ET : Gautam Adani, Another gujarati who made it big

Gautam Adani: Another gujarati who made it big

There is a 'Wagah Border' at the Mundra Port, a thriving private port in the heart of the barren lands of north Gujarat. Often, there is tension across the border. The workers on either side sometimes exchange greetings in Kutchi slang, but do not cross the LoC. The other side of the fence belongs to Dubai Port Word (DP World), a giant terminal operator from the Middle East that now owns and operates the container terminal at Mundra.

Mundra Port is owned and operated by the Adani Group while the terminal is operated by DP World through a sub-concession agreement. The two are now fighting a long legal battle at the Ahmedabad High Court, with a termination notice by the Adanis having been challenged by the Dubai operator. Adding fuel to fire were the recent public offerings by both the groups. Both Mundra Port and Special Economic Zone (MPSEZ) and DP World hit the primary markets in Mumbai and Dubai, respectively, in the same month, November 2007, but with different results.

While MPSEZ almost trebled its market cap to over $13 billion, DP World, after its mega takeover of British port operator P&O Ports, has seen its market cap slip from about $22 billion. The rivalry between the Adanis and DP World may be recent, but the aggressive chairman of the Adani Group—Gautam Adani—has picked up quite a few business foes as his fortunes soared in recent years.

He is now among the 10 richest Indians, and is nosing his way up the ladder. Many who ET spoke to say he draws many a parallel with the iconic Dhirubhai Ambani. Like Dhirubhai, he is a first-generation industrialist who came from Gujarat with big dreams. Mr Adani’s business instincts are very sharp and his rags-to-riches story is yet another example of the finely-developed business acumen of people from that coastal state.

More about this article @ Gautam Adani: Another gujarati who made it big



Source: http://economictimes.indiatimes.com. We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information given. Blog is not responsible for any faulty information.