Richer Than Adani? Vinod Adani Is Behind Adani Companies

Gautam Adani has become the richest man in India and the third richest man in the world after the rapid rise in his assets in recent years. The unexpected arrival of the Hindenburg Report was a blow to the Adani empire. Many businesses related to Adani are now under the shadow of doubt. But reports are coming out that Vinod Adani, the man behind Adani empires, is richer than Adani. The world’s richest expatriate Indian, Vinod Adani, had an estimated net worth of Rs 1.69 lakh crore at the end of 2022, but the international media is now reporting that the actual net worth is much higher than this. Gautam Adani, who started business as a diamond broker, later started his own business with his brother.
Vinod Adani, a graduate in engineering from America, ran a textile company in Mumbai called VR Textile. The company expanded to Singapore and later to the Middle East. Vinod moved to Dubai in 1994. But huge asset growth is achieved later.

Two names; 60-plus companies

There were allegations that Vinod Adani was behind the flow of money to Adani companies through companies in Mauritius. Until recently, not many people knew about Vinod Adani except business leaders in India. Vinod Adani was again in the news after the Hindenburg Report came out. But it is indicated that Vinod Adani has a wealth of 980 crore dollars which is not included in the figures. According to Dubai property records, Vinod Adani owns three properties in Burj Khalifa alone. This is in addition to the many real estate assets in Dubai. Vinod Ambani heads a huge network of eight companies based in Mauritius. It is indicated that 60 shell companies are registered in Bahamas, British Virgin Islands, Cayman Islands, Cyprus and Singapore.

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These shell companies in foreign countries are the focus of Adani Group’s highest deals. French oil major Total Energies had bought 20 percent stake in Adani Green Energy. But instead of buying shares directly from the open market, Total Energies acquired two firms in Mauritius. The company acquired the stake through these companies owned by Vinod Adani. Last September, it was reported that the Adani Group had spent $6.5 billion to buy stakes in ACC and Ambuja Cement companies from Swiss firm Holcim. But the amount was not invested directly. A Mauritian firm owned by Vinod and his wife handled the deal for Adani.

Vinod Adani currently owns $470 crore worth of shares in Adani group companies.
But Adani Group is repeating that Vinod Adani does not have any formal position in Adani Group. The faceless Vinod Adani is known by two different names. These names are Vinod Shantilal Adani and Vinod Shantilal Shah. A Cypriot passport holder, he owns an apartment in Singapore and 37 residential and commercial properties in Dubai worth $2.1 million. There are other assets that do not count.