Gautam Adani, India’s wealthiest individual, holds the belief that he is a self-made entrepreneur, starting from the ground up, and he dismisses the significance of rankings and figures, which he refers to as “media hype.” In an interview with India Today, the Chairman of the Adani Group expressed his enthusiasm for facing challenges, asserting that the greater the challenge, the happier he is. He emphasized that, for him, the opportunity to make a meaningful impact on people’s lives, contribute to the nation’s growth, and build the nation itself holds greater satisfaction and importance than appearing on wealth rankings or any other valuation lists.
When asked about his status as India’s richest person and the world’s third-richest individual, Adani, whose net worth is approximately $150 billion, responded by addressing allegations that Prime Minister Narendra Modi played a role in his rapid ascent. He referred to such accusations as “baseless” and suggested that he was an easy target for such claims due to their shared Gujarat background.
Reflecting on his entrepreneurial journey, Adani attributed its success to former Prime Minister Rajiv Gandhi. He pointed out that his journey can be divided into four phases, with the first phase initiated during Rajiv Gandhi’s tenure when the Exim policy was liberalized, allowing him to establish his export house. Adani expressed gratitude to Rajiv Gandhi, stating that his entrepreneurial career wouldn’t have taken off without these policy changes.
The second significant push in Adani’s journey came with the sweeping economic reforms of PV Narasimha Rao and Manmohan Singh in 1991, which benefited numerous entrepreneurs. Additionally, former Gujarat Chief Minister Keshubhai Patel’s emphasis on coastal development led Adani to establish Mundra port, marking a pivotal moment for the Adani Group. Patel’s focus on coastal development intensified after he assumed office as Chief Minister in 1995.
The fourth turning point in Adani’s entrepreneurial journey occurred in 2001, when Gujarat witnessed a substantial emphasis on development under the leadership of Chief Minister Narendra Modi. In response to inquiries about the group’s debt, including public sector bank loans, Adani affirmed that the group remains financially robust and secure. He pointed out that concerns are raised without verifying the facts and highlighted that over the past nine years, their profit has grown at twice the rate of their debt. Consequently, the group’s debt-to-Ebitda ratio has decreased from 7.6 to 3.2, which is considered healthy for a large conglomerate primarily operating in the infrastructure sector with steady and predictable cash flow, unlike manufacturing industries.