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Gautam Adani’s Rise Was Intertwined With India’s. Now It’s Unraveling.



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Gautam Adani began the year as one of the richest men who ever lived, an upstart billionaire whose conglomerate, one of India’s largest, had surged in value by 2,500 percent in five years.That rise, as he portrayed it, wasn’t his alone: It was inseparable from the “growth story” of India itself. His companies’ goals were in lock step with the country’s needs, he often said. Relying on his longstanding partnership with India’s powerful leader, Narendra Modi, he brought his private companies — spanning power, ports, food and more — into alignment with one politician more closely than any business titan before him.Now, in spectacular fashion, the fortunes of his Adani Group are crashing down even faster than they had shot up — a collapse whose pain will be felt across the country, rippling through its economic and political spheres.More than $110 …

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