Gautam Adani’s elder brother Vinod Adani is once again in the media headlines. The reason is to make a big disclosure of Adani Group regarding them. After all, who is Vinod Adani, what work does he do? After all how big is his business umpire…
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The Hindenburg Research report did not create a crisis for Gautam Adani’s business only. Rather, many information about the people related to his family was also made public. One of these names is that of his elder brother Vinod Adani, who is once again in the limelight. The reason for this is that Adani Group has accepted Vinod Adani’s role in its listed companies, while earlier he was constantly trying to avoid it. After all, how much do you know Vinod Adani?
Adani Group says that Vinod Adani is part of the promoters group of group companies. At the same time, his company Endeavor Trade and Investment Limited has actually acquired Ambuja Cement and ACC Limited.
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Vinod Adani works in Dubai
Gautam Adani’s 74-year-old elder brother Vinod Adani works in Dubai. While according to several media reports, he is a permanent resident of Singapore. A Forbes report states that he set up a textile mill near Mumbai in 1976, after which he moved to Singapore in 1989. Later his work reached Dubai in 1994.
Vinod Adani does this work
It is said about Vinod Adani that he is a master in trading. Sugar oil and copper are the major commodities in which he has considerable trading experience. He also has a major stake in Adani Group. His net worth is around $1.3 billion. This is the reason that in 2022 he was also the richest NRI.
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Recently, Adani Group told that Endeavor Trade and Investment Limited, controlled by Vinod Adani, has actually acquired Ambuja Cement and ACC Limited. Now both these companies are part of Adani Group. A special thing is said about Vinod Adani that he helps Adani Group in raising money from the international market and in negotiation.
There has been an old relationship with controversies
Gautam Adani’s brother Vinod Adani has an old association with controversies. In the year 2016, his name surfaced in the ‘Panama Paper Leak’. In this report, financial information of more than 2 lakh fake companies was given in detail.
In this, it was told that in January 1994, he had formed a company in the Bahamas. Two months after the formation of the company, he changed his name from ‘Vinod Shantilal Adani’ to ‘Vinod Shantilal Shah’ in the company’s documents.
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Many allegations made in the Hindenburg report
Vinod Adani’s name has been mentioned 151 times in the Hindenburg Research report against Adani Group. Even though he does not hold direct control in any company of Adani Group, but now Adani Group is not denying his role.
The report claimed that Vinod Adani and his associates formed dozens of companies in Mauritius, which actually have no corporate presence. Some similar companies have been formed in Cyprus, Singapore, Caribbean and UAE. Some suspicious transactions have been done with Adani Group of these companies. At the same time, he has also played a role in increasing the share price of Adani’s companies.