TABLE OF CONTENTS

Origins and Ascent

The Adani Group: A Diversified Conglomerate

Family Tree

Career Profiles of Adani Family

Controversies

Philanthropic Efforts

Adani vs Ambani

🗞️ News of the Day 

ORIGINS AND ASCENT 🌟

THE ADANI GROUP: A DIVERSIFIED CONGLOMERATE

FAMILY TREE 👨‍👩‍👧‍👦

CAREER PROFILES OF ADANI FAMILY MEMBERS 👔💼

👨‍🦰 Gautam Adani - Founder and Chairman, Adani Group

• Born on June 24, 1962 in Ahmedabad, Gujarat to a simple family

• Received early education from Seth Chimanlal Nagindas Vidyalaya in Ahmedabad

• Studied commerce at Gujarat University but dropped out in second year

• Came to Mumbai at age 17, worked for 2 years with Mahendra Brothers, a diamond merchant

• Started own diamond brokerage at age 20, made millions in first year

• Laid foundation for Adani Exports in 1988 after gaining business experience working for brother Mansukhbhai's plastics company

• Now oversees entire Adani Group strategy and operations, holding majority stakes in publicly traded companies

• President of Adani Foundation

• Has four brothers - Mansukhbhai, Vinod, Rajesh, Vasant

• Lives in $52M home in Delhi, owns private jets, helicopters, fleet of luxury cars

• Controversies: Gautam Adani's rapid wealth accumulation and ties to PM Modi drawing scrutiny

👨 Karan Adani (Gautam's elder son)

• Purdue University, USA economics graduate

• Joined Adani Group in 2009

• CEO of Adani Ports and SEZ Ltd, India's largest private port operator

• Steered expansion from 2 to 10 ports

• Director of Adani Airport Holdings Ltd

• Involved in Adani Foundation's community development, environmental efforts

• Married to Paridhi Shroff, daughter of prominent lawyer Cyril Shroff, in 2013

• Father to daughter Anuradha Karan Adani, born in 2016

👨‍🦳 Rajesh Adani (Gautam's brother)

• Bachelor's degree from Gujarat University

• Managing Director of Adani Group, Adani Enterprises Ltd since inception

• Currently, Executive Director at Adani Transmissions Ltd

• Previous roles include Managing Director at Adani Power Ltd and Adani Exports Ltd

• Partner at Crown International, allegedly one of Adani's shell companies

• Controversies: Alleged involvement in diamond import/export scam in the mid-2000s, accused of submitting forged import documents, evading customs and arrested at least twice for alleged forgery and tax evasion

👴 Vinod Adani (Gautam's elder brother)

• Gautam's older brother and a key behind-the-scenes player

• Mentioned 138 times in Hindenburg report vs Gautam 32 times

• Considered "powerful figure" in Adani's offshore network per Hindenburg

• Controls network of offshore entities that hold stake in Adani companies

• Allegedly involved in related-party transactions, stock parking

• Facilitated deals between Adani Group and TotalEnergies

• Companies he controls made investments in Ambuja Cements and ACC

• Estimated net worth of at least $6B via holdings in Adani companies

• Real estate portfolio in Dubai valued around $17M

• Indian passport holder, though Adani filings state he is Cypriot citizen

• Controversies: Alleged involvement of Vinod Adani in manipulating Adani stock prices and facilitating related-party transactions via offshore entities (per Hindenburg report)

👴 Mahasukhbhai Adani (Gautam's brother)

• Chairman, Adani Group

• Instrumental in shaping Adani empire from early days

• Born and raised in Mundra, Gujarat like Gautam

• Entrepreneurial from young age, organized small businesses with friends

• Took over a plastics company in Ahmedabad that Gautam later worked at

• This gave Gautam early business experience before starting commodity trading

👱‍♂️ Pranav Adani (Vinod's son, Gautam's nephew)

• Managing Director, Adani Wilmar - The group's edible oil and food processing joint venture. Also, Managing Director (Agro, Oil & Gas) and Director of Adani Enterprises, the in-house incubator of the Adani Group.

