The richest man in Asia, Gautam Adani, and his family have committed to giving about $8 billion to a range of charity causes in honor of his 60th birthday.
The donation, which will help with healthcare, education, and skill development, will be managed by the Adani Foundation. In a subsequent interview, Adani said that this donation marked his father Shantilal Adani’s 100th birthday and was “one of the largest transfers to a foundation in Indian corporate history.”
The Indian tycoon, a first-generation businessman who turns 60 on Friday, joins the company of the richest people in the world like Mark Zuckerberg and Warren Buffett who have generously donated significant portions of their fortunes to charity.
Adani’s commitment is about equal to half of what Bill and Melinda Gates plan to give to their foundation in 2021.
Among Indian billionaires, Azim Premji, the former chairman of Wipro Ltd., has the charitable trust with the largest endowment, estimated to be $21 billion, while Ratan Tata, chairman emeritus of Tata Sons Ltd., is in charge of the Tata Trusts, which have donated more than $102 billion in today’s money, according to a 2021 report by Hurun India and EdelGive Foundation.
Adani’s estimated net worth is close to $92 billion, according to the Bloomberg Billionaires Index.
As a result of an extraordinary growth in the stock price of his companies, Adani has boosted his wealth by a little bit more than $15 billion this year, making him the largest wealth generator in the world.
He said, “We will invite three expert groups in the following months” to decide how to codify strategy and distribute financing among these three sectors. The tycoon added that there were plans to add one or two more priority areas in the coming months and that the Adani family will play supportive roles on the committees.
The Adani Group, which started out as a small agro-trading business in 1988, has expanded into a conglomerate with a focus on the production, distribution, and mining of power. Cement, data centers, airports, and renewable energy have all recently been included.
The organization’s wealthy founder has additionally committed to spending a total of $70 billion by 2030 in an effort to make his business the world’s largest producer of renewable energy.
The Adani Foundation, run by Gautam’s wife Priti Adani, has been working on social projects in India’s rural hinterland since it was established in 1996. On its website, it claims to have reached more than 3.7 million individuals in 2,409 villages spread over 16 Indian states.
