the corporate governance issues raised by the Hindenburg Research report and subsequent legal proceedings in the United States.


At the same time, the controversies surrounding Adani — including the Hindenburg Research allegations, the U.S. criminal indictment on bribery charges, the SEC civil fraud case, and persistent questions about the group's relationship with the Indian government — have made him one of the most debated figures in global business. The outcome of the ongoing legal proceedings in the United States is expected to have significant implications both for Adani personally and for the broader perception of Indian corporate governance on the international stage.<ref>{{cite news |date=2026-01-30 |title=US SEC fraud case against Gautam Adani can proceed after procedural matter resolved |url=https://www.reuters.com/legal/government/us-sec-fraud-case-against-gautam-adani-can-proceed-after-procedural-matter-2026-01-30/ |work=Reuters |access-date=2026-02-24}}</ref>
The Adani Group's announcement of a $100 billion investment plan for AI-ready data centres by 2035 signaled a new phase for the conglomerate, positioning it at the intersection of renewable energy and digital infrastructure.<ref>{{cite news |date=2026-02-17 |title=Billionaire Gautam Adani Earmarks $100 Billion To Develop AI Data Centers Across India |url=https://www.forbes.com/sites/yessarrosendar/2026/02/17/billionaire-gautam-adani-earmarks-100-billion-to-develop-ai-data-centers-across-india/ |work=Forbes |access-date=2026-02-24}}</ref> The outcome of the ongoing U.S. criminal and civil proceedings will likely shape assessments of Adani's legacy in the years ahead.


== References ==
== References ==
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Latest revision as of 05:42, 24 February 2026


Gautam Adani
Adani in 2012
Gautam Adani
BornGautam Shantilal Adani
24 6, 1962
BirthplaceAhmedabad, Gujarat, India
NationalityIndian
OccupationBusinessman
TitleChairman, Adani Group
Known forFounder and chairman of Adani Group
EducationSheth Chimanlal Nagindas Vidyalaya (dropped out)
Children2

Gautam Shantilal Adani (born 24 June 1962) is an Indian billionaire businessman and the founder and chairman of the Adani Group, a multinational conglomerate with operations spanning port management, energy, logistics, agribusiness, real estate, and infrastructure. From modest beginnings as a diamond sorter in Mumbai, Adani built one of India's largest business empires, with the Adani Group becoming a dominant force in India's port operations and energy sectors. His rapid ascent in global wealth rankings drew international attention in the early 2020s; in 2022, Time magazine named him one of the 100 most influential people in the world.[1] Adani's business career has also been marked by controversy, including allegations of stock manipulation raised by the American short-selling firm Hindenburg Research in January 2023, and a criminal indictment issued by the U.S. Attorney's Office in Brooklyn, New York, in November 2024, charging him and other executives with bribery. He has denied wrongdoing in both matters.[2] As of February 2026, the Adani Group has announced plans to invest $100 billion in renewable-energy-powered, hyperscale AI-ready data centres across India by 2035, signaling a major expansion into technology infrastructure.[3]

Early Life

Gautam Shantilal Adani was born on 24 June 1962 in Ahmedabad, Gujarat, India.[4] He attended Sheth Chimanlal Nagindas Vidyalaya in Ahmedabad but did not complete his formal education. In 1978, at the age of sixteen, Adani left school and moved to Mumbai, where he found employment as a diamond sorter with Mahendra Brothers.[4][5]

Adani's time in the diamond trade was formative but brief. In 1981, he returned to Ahmedabad to manage a plastics unit owned by his elder brother. This role introduced him to the world of global commodity trading, particularly in polyvinyl chloride (PVC) imports. The experience he gained in managing supply chains and navigating international trade would prove instrumental in his later business ventures.[4]

Adani is known to have survived personal dangers during his rise. In the late 1990s, he was the victim of a kidnapping attempt in Ahmedabad. Two individuals were accused of abducting Adani approximately twenty years before a 2018 court ruling; however, the accused were acquitted by the court due to insufficient evidence.[6] Adani was also reported to have been present at the Taj Mahal Palace Hotel in Mumbai during the November 2008 terrorist attacks and survived the ordeal.[7]

His brother Vinod Adani has also been involved in the Adani Group's business activities and has featured prominently in various reports about the conglomerate's corporate structure and overseas operations.

