Asia’s richest man, coal magnate Gautam Adani, made his fortune betting on coal as an energy hungry India grew swiftly after its economy was liberalized in the 1990s. Adani says he wants to be known as the world’s largest renewable energy player by 2030.
Adani’s businesses have won multibillion dollar contracts to build ports, highways and power plants. The industrialist’s ambitions include developing drones and ammunition, key to the government’s goal of boosting military-related exports to $5 billion while slashing costs for expensive imports.
He returned home to join his brother in importing plastics before establishing Adani Enterprises in the 1980s, trading in everything from shoes to buckets. His career has known ups and downs: he was kidnapped for ransom in 1988 and survived 2008 terror attacks in Mumbai by hiding in the basement of a hotel militants were holding under siege.
Stretching to expand internationally, the group has had to address concerns over rising debt levels. Adani Enterprises, the group’s main listed company, has announced it will seek shareholder approval for a share offering to raise more than $2 billion. “Strategic priorities, both domestic and foreign of any country, may be instrumental in creating business opportunities,” it said. “If it is attractive enough, we are willing to invest, cutting across geographies and sectors.”
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