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]
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