Education

Adani attended Sheth Chimanlal Nagindas Vidyalaya, a school in Ahmedabad. He dropped out in 1978 without completing his secondary education and did not pursue a college degree. Instead, he moved directly into commercial work, first in Mumbai's diamond industry and later in commodity trading in Ahmedabad.[4][5]

Career

Early Trading and Founding of Adani Group

After returning to Ahmedabad in 1981 to manage his brother's plastics unit, Adani gained experience in the import of PVC and other commodities. This period of commodity trading laid the groundwork for his entrepreneurial ambitions. In 1988, Adani formally established the Adani Group, initially focused on commodity trading and later expanding into a diversified conglomerate.[4][5]

The Adani Group's early growth was driven by its involvement in agricultural commodities and the import-export trade. Adani leveraged India's economic liberalisation in the early 1990s, which opened up new opportunities for private-sector companies to participate in industries that had previously been dominated by state enterprises.

Expansion into Ports and Infrastructure

A defining chapter in the Adani Group's growth was its entry into port development and management. The group developed the Mundra Port in Gujarat into one of the largest commercial ports in India. Mundra Port became a critical hub for India's trade, handling coal, crude oil, containers, and other cargo. The port's success established the Adani Group as a major infrastructure player and provided a steady revenue stream that funded further expansion.[8]

Through Adani Ports and Special Economic Zone (APSEZ), the group expanded its port operations to multiple locations across India, becoming the country's largest private port operator. The company's logistics capabilities extended beyond port operations to include warehousing, inland transport, and shipping services.

Energy Sector

The Adani Group expanded significantly into the energy sector, encompassing both fossil fuels and renewable energy. Adani Power became one of the largest private thermal power producers in India, operating coal-fired power plants across multiple states. The group also invested in coal mining operations, both domestically and internationally, including the controversial Carmichael coal mine project in Queensland, Australia.

In the renewable energy space, Adani Green Energy emerged as one of the world's largest solar energy companies. The group committed to building a substantial portfolio of solar and wind energy installations, aligning with India's broader goals for expanding renewable energy capacity.[9]

As of February 2026, the Adani Group's energy ambitions continued to evolve. In Bangladesh, the government announced plans to renegotiate its power purchase agreement with Adani Power Ltd., seeking lower electricity prices under the terms of the deal.[10] In India, Adani personally reviewed power projects worth over ₹40,000 crore (approximately US$4.7 billion) in Jharkhand and Bihar in February 2026.[11]

Technology and AI Infrastructure

In February 2026, the Adani Group announced plans to invest $100 billion to develop renewable-energy-powered, hyperscale AI-ready data centres across India by 2035. The initiative represented a significant strategic pivot into the technology infrastructure sector, aiming to position India as a global hub for artificial intelligence computing capacity powered by clean energy.[12][13]

Wealth and Rankings

Adani's personal wealth grew substantially in the early 2020s, attracting significant media and investor attention worldwide. The BBC reported on his rapid rise in global wealth rankings, noting the scale and speed of his fortune's growth.[14] Bloomberg Opinion noted that Adani's fortune surpassing that of Jeff Bezos at certain points in 2022 "deserves greater recognition" as a milestone for an Indian business figure on the global stage.[15]

Controversies and Legal Proceedings

Hindenburg Research Report

On 24 January 2023, the American short-selling firm Hindenburg Research published a report accusing the Adani Group of stock manipulation and accounting fraud over the course of decades. The report alleged that the group had engaged in a "brazen stock manipulation and accounting fraud scheme" and raised questions about the use of offshore shell companies, related-party transactions, and the group's high debt levels.[16][17]

The Adani Group responded forcefully, calling the Hindenburg report a "malicious combination of selective misinformation."[18] The group published a detailed 413-page rebuttal, which it described as a comprehensive response to each allegation raised in the report.[19] The group also said it was "evaluating taking action" against Hindenburg Research.[20] Reuters reported that Adani Group threatened legal action against Hindenburg Research, a firm that had rarely been sued in the United States.[21]

Hindenburg Research responded by daring the Adani Group to follow through on its legal threats.[22] The Wall Street Journal provided ongoing coverage of the unfolding dispute between the two parties.[23] The Adani Group further described the Hindenburg report as intended to "create a false market."[24]

The fallout from the report was significant. Adani Group stocks experienced sharp declines, wiping billions of dollars off the conglomerate's market capitalisation. In January 2024, the Supreme Court of India resolved the stocks dispute arising from the Hindenburg allegations, dismissing requests for a Special Investigation Team (SIT) or Central Bureau of Investigation (CBI) probe into the matter.