• Studied Bachelor of Science from Boston University, and later enrolled in the Owner/President Management Program of Harvard Business School

• Manages trading businesses in Dubai, Singapore, Jakarta

• Member of the National Council on Agriculture and FMCG of the Confederation of Indian Industry

• Spearheaded Adani Wilmar's IPO in 2022

• Heads Adani Group's city gas distribution business Adani Gas Ltd., overseeing projects in Ahmedabad, Vadodara, Faridabad, Khurja

• Leads Adani Group's real estate arm Adani Realty with projects in Ahmedabad, Mumbai, Gurgaon

Philanthropic efforts

• Introduced 'Garv Hai' initiative to support Indian athletes competing in international events like Olympics

• Supported shot-putter Inderjeet Singh, boxer Shiva Thapa and others for 2016 Rio Olympics

• Relaunched Garv Hai as long-term program to groom athletes for 2020 Olympics, 2022 Asian & Commonwealth Games

• Developed The Meadows football field in Ahmedabad's Shantigram township to promote the sport

Notable In-laws & Extended Family

👨‍🦰 Cyril Shroff (Karan's father-in-law)

• Father of Karan Adani's wife Paridhi Shroff

• Managing Partner at law firm Cyril Amarchand Mangaldas

• One of India's most prominent corporate lawyers

🙍‍♀️ Paridhi Shroff Adani (Karan's wife)

• Partner at Cyril Amarchand Mangaldas law firm, heads its Ahmedabad office

• Commerce graduate from University of Mumbai and LLB, also studied in France and Switzerland

• Specializes in M&A, corporate governance, regulatory matters

• Advocates for workplace diversity, equality, mental health and sustainability

• Had a lavish wedding to Karan Adani in 2013 attended by top industrialists and politicians

👨 Suraj Mehta

• Relationship: Son of Jatin Rajnikant Mehta, a gold and diamond merchant and one of the largest exporters of gold and diamond jewelry. Married to Vinod Advani’s daughter, Krupa.

• Controversies: The Mehta family has been mired in its scam controversy with his father now holding residency in the Caribbean Islands

👨‍🦰 Samir Vora

• Current Role: Executive Director of Australia, Adani Enterprises Ltd and Adani Australia Pty Ltd. Adani Australia owns and operates Abbot Point Terminal that exports coal from Queensland

• Education: Bachelor's of Science Degree, California State University Long Beach, USA

• Experience: Over 20 years in International Trading and the Resources sector, with expertise in Coal Mining and Infrastructure

• Samir is Priti Adani’s brother and Gautam Adani’s brother-in-law

• Engaged with the group since 1994

• Controversies: Accused by the DRI of being a ringleader of the same diamond trading scam as Rajesh Adani and of repeatedly making false statements to regulators; subsequently promoted to Executive Director of Adani Australia division

👨‍🦳 Jaimin Shah (Jeet's future father-in-law)

• Jeet Adani's fiancee Diva's father

• Owner of C. Dinesh and Co Pvt Ltd, a diamond trading company

• Company based in Surat and Mumbai

👩 Namrata Adani - Vinod Adani's daughter-in-law

• Non-Executive Director on the board of Adani Enterprises (the flagship company)

• Involved in strategic decision-making and new business initiatives

• Runs an NGO called ‘Abhisar’, involved in the foundation's education and women's empowerment programs.

👩‍🦱 Shilin Adani 

• Trustee, Adani Foundation

• Attended Adani Vidyalaya in Gujarat, India with Priti Adani, Gautam Adani’s wife

• Involved in charitable activities with Priti Adani

CONTROVERSIES SURROUNDING ADANIS 🔴 

The Adani Group, one of India's largest conglomerates led by billionaire Gautam Adani and his family, has faced several controversies, allegations of fraud, and scandals over the years. Some of the notable issues include:

1. Carmichael Coal Mine Project: 🏭🌳 Adani's proposed coal mine in Australia faced significant opposition due to environmental concerns, allegations of overstating job creation and economic benefits, and potential damage to the Great Barrier Reef.

