Vinod Adani

Last updated
Vinod Adani
Born
Vinod Shantilal Adani

1949 (age 75–76)
Gujarat, India
Citizenship Cypriot
Occupation Businessman
Organisation Adani Group
SpouseRanjanben Vinod Adani
Relatives Gautam Adani (brother)

Vinod Shantilal Adani (born 1949), also known as Vinod Shantilal Shah, is an Indian-born Cypriot billionaire businessman who runs a family investment office in Dubai. [1] He is the owner of Excel Investment and Advisory Services. [2]

Contents

As of 2025, he has a net worth of $16.4 billion. [3]

Personal life

Vinod was born in 1949 in Gujarat, India into Adani family who was involved in commodity trading. [4] [5] He is the older brother of the Indian billionaire Gautam Adani. [6] [7] He is married to Ranjanben Vinod Adani and has been a resident of Dubai since 1994 and is a citizen of Cyprus. [4] [8]

Career

Vinod Adani initially joined his family business. [4] In 1976, he founded a textile business, VR Textile, in Mumbai. [9] [10] In 1989, he moved to Singapore to trade commodities. [10]

In 1994, Vinod moved to Dubai and established a network of overseas shell companies, as disclosed in the Panama Papers. [4] [11] He founded GA International in the Bahamas in January 1994, listing himself and his wife, Ranjanben Vinod Adani, as directors. [4] [12] In 1996, he changed his name to Vinod Shantilal Shah, a name appearing in various corporate filings related to Adani companies. [4] Later, he assisted Gautam Adani in the diamond trade and the import-export sector, overseeing international shipments from Jebel Ali Port. [4] He also helped raise financing for the development of Mundra Port in India. [4]

In 2010, Vinod took control of Electrogen Infra, and its parent company, Electrogen Infra Holdings. [13]

In 2014, Directorate of Revenue Intelligence of India accused Vinod Adani of involvement in a scheme to inflate the cost of imported power machinery to evade taxes and divert approximately $900 million to a Mauritius-based company linked to him. [4] The investigation was later expanded to include allegations of price inflation in imported coal to increase charges for power supply to Indian electricity distribution companies. [4]

In 2016, Vinod was named in the Panama Papers. [14]

In January 2021, TotalEnergies acquired a 20 percent stake in publicly traded Adani Green Energy not through the open market, but by purchasing two Mauritius-based entities owned by Vinod Adani. [15] In September 2022, the Adani Group's $6.5 billion acquisition of stakes in two Indian cement companies from Swiss firm Holcim was similarly conducted via a Mauritius firm controlled by Vinod and his wife. [15]

A 2023 report by Hindenburg Research criticized Vinod Adani's management of overseas shell companies, alleging financial improprieties aimed at manipulating company finances and securing funding for international projects. [4] [16] The report identified 38 shell entities in Mauritius and additional companies in Cyprus, the United Arab Emirates, Singapore, and several Caribbean islands controlled by Vinod Adani or his associates. [4] These entities were reported to facilitate the movement of funds within the Adani conglomerate without clear operational activities. [4] Further investigation by the Wall Street Journal and Bloomberg revealed a Singapore-based company associated with Vinod Adani, Abbot Point Port Holdings Pte. Ltd., which received over $1.1 billion in loans from Adani Global Investment DMCC, a Dubai-based investment firm managed by him, during the 2021 and 2022 fiscal years. [1] [4] These funds were subsequently lent to Adani Group companies involved in Australian coal, railway, and port businesses. [4]

Wealth

As per 2022 Hurun India Rich List, Vinod was named as the richest non-resident Indian, and the sixth-richest Indian overall, with a fortune of ₹169,000 crore (US $20.42 billion). [17] According to Forbes' investigation in 2023, he owns an apartment in Singapore and 37 properties in Dubai, including one in the Burj Khalifa. [15]

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References

  1. 1 2 Melin, Anders; Stapczynski, Stephen (April 25, 2023). "Adani's Billionaire Brother Starts to Retreat as Scrutiny Builds". Bloomberg.
  2. ↑ Chakrapani, Ramesh (September 5, 2023). "OCCRP reveals foreign investors linked to Adani stock manipulation". Frontline.
  3. ↑ "Vinod Adani".
  4. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Li, Shan (March 25, 2023). "Behind Adani Deals, an 'Elusive' Elder Brother" – via Wall Street Journal.
  5. ↑ Stapczynski, Anders Melin and Stephen (April 26, 2023). "The 'quiet power' behind Adani's ascent". The Sydney Morning Herald.
  6. ↑ Das Sharma, Swastika (2022-09-24). "Vinod Adani, Gautam Adani's Brother, is the Richest NRI; Know His Net Worth". News18. Retrieved 2023-01-25.
  7. ↑ Jaiswar, Saumya (23 September 2022). "Meet Vinod Shantilal Adani, the 6th richest Indian man and NRI in the world". Jagran TV. Retrieved 2023-01-25.
  8. ↑ "Vinod Adani: The man behind the Adani group's offshore deals". Morning Context. 2022-06-06. Retrieved 2023-09-02.
  9. ↑ "IPL2019-42 Vinod Shantilal Shah Adani - Arabian Business: Latest News on the Middle East, Real Estate, Finance, and More". www.arabianbusiness.com.
  10. 1 2 Deuskar, Nachiket (February 28, 2023). "Who is Vinod Adani, the mysterious elder brother at the heart of the Adani crisis?". Scroll.in.
  11. ↑ Friday, Francesca (September 1, 2023). "The paper trail revealing hidden Adani investors".
  12. ↑ "The Panama Papers: Two months after Adani brother set up firm in Bahamas, a request to change name to Shah". April 5, 2016.
  13. ↑ McCrum, Dan; Bott, Ian; Reed, John (August 30, 2023). "Secret paper trail reveals hidden Adani investors".
  14. ↑ "India's rich and famous named in Panama Papers leak so far". India Today. Retrieved 2023-01-26.
  15. 1 2 3 Tognini, Giacomo. "Is Vinod Adani The Mastermind Behind His Brother's Empire?". Forbes.
  16. ↑ Ganguly, Nivrita. "Adani Stocks Fall In India On Fraud, Stock Manipulation Claims". www.barrons.com. Retrieved 2023-01-26.
  17. ↑ Sharma, Nonika (September 23, 2022). "Vinod Shantilal Adani, Gautam Adani's Brother, Is Richest NRI". NDTV.com. Retrieved 2023-01-25.
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