Earlier Legal Matters

Prior to the Hindenburg episode, Adani and members of his family had faced other legal proceedings. An Ahmedabad court withdrew non-bailable warrants that had been issued against Adani.[25] In a separate case, a Maharashtra court discharged the Adani brothers in a cheating case.[26] However, in a share-rigging case, a court overturned a clean chit that had previously been given to the Adanis.[27]

U.S. Criminal Indictment and SEC Civil Case

On 20 November 2024, the U.S. Attorney's Office for the Eastern District of New York issued a five-count criminal indictment charging Gautam Adani and other Adani Group executives with bribery. The indictment alleged that Adani paid over $250 million in bribes to Indian government officials to secure energy contracts in the states of Andhra Pradesh, Chhattisgarh, Odisha, Jammu and Kashmir, and Tamil Nadu. Adani has denied the allegations.

In parallel with the criminal case, the U.S. Securities and Exchange Commission (SEC) pursued a civil fraud lawsuit against Adani. In January 2026, the SEC case cleared a procedural hurdle related to serving Adani with the lawsuit, allowing the case to proceed.[28] Bloomberg reported that Adani hired a prominent Wall Street lawyer in connection with the case, which was interpreted as a sign that the SEC proceedings would advance significantly.[29] The American Bazaar reported on the SEC's progress in moving forward with the civil fraud case, noting that parallel criminal proceedings remained active.[30]

Political Connections and Allegations of Cronyism

Adani has been described in media reports as having a close relationship with India's Prime Minister Narendra Modi and the ruling Bharatiya Janata Party (BJP) government. Both Adani and Modi hail from Gujarat, and Adani's business expansion accelerated notably during the period of Modi's political ascent, first as Chief Minister of Gujarat and subsequently as Prime Minister of India. These connections have led to allegations of cronyism from political opponents and media commentators. Adani and the Adani Group have denied that the conglomerate has received any undue favours from the government.[31]

Personal Life

Gautam Adani is based in Ahmedabad, Gujarat, where the Adani Group is headquartered. He has two children.[5] His elder brother, Vinod Adani, has been involved in the Adani Group's business activities and has been referenced in various reports concerning the conglomerate's corporate structure and international operations.

Adani's personal security became a subject of public attention following the reported kidnapping attempt in Ahmedabad and his presence at the Taj Mahal Palace Hotel during the 2008 Mumbai terrorist attacks.[32]

Recognition

In 2022, Time magazine included Gautam Adani in its annual list of the 100 most influential people in the world, recognising his influence on the global business landscape and India's infrastructure development.[33]

Adani's rise in global wealth rankings attracted sustained international media coverage. At various points in 2022, he was ranked among the top three richest people in the world, surpassing figures such as Jeff Bezos and Bill Gates in certain lists. Bloomberg and Forbes both tracked his wealth trajectory as his companies' stock prices surged.[34]

The BBC profiled Adani in a feature titled "India's richest man and his remarkable rise," examining his path from a college dropout in Ahmedabad to the helm of one of India's largest conglomerates.[35]

Legacy

Gautam Adani's career represents a significant chapter in the history of Indian private enterprise in the post-liberalisation era. Beginning with commodity trading in the late 1980s, the Adani Group grew into a conglomerate with interests spanning ports, energy, logistics, mining, airports, cement, media, and technology infrastructure. The group's development of Mundra Port transformed it into one of India's most important commercial gateways, and Adani's investments in both thermal and renewable energy have made the conglomerate a central player in India's energy landscape.

Adani's business trajectory has also been a subject of debate. Supporters point to the scale of infrastructure development, job creation, and India's strategic positioning that the Adani Group's investments have enabled. Critics have raised questions about the group's rapid growth in proximity to political power, the environmental impact of its coal operations, and the corporate governance issues raised by the Hindenburg Research report and subsequent legal proceedings in the United States.

The Adani Group's announcement of a $100 billion investment plan for AI-ready data centres by 2035 signaled a new phase for the conglomerate, positioning it at the intersection of renewable energy and digital infrastructure.[36] The outcome of the ongoing U.S. criminal and civil proceedings will likely shape assessments of Adani's legacy in the years ahead.

