Even after prepaying loans, selling stakes worth Rs 15,000 crore and issuing clarifications, the Adani Group continues to be haunted by offshore firms mentioned in the Hindenburg Report. After claiming that Vinod Adani named as the architect of a shell firm network didn't hold a managerial position in the group, it had to admit that he owned ACC and Ambuja.
Now data about FDI remittance from India has revealed that almost 50 per cent of the foreign funding for Gautam Adani's firms came from companies linked to his relatives.
How much has Adani's family sent to his own firm?
Between 2017 and 2022, the port to airport conglomerate received $5.7 billion in overseas investments, of which $2.6 billion came from entities connected to the Adani family.
This figure could increase if the full amount is examined since only a part of foreign investments is covered in the remittance data.
The findings only add to the troubles for Adani, who has been accused of using shell companies in Mauritius and other tax havens to inflate stocks to secure loans.
Opaque investments form biggest chunk of FDI in India
The group received the highest volume of foreign investment in 2022, by bagging 6 per cent of the inflows into the country.
Although $2 billion for Adani did arrive from Abu Dhabi's International Holding Company, more than $500 million was infused by firms in Mauritius with an Adani family connection.
This network of offshore firms sending money back to the family business makes a conglomerate with hundreds of subsidiaries, look even murkier.
