Vinod Adani
Indian-born billionaire (born 1949)
From Wikipedia, the free encyclopedia
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]
1949 (age 76–77)
Vinod Adani | |
|---|---|
| Born | Vinod Shantilal Adani 1949 (age 76–77) Gujarat, India |
| Citizenship | Cyprus |
| Occupation | Businessman |
| Organisation | Adani Group |
| Spouse | Ranjanben Vinod Adani |
| Relatives | Gautam Adani (brother) |
Personal life
Vinod was born in 1949 in Gujarat, India into Adani family who was involved in commodity trading.[4][5] He is the elder 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] The Securities and Exchange Board of India (SEBI) investigation revealed in April 2024, that Adani Group companies were receiving funding from up to twelve offshore funds.[17] Eight of the twelve accused offshore funds approached the SEBI and paid penalties to settle the accusation charges.[18]
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).[19] According to Forbes' investigation in 2023, he owns an apartment in Singapore and 37 properties in Dubai, including one in the Burj Khalifa.[15] Vinod’s largest valued property is his 19,000 square foot villa located in Emirates Hills estimated to be worth $10 million.[20]