Gautam Adani's success secret: 'It’s hard work, not Modi connection’

Adani Group founder-chairman Gautam Adani, in a television interview, has rubbished the oft-repeated criticism that he owes his fortune to his closeness with Prime Minister Narendra Modi, pointing out that he works in several states ruled by opposition parties, too.

“We want to make maximum investments in every state… today, Adani Group is working in 22 states, and all these states are not BJP-ruled… I can say that we do not have any problem with any state government. We are working even in Left-ruled Kerala, in Mamata didi’s West Bengal, in Naveen Patnaik ji’s Odisha, in Jaganmohan Reddy’s state (Andhra Pradesh), even KCR’s state (Telangana),” said the world’s third-richest person on Aap Ki Adalat aired on India TV.

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The 60-year-old business tycoon claimed no one can get any personal help from Modi. “You can speak to him about policies in the national interest. But when a policy is framed, it is for all, not only for the Adani Group,” he said in the 90-minute show hosted by Rajat Sharma.

Three breaks

Adani also rubbished claims about his multi-billion-dollar group being heavily leveraged. “Our income has gone up by 24 per cent in the past seven or eight years, while our loans have increased by 11 per cent. Our assets are four times our borrowings,” he said.

The head of the $200-billion Adani Group added that those who credit his relationship with Modi for his fortune overlook the fact that his success began during Congress rule.

“I got three big breaks in my life. First, in 1985, during Rajiv Gandhi’s rule, when Exim policy allowed our company to become a global trading house. Second, in 1991, when PV Narasimha Rao and Dr Manmohan Singh opened up the economy, and we entered into public-private partnership mode,” he said.

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“And third, during Narendra Modi’s 12-year rule in Gujarat… It was a very good experience,” he said, stressing that “Gujarat is investor-friendly, not Adani-friendly.”

In 2022, Adani’s wealth grew more than that of any other billionaire. Adani Group deals in green energy, mines, ports, airports, and other big infrastructure projects.

No deal without bidding

Adani believes Congress leader Rahul Gandhi’s allegations of crony capitalism against him are “part of the business of politics.”

“Investment is our normal programme. I went to the Rajasthan investors’ summit at the invitation of Chief Minister Ashok Gehlot (of Congress). Later, even Rahul ji praised our investment in Rajasthan. I know his policies are not anti-development,” Adani added. He has invested Rs 68,000 crore in the desert state.

Adani also claimed that his companies never land a deal without bidding for it. Hence, the question of getting any special treatment does not arise.

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“We have not got a single project without bidding. Our Adani Group has the philosophy of not touching any project without bidding, whether it is a port, an airport, roads, or a power house. There is not a single allegation that we ‘managed’ the bidding. Even Rahul ji has never alleged that we tampered with the bidding process,” he said.

So, what is the secret to his meteoric rise and success? “Mehnat, mehnat, mehnat (hard work, hard work, hard work),” was the simple answer.

(With agency inputs)