References

  1. ↑ "About Gautam Adani".Adani Group.https://www.adani.com/About-us/One-Vision-One-Team/Gautam-Adani.Retrieved 2026-02-24.
  2. ↑ "India's Adani Group says evaluating taking action against Hindenburg Research".Reuters.2023-01-26.https://www.reuters.com/business/indias-adani-group-says-evaluating-taking-action-against-hindenburg-research-2023-01-26/.Retrieved 2026-02-24.
  3. ↑ "Billionaire Gautam Adani Earmarks $100 Billion To Develop AI Data Centers Across India".Forbes.2026-02-17.https://www.forbes.com/sites/yessarrosendar/2026/02/17/billionaire-gautam-adani-earmarks-100-billion-to-develop-ai-data-centers-across-india/.Retrieved 2026-02-24.
  4. ↑ 4.0 4.1 4.2 4.3 4.4 "Gautam Adani".Maps of India.https://business.mapsofindia.com/business-leaders/gautam-adani.html.Retrieved 2026-02-24.
  5. ↑ 5.0 5.1 5.2 5.3 "About Gautam Adani".Adani Group.https://www.adani.com/About-us/One-Vision-One-Team/Gautam-Adani.Retrieved 2026-02-24.
  6. ↑ "Two accused of abducting Gautam Adani 20 years ago acquitted".The Indian Express.https://indianexpress.com/article/cities/ahmedabad/two-accused-of-abducting-gautam-adani-20-years-ago-acquitted-5473592/.Retrieved 2026-02-24.
  7. ↑ "Throwback: When India's fifth richest man survived a kidnapping and terrorist attack".Times Now.https://www.timesnownews.com/business-economy/companies/article/throwback-when-indias-fifth-richest-man-survived-a-kidnapping-and-terrorist-attack/606122.Retrieved 2026-02-24.
  8. ↑ "One Vision, One Team".Adani Group.https://www.adani.com/About-us/One-Vision-One-team.Retrieved 2026-02-24.
  9. ↑ "Adani's Fortune Trumping Bezos Deserves Greater Recognition".Bloomberg.2022-09-22.https://www.bloomberg.com/opinion/articles/2022-09-22/adani-s-fortune-trumping-bezos-deserves-greater-recognition.Retrieved 2026-02-24.
  10. ↑ "Bangladesh's New Government Plans to Revise Adani Power Deal".Bloomberg.2026-02-23.https://www.bloomberg.com/news/articles/2026-02-23/bangladesh-s-new-government-plans-to-revise-adani-power-deal.Retrieved 2026-02-24.
  11. ↑ "Gautam Adani Reviews Projects Worth Over Rs 40,000 Crore In Jharkhand, Bihar".NDTV.2026-02-22.https://www.ndtv.com/india-news/gautam-adani-reviews-projects-worth-over-rs-40-000-crore-in-jharkhand-bihar-11121320.Retrieved 2026-02-24.
  12. ↑ "Adani Group unveils $100 billion AI energy plan".Port Technology.2026-02-23.https://www.porttechnology.org/adani-group-unveils-100-billion-ai-energy-plan/.Retrieved 2026-02-24.
  13. ↑ "Billionaire Gautam Adani Earmarks $100 Billion To Develop AI Data Centers Across India".Forbes.2026-02-17.https://www.forbes.com/sites/yessarrosendar/2026/02/17/billionaire-gautam-adani-earmarks-100-billion-to-develop-ai-data-centers-across-india/.Retrieved 2026-02-24.
  14. ↑ "Gautam Adani: India's richest man and his remarkable rise".BBC News.https://www.bbc.com/news/business-62655446.Retrieved 2026-02-24.
  15. ↑ "Adani's Fortune Trumping Bezos Deserves Greater Recognition".Bloomberg.2022-09-22.https://www.bloomberg.com/opinion/articles/2022-09-22/adani-s-fortune-trumping-bezos-deserves-greater-recognition.Retrieved 2026-02-24.
  16. ↑ "Short seller Nate Anderson's Hindenburg is targeting billionaire Gautam Adani".Bloomberg.2023-01-26.https://www.bloomberg.com/news/articles/2023-01-26/short-seller-nate-anderson-s-hiindenburg-is-targeting-billionaire-gautam-adani.Retrieved 2026-02-24.
  17. ↑ "A short-seller rattles Gautam Adani's empire".The Economist.2023-01-27.https://www.economist.com/business/2023/01/27/a-short-seller-rattles-gautam-adanis-empire.Retrieved 2026-02-24.
  18. ↑ "Adani Group calls Hindenburg report 'malicious combination of selective misinformation'".Livemint.2023-01-25.https://www.livemint.com/news/india/adani-group-calls-hindenburg-report-malicious-combination-of-selective-misinformation-11674633964009.html.Retrieved 2026-02-24.
