India’s richest man avoids the limelight
Hindenburg Research, a tiny American investment firm that specialises in short-selling, accused the Adani Group, a huge Indian conglomerate, of pulling off the “largest con in corporate history”. The group denies the Hindenburg report’s allegations in their entirety. Before the report’s release, the group had a market value of $235bn and Gautam Adani, its founder and boss, was the world’s third-richest man. Since then, $70bn has been wiped off the market value of the Adani Group’s firms.
In 1981 his elder brother began a venture processing plastics, and Mr Adani moved home to manage it. He later began importing related raw materials, then metals, pharmaceuticals and an expanding array of commodities. When the Gujarat government outsourced management of the port of Mundra, Mr Adani, who has always deftly navigated Indian bureaucracy, won the contract; the port opened in 2001. Today Mundra is the largest port in India.
Mr Adani’s successes helped Mr Modi, too. The politician used them to portray himself as a pro-growth leader. When he became India’s prime minister in 2014 he made the journey to Delhi, the capital, on Mr Adani’s plane. Their friendship seems to have continued. In 2019 Mr Adani secured government consent to set up a lucrative Special Economic Zone in the eastern state of Jharkhand. Hindenburg alleges that the government has also been lenient in its investigations of the group.
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