Ostensibly competing suppliers of imported coal, the two business groups are joined at the hip and may actually be helping each other out, finds an investigation.
Related party transactions and the contortions involved to avoid disclosing them as such have long been the Adani group’s Achilles heel. Nothing brings this out better than its business relationship with the Ahmedabad-based Adi group.
An investigation by The Morning Context lays out how the lines between client, supplier, investor, associate and proxy blur when one zooms into the relationship.
The Adi group’s businesses range from coal and commodity trading to real estate development. It has a long-standing relationship with the Adani group. Its founder, Utkarsh Shah, is described as a friend of Adani group chairman Gautam Adani for over …
Abir investigates corruption and white-collar crime, with a focus on finance, infrastructure, energy and the environment. He started his career as a reporter at the Economic and Political Weekly. Prior to The Morning Context, he wrote freelance for publications in India and abroad.
Editor, Investigations
abir@mailtmc.com
Delhi