  19. ↑ "Adani Response to Hindenburg".Adani Group.2023-01-29.https://www.adani.com/-/media/Project/Adani/Invetsors/Adani-Response-to-Hindenburg-January-29-2023.pdf?la=en.Retrieved 2026-02-24.
  20. ↑ "India's Adani Group says evaluating taking action against Hindenburg Research".Reuters.2023-01-26.https://www.reuters.com/business/indias-adani-group-says-evaluating-taking-action-against-hindenburg-research-2023-01-26/.Retrieved 2026-02-24.
  21. ↑ "Adani Group threatens Hindenburg Research, rarely sued in US".Reuters.2023-01-31.https://www.reuters.com/legal/government/adani-group-threatens-hindenburg-research-rarely-sued-us-2023-01-31/.Retrieved 2026-02-24.
  22. ↑ "Hindenburg Research dares Adani Group to sue".The Guardian.2023-01-27.https://www.theguardian.com/business/2023/jan/27/hindenburg-research-dares-adani-group-to-sue.Retrieved 2026-02-24.
  23. ↑ "Adani vs. Hindenburg: The Story So Far".The Wall Street Journal.https://www.wsj.com/livecoverage/federal-reserve-meeting-interest-rate-hike-february-2023/card/adani-vs-hindenburg-the-story-so-far-KDYDHRgNPMSecbrevsU4.Retrieved 2026-02-24.
  24. ↑ "India's Adani Group: Hindenburg report intended to create false market".Reuters.2023-01-29.https://www.reuters.com/business/indias-adani-group-hindenburg-report-intended-create-false-market-2023-01-29/.Retrieved 2026-02-24.
  25. ↑ "Court withdraws NBWs against Adani".The Times of India.https://timesofindia.indiatimes.com/city/ahmedabad/court-withdraws-nbws-against-adani/articleshow/31099790.cms.Retrieved 2026-02-24.
  26. ↑ "Adani brothers discharged in cheating case by Maharashtra court".The Economic Times.https://economictimes.indiatimes.com/news/politics-and-nation/adani-brothers-discharged-in-cheating-case-by-maharashtra-court/articleshow/37009583.cms.Retrieved 2026-02-24.
  27. ↑ "Court overturns clean chit to Adanis in share rigging case".The Indian Express.https://indianexpress.com/article/business/companies/court-overturns-clean-chit-to-adanis-in-share-rigging-case-6209072/.Retrieved 2026-02-24.
  28. ↑ "US SEC fraud case against Gautam Adani can proceed after procedural matter resolved".Reuters.2026-01-30.https://www.reuters.com/legal/government/us-sec-fraud-case-against-gautam-adani-can-proceed-after-procedural-matter-2026-01-30/.Retrieved 2026-02-24.
  29. ↑ "Adani Hires Top Wall Street Lawyer in Sign SEC Case Will Advance".Bloomberg.2026-01-30.https://www.bloomberg.com/news/articles/2026-01-30/adani-hires-top-wall-street-lawyer-in-sign-sec-case-will-advance.Retrieved 2026-02-24.
  30. ↑ "SEC moves ahead with civil fraud case against Gautam Adani".The American Bazaar.2026-01-31.https://americanbazaaronline.com/2026/01/31/sec-moves-ahead-with-civil-fraud-case-against-gautam-adani-474308/.Retrieved 2026-02-24.
  31. ↑ "Gautam Adani: India's richest man and his remarkable rise".BBC News.https://www.bbc.com/news/business-62655446.Retrieved 2026-02-24.
  32. ↑ "Throwback: When India's fifth richest man survived a kidnapping and terrorist attack".Times Now.https://www.timesnownews.com/business-economy/companies/article/throwback-when-indias-fifth-richest-man-survived-a-kidnapping-and-terrorist-attack/606122.Retrieved 2026-02-24.
  33. ↑ "Gautam Adani: India's richest man and his remarkable rise".BBC News.https://www.bbc.com/news/business-62655446.Retrieved 2026-02-24.
  34. ↑ "Adani's Fortune Trumping Bezos Deserves Greater Recognition".Bloomberg.2022-09-22.https://www.bloomberg.com/opinion/articles/2022-09-22/adani-s-fortune-trumping-bezos-deserves-greater-recognition.Retrieved 2026-02-24.
  35. ↑ "Gautam Adani: India's richest man and his remarkable rise".BBC News.https://www.bbc.com/news/business-62655446.Retrieved 2026-02-24.
  36. ↑ "Billionaire Gautam Adani Earmarks $100 Billion To Develop AI Data Centers Across India".Forbes.2026-02-17.https://www.forbes.com/sites/yessarrosendar/2026/02/17/billionaire-gautam-adani-earmarks-100-billion-to-develop-ai-data-centers-across-india/.Retrieved 2026-02-24.

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