Adani's older brother plays opaque, powerful role at embattled dynasty

Vinod Adani, through several close associates, manages a vast labyrinth of offshore shell entities," the report said identifying entities in Mauritius, Cyprus, the United Arab Emirates

Adani, Gautam Adani
Premium

Photo: Bloomberg

Archana Narayanan, Finbarr Flynn, Chris Kay and Alexander Sazonov | Bloomberg
In August, as India’s Adani Group neared the completion of its $10.5 billion purchase of two cement businesses, the conglomerate and its banks put out some particularly complicated filings.
 
Buried in an 85-page document, was a diagram of seven unlisted firms registered in the British Virgin Islands, Mauritius and Dubai. They were interlinked to each other, and one would be buying the cement company’s shares in the open market. 

But the ultimate beneficiary of the seven entities wasn’t listed as the group’s public face and chairman, billionaire Gautam Adani. Instead, the filings said their beneficial owners were his older brother,

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Feb 23 2023 | 7:12 AM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com