Book review: Gautam Adani: Reimagining Business in India and the World by R.N. Bhaskar

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Gautam Adani: Reimagining Business in India and the World is a biography of one of India's most prominent industrialists, Gautam Adani, authored by R.N. Bhaskar.

The book charts Adani's journey from a modest trading background to becoming the chairman of the Adani Group, one of India's biggest diversified conglomerates with interests spanning coal mining, ports, logistics, agriculture, real estate, and energy.

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Read Gautam Adani: Reimagining Business in India and the World by R.N. Bhaskar

The book starts with an introductory chapter that briefly touches upon Adani's childhood and early influences that shaped his personality and ambitions. Subsequent chapters cover various stages of Adani's professional life, right from setting up his own import-export business in Ahmedabad to expanding his empire beyond borders. The author uses interviews, official records, media reports, and secondary sources to weave a comprehensive narrative of Adani's vision, strategy, achievements, controversies, and philanthropy.

Some of the significant milestones covered in the book include Adani's ventures in power generation, transmission, and distribution; the creation of the flagship Mundra Port in Gujarat, which became India's largest commercial port; the group's foray into agribusiness through edible oil refineries, cold storages, and warehousing facilities; the establishment of city gas distribution networks in various states; and the recent acquisitions and expansions in airports, data centers, and defense corridors. The book also explores the synergistic linkages among the diverse businesses of the Adani Group and how they contribute to India's self-reliance and regional connectivity agenda.

Read Gautam Adani: Reimagining Business in India and the World by R.N. Bhaskar

Takeaway points:

One of the key takeaways from the book is Adani's ability to spot opportunities in areas that others overlook or dismiss as risky or uneconomical. His willingness to invest in long-gestation projects, absorb initial losses, and scale up gradually has earned him substantial returns in the form of increased market share, brand reputation, and diversification benefits.
Another interesting aspect highlighted in the book is Adani's emphasis on backward integration, vertical coordination, and forward linkages across his portfolio companies. This strategy enables him to control the entire value chain, minimize transaction costs, ensure quality standards, and cater to customized demands. Moreover, it helps him leverage economies of scope and scale, optimize resources, and mitigate external dependencies.
The book also throws light on Adani's managerial style, characterized by delegation, trust, motivation, and incentives. He empowers his top lieutenants with decision-making authority, rewards performance, and encourages constructive feedback. Furthermore, he nurtures a meritocratic culture that attracts, retains, and develops talent from diverse backgrounds.
While the book celebrates Adani's accomplishments, it does acknowledge the criticisms and concerns surrounding his business practices, such as allegations of crony capitalism, tax avoidance, labor exploitation, environmental damage, and safety lapses. The author attempts to provide a balanced perspective by presenting multiple views, facts, and contexts without taking sides or passing judgment.

Gautam Adani: Reimagining Business in India and the World is a must-read for anyone interested in understanding the evolution and expansion of India's private sector, especially in industries dominated by state monopolies or foreign entities. The book offers valuable insights into Adani's entrepreneurial mindset, strategic acumen, execution skills, and risk appetite, which have contributed significantly to India's growth and development. However, it also raises questions about the tradeoffs involved in pursuing rapid expansion, competing globally, and balancing conflicting interests. Overall, the book is a commendable effort to capture the essence and complexity of Adani's persona and legacy.