How Indian billionaire Gautam Adani overcame Mumbai terror attack, kidnapping to rival Mukesh Ambani
- With a US$32 billion fortune, Adani is India’s second richest person and his conglomerate keeps growing, despite the Covid-19 pandemic
- He has faced obstacles such as being held for ransom and angry protests over his controversial Carmichael coal project in Australia
Gautam Adani has a knack for surviving crisis. He was held for ransom more than two decades ago and in 2008 was among the hostages of Mumbai’s Taj Mahal Palace hotel during the terror attacks that killed more than 160 people.
Shares of most of his firms have surged, including those of his mining, gas and ports units. Adani Green Energy has jumped more than sixfold this year as it received a record US$6 billion solar-power deal, another step toward the company’s goal of becoming the world’s largest renewable-energy maker by 2025.
“The market is having FOMO syndrome when it comes to Adani stocks,” said Sanjiv Bhasin, director at investment-management firm IIFL Securities. “Its businesses are aligned to the current central-government vision. Therefore, the road ahead is smooth for this conglomerate for at least five to six years.”