Gautam Adani: The multiple mogul

Zing Tsjeng (0:00)

Hi, welcome to Good Bad Billionaire. Just to warn you, there will be depictions of violence in this episode.

Simon Jack (0:06)

So it's November 2008 We're in the Taj Mahal Palace Hotel, or The Taj, as it's known to its affluent adoring guests.

It's been a symbol of luxury in India's financial capital for over a century. It's got 550 rooms, 48 suites, multiple high-end restaurants, of course, a gilded ballroom, holistic wellness centre and a huge private swimming pool, along with its prime location overlooking the Arabian Sea. It is simply glorious.

Zing Tsjeng (0:32)

But what's unfolding within its walls is not glorious at all. It's horrific. Four gunmen are stalking the corridors, throwing grenades, shooting on sight, and they will spend 60 hours besieging this hotel, killing 32 of its staff and guests. And meanwhile, more members of their cell will be raising the body count to 170 with violence across the city.

Simon Jack (0:54)

Yeah, I remember some of the footage from inside that hotel. But right now, at this point, 100 guests who had hidden helplessly in a basement for some 24 hours have been escorted to a chamber hall on the upper floor by the hotel's very brave staff. Some are squeezing into hiding places, nooks and crannies, under furniture, curling into protective balls.

One man, a billionaire, as it happens, sits passively on a sofa staring ahead. He's seen people die just 15 feet away, and now all he can do is put his faith in his God.

Zing Tsjeng (1:28)

Welcome to Good Bad Billionaire from the BBC World Service. Every episode, we pick a billionaire and we find out how they made their money.

Simon Jack (1:35)

We take them from zero to their first million, and then from a million on to a billion.

Zing Tsjeng (1:39)

My name is Zing Tsjeng, and I'm a journalist, author and podcaster.

Simon Jack (1:42)

My name is Simon Jack, and I'm the BBC's Business Editor.

Zing Tsjeng (1:45)

On this episode, our billionaire is Gautam Adani, currently worth a cool $85 billion, which makes him one of the top 25 richest people on the planet.

Simon Jack (1:54)

Although he has gone down the charts as recently as 2023, he was estimated to be worth $150 billion. He was up to number two in the charts in the world's rich list.

Zing Tsjeng (2:04)

And now he vies with another billionaire we've covered on the show, Mukesh Ambani, for the title of the richest person in Asia.

Simon Jack (2:11)

He was among those caught up in that 2008 Mumbai attacks. He was also a victim of kidnapping a decade earlier.

Zing Tsjeng (2:16)

He's 64 He's described as a yoga fanatic, and he dropped out of school at 16, but ended up building one of India's largest business conglomerates.

Simon Jack (2:24)

Another dropout who turned billionaire. The Adani group has interest spread across energy, food, beverages, ports, airports, mining, weapons, infrastructure. I don't know what's left in an economy.

Zing Tsjeng (2:35)

Yeah, you name it, he's got it. And Gautam is the overall boss. But the Adani group is run by a group of Adanis, including his brothers, nephews, and his two sons talk about keeping it in the family.

Simon Jack (2:47)

In 2024, Bloomberg editor Anto Antony highlighted Gautam's widespread influence in India, saying when you switch on the electric light bulb at home, his business is touching your life. When you're buying groceries from the shop, his business is touching your life. When you're looking to buy a house, his business is touching your life.

Zing Tsjeng (3:03)

He is then a major figure in Indian culture as much as business.

Simon Jack (3:08)

And it's perhaps no surprise we've had quite a few emails from India asking us to cover Gautam Adani on Good Bad Billionaire, including one from Rakhi, emailed on behalf of her 10-year-old son, who is a big fan. Hello, Rakhi.

Zing Tsjeng (3:20)

Hello to your 10-year-old son. Ritprasad Da also emailed to Sajjaskautam Adani saying, his career is full of controversy, failure and building reputation back on. But scams don't seem to leave him. And I believe that featuring him will tell the world about the things that billionaires want to avoid, maybe in a series of Good Bad Worst Billionaires.

Simon Jack (3:39)

Well, we'll leave that judgment to you guys. But it's clear that Adani is not universally popular in his homeland. He's even recently been targeted in the manifesto of the Indian viral youth movement, the Cockroach Janter Party.

Zing Tsjeng (3:52)

And Adani's empire has been under legal threats in recent years. There have been accusations of stock manipulation and financial fraud in India and charges of bribery in the United States.