Mauritius and other tax haven companies pumped Rs 20,800 crore into the Adani group over five years

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- Another blow: Foreign investment in the Adani group has been done by shell companies

- Vinod Adani and his colleagues continue to invest in the Adani group: In 2017 alone, Adani Port received investments from 165 shell companies.

AHMEDABAD: British newspaper The Financial Times has made a big blast today after the Hindenburg report that listed companies of the Adani group in India are involved in financial manipulation and financial manipulation by companies affiliated with or owned by the group. About half of the total foreign direct investment in the Adani group over the past five years has been through companies or funds owned by promoters of the Mauritius and Dubai-based conglomerate, according to a newspaper report. According to the report, about Rs.20,800 crore foreign investment has been made by these companies in the last five years.

According to this report, based on the figures of foreign direct investment in India, the Adani group has invested 45.4 percent or 2.6 billion dollars (Rs. 20,800 crore) of the total investment of 5.7 billion dollars (Rs. 45,600 crore). Adani-linked, companies registered in tax havens have done so. The report further notes that since the Reserve Bank and Foreign Direct Investment in India figures only record investment above a certain threshold, the total figure is much higher as it does not record portfolio investment in stocks.

The two largest foreign investments in the Adani group have been exhausted by companies directly or indirectly linked to Gautam Adani's elder brother Vinod Adani. Vinod Adani resides in Dubai on a Cyprus passport. In 2017 and 2018, Emerging Market Investments DMCC, which invests only in Vinod Adani's funds, has invested 631.1 million dollars in Adani's companies. Similarly, on behalf of Mauritius-based Gardenia Trade and Investment, another $782 million has come to Adani companies in 2021 and 2022. These funds are owned by Vinod Adani-linked Subir Mitra. Most of the shell companies that have foreign investments in Adani group companies have declared themselves to be promoters. It directly means that the company is owned by the Adani group or a family member of its promoter. A quarter of the total investment of Rs.20,800 crore between 2017 and 2022 has come in just one year (2017). As many as 165 shell companies have invested in Adani group companies for an amount below $4 million this year, most of which has gone to Adani Port, the report said.

More importantly, FDI in the Adani group has sometimes been the largest share of total investment in the country. In the first quarter of 2021, the amount in the Adani group accounted for 23 percent of the total foreign investment in the country.

The share of shell companies in foreign investment may also be higher

Foreign direct investment figures in India do not include the amount of foreign portfolio investment coming through the stock market. Data and statistics on foreign investment are collected by the central government and the Reserve Bank while information on portfolio investment is collected by the stock market regulator SEBI. In addition, if the investment amount is less than 10 percent of the capital of the company, its data is not publicly available. Hence, it is possible that the total investment in the Adani group may be higher than the report estimates.

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