Gautam Adani and his family has pledged to donate £6 billion to social causes to mark his 60th birthday on 24 June and to pay tribute to the 100th birth anniversary of his father, Shantilal Adani. This is the biggest philanthropic commitment in India so far. Adani’s commitment places him among the select few Indian billionaires who have pledged part of their wealth to philanthropy. With this, Adani joins the ranks of billionaires like Mark Zuckerberg and Warren Buffett, who have committed large parts of their wealth to philanthropy.
The funds, which will be managed by the Adani Foundation, will be used for charitable activities in the areas of healthcare, education and skills development, with a particular focus on India’s rural regions. The donation will be managed by the Adani Foundation, which is led by his wife Priti Adani.
Adani said, “In addition to being the 100th birth anniversary of my inspiring father, this year also happens to be the year of my 60th birthday and therefore the family decided to contribute towards charitable activities. Our experience in large project planning and execution and the experience from the work done by the Adani Foundation will help us uniquely accelerate these programmes. The donation will focus on areas that form the foundation of an Atmanirbhar Bharat.”
“Adani and his family’s commitment towards philanthropy should set an example that we can all try to live Mahatma Gandhi’s principle of Trusteeship of Wealth at the peak of our business success and need not wait for our sunset years," said Azim Premji, founder and chairman of Wipro. (In 2021 he donated an estimated $1.3 billion of his family's wealth to social causes.)
“I am very touched by Gautambhai’s commitment to a very important milestone in his life. I always admired him for his deep family values and commitment to see India prosper, said Uday Kotak, MD Kotak Mahindra Bank.
CEO of Adani Ports and SEZ and Adani's son Karan said, “Dad, you are the foundation that keeps our family together. Wish you a very happy birthday. You amaze us every year with your energy and passion. The experience I gain from you is new learning for me. You are the foundation that keeps our family together.”
India’s wealthiest people and philanthropy
India’s wealthiest people have been criticised in the past for not donating more to philanthropy causes. The India Philanthropy Report 2021 by global consultancy firm Bain and Co. said that the country’s ultra-rich individuals with a net worth of more than 500 billion rupees donated 0.5% of their wealth. Jamsetji Tata, who set up Tata Trusts, is the most generous individual of the last century, with total donations of over $102 billion at current value. In FY21, Premji donated $1.3 billion to charity. His foundation has an endowment estimated at $21 billion. The family of HCL Technologies founder Shiv Nadar was the second biggest donor according to a 2021 Hurun India report. Now Adani has set a new example. Adani’s pledge is almost half of what Bill Gates and Melinda Gates donated to their foundation in 2021, while the former couple’s total donations are valued at $74.6 billion.
Facts and Figures:
Adani Foundation covers 3.7 million people in 2,409 villages across 16 states in India. Founded in 1996, the Adani Foundation has focused its resources on social causes that aim to promote sustainable livelihoods, health and nutrition and education. Beginning with rural communities in Mundra, Gujarat, the foundation now covers 3.7 million people in 2,409 villages across 16 states in India.
Asia’s Richest Billionaire
Adani is the founder and chairman of Adani Group, a port and energy conglomerate with six publicly listed companies in India. In April 2022, according to Forbes’ Real-Time Billionaires List, Adani's wealth stood at $122.2 billion, overtaking Buffett's $120 billion and become the world’s 5th richest. Adani's estimated $123.7 billion net worth makes him the richest person in India and Asia, $19 billion wealthier than the country's number 2, Mukesh Ambani (who's worth is estimated at $104.7 billion), Forbes said in the report.
Entry in the billionaire rank
Adani’s entrepreneurial journey began in 1988 when he started a commodities export firm after dropping out of college and joining his father’s textile shop. The owner of India’s largest port, located in his home state of Gujarat, he first joined the billionaire ranks in 2008, with an estimated net worth of $9.3 billion, but really began to gain momentum at the start of the Covid-19 pandemic, after a period of aggressive expansion into renewable energy, media, airports and more.
From $8.9 billion to $50.5 billion
Adani’s estimated fortune had jumped from $8.9 billion to $50.5 billion by April 2021, when Forbes released its annual World’s Billionaires list for that year. In February 2022, he overtook fellow Indian billionaire Mukesh Ambani as Asia’s richest person after his net worth nearly doubled once again, to more than $90 billion.
Adani raises $775 mn to build India’s largest copper refinery
Adani Enterprises is pushing ahead with plans to build India’s largest copper refinery as the world’s second-most populous nation seeks to reduce its reliance on metal imports. The conglomerate which also has interests in airports, edible oils, ports, renewable energy and toll roads said in a regulatory filing that its unit - Kutch Copper has raised $775 million in loans from a syndicate of banks led by the State Bank of India. Proceeds will be used to accelerate the construction of a greenfield copper refining plant in Gujarat.
