Vinod Adani | |
|---|---|
| Born | Vinod Shantilal Adani 1949 (age 75–76) Gujarat, India |
| Citizenship | Cypriot |
| Occupation | Businessman |
| Organisation | Adani Group |
| Spouse | Ranjanben Vinod Adani |
| Relatives | Gautam Adani (brother) |
Vinod Shantilal Adani (born 1949), also known asVinod Shantilal Shah, is an Indian-born Cypriotbillionaire businessman who runs a family investment office inDubai.[1] He is the owner of Excel Investment and Advisory Services.[2]
As of 2025, he has anet worth of $16.4 billion.[3]
Vinod was born in 1949 inGujarat, India into Adani family who was involved incommodity trading.[4][5] He is the older brother of the Indian billionaireGautam Adani.[6][7] He is married to Ranjanben Vinod Adani and has been a resident of Dubai since 1994 and is acitizen of Cyprus.[4][8]
Vinod Adani initially joined his family business.[4] In 1976, he founded a textile business, VR Textile, inMumbai.[9][10] In 1989, he moved toSingapore to trade commodities.[10]
In 1994, Vinod moved toDubai and established a network of overseasshell companies, as disclosed in thePanama 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 assistedGautam Adani in thediamond trade and the import-export sector, overseeing international shipments fromJebel Ali Port.[4] He also helped raise financing for the development ofMundra 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 importedpower machinery to evadetaxes 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 thePanama 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 firmHolcim was similarly conducted via a Mauritius firm controlled by Vinod and his wife.[15]
A 2023 report byHindenburg Research criticized Vinod Adani's management of overseasshell companies, alleging financial improprieties aimed at manipulating company finances and securing funding for international projects.[4][16] The report identified 38 shell entities inMauritius and additional companies inCyprus, theUnited Arab Emirates,Singapore, and severalCaribbean 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 theWall Street Journal andBloomberg 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 inAustralian coal,railway, and port businesses.[4]
As per 2022 Hurun India Rich List, Vinod was named as the richestnon-resident Indian, and the sixth-richest Indian overall, with a fortune of₹169,000crore (US $20.42 billion).[17] According toForbes' investigation in 2023, he owns anapartment in Singapore and 37 properties inDubai, including one in theBurj Khalifa.[15]
| Adani Ports & SEZ | |||
|---|---|---|---|
| Adani Power | |||
| FMCG | |||
| Transmission | |||
| Gas |
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| Mining | |||
| Adani Airports | |||
| Adani Green Energy | |||
| Adani Enterprises | |||
| Institutions | |||
| People |
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