2. Overvaluation and Fraud Allegations: 💸 In 2023, Hindenburg Research, a short-selling firm, accused Adani Group of stock manipulation, accounting irregularities, and related-party transactions. The report led to a significant drop in Adani stock prices and prompted regulatory investigations.

3. Mundra Port SEZ Controversy: 🐟️ Adani Group faced criticism for alleged environmental violations and disregard for local fishing communities during the construction and operation of the Mundra Port Special Economic Zone in Gujarat.

4. Insider Trading Allegations: 🧧 In 2021, the Securities and Exchange Board of India (SEBI) initiated a probe into potential insider trading in Adani Group stocks.

5. Loan Defaulting Allegations: 💰️ Adani Group faced allegations in 2017 that it had defaulted on loans from public sector banks. However, the group denied these allegations.

6. Lanka Deal Controversy: ⚓️ In 2022, Adani Group's deal to develop a container terminal in Sri Lanka faced controversy due to allegations of lack of transparency and concerns over the group's close ties with Indian Prime Minister Narendra Modi.

7. Myanmar Military Ties: 🪖 Adani Ports faced criticism for its business dealings with Myanmar's military-controlled entities following the 2021 military coup in the country.

8. Environmental Violations: ❌ 🌴 Adani Group has faced numerous allegations of environmental violations, including illegal mining, deforestation, and damage to ecologically sensitive areas across its various projects in India.

The Adani Group has consistently denied wrongdoing and attributed controversies to baseless rumors. The family rarely comments publicly on these matters. However, these issues have led to heightened scrutiny from regulators, investors, and civil society groups. The Hindenburg report in particular was a major flashpoint, triggering a 📉 massive crash in Adani stocks and wiping out billions in market value.

As the family seeks to move past the controversy, it will need to work towards rebuilding investor confidence through greater transparency and strengthened corporate governance. The long-term impact on Adani Group’s access to global funding and business prospects remains to be seen.

ADANI FAMILY’S PHILANTHROPY 💝 

The Adani Family's charitable giving is primarily overseen by the Adani Foundation, chaired by Priti Adani. Its key initiatives include:

• 🎒✏️ Adani Vidya Mandir schools provide free education to 3000+ underprivileged children

• 🏫 Adani DAV, Adani Public School, and other schools providing subsidized education to 24,000+ students

• 💻⚒️ Adani Skill Development Centers training youth for employment

• 🎓💰Saksham scholarship program supporting higher education of meritorious students

• 🏥🩺 Support for rural clinics, mobile health units, health camps, and hospitals treating millions

• 🌿♻️ Sustainability focus in CSR supporting local communities in areas of operation

Gautam Adani has signed the 🤝 Giving Pledge, committing to donate majority of wealth to charity. He was awarded USIBC's Global Leadership Award in 2022 for distinguished service in philanthropy.

Adani vs Ambani: Battle of the Billionaires

The Adani Group's phenomenal growth has put it on a collision course with Mukesh Ambani's Reliance Industries, sparking comparisons between the two billionaire tycoons. There are striking parallels - both Gujarati businessmen started off in commodities trading before aggressively diversifying into other sectors.

However, Adani's breathtaking rise has been more recent and controversial. The dizzying surge in Adani stocks led Gautam Adani to briefly overtake Mukesh Ambani as Asia's richest man in 2022. Since then, the Hindenburg allegations and stock rout have widened the gap again, with Ambani's net worth standing at $83 billion as of April 2023 compared to Adani's $50 billion.

Beyond the personal wealth rivalry, Adani and Ambani's business interests are also increasingly colliding in areas like green energy, digital services, retail and media. As India's economy grows, this clash of the titans could reshape the country's corporate landscape.

The Adani Family maintains tight control over the rapidly diversifying conglomerate. With his brothers, two sons and increasingly visible in-laws, Gautam Adani has a deep bench of trusted kin to delegate responsibilities to as he guides the empire to new heights. The next generation is being groomed to inherit an increasingly complex, ambitious and scrutinized family business that is now a keystone of the Indian economy.