The Adani group’s Mauritian migraine

With at least six Mauritius-based funds that invested in Adani Enterprises’s scrapped share sale having links to the group, a potential conflict of interest problem looms.

As Indian parliamentarians call for an investigation into the Adani group, regulators are once again looking into the infrastructure conglomerate's Mauritius connection. 

Earlier this month, the Securities and Exchange Board of India asked banks to share details on the beneficial owners of offshore funds and foreign portfolio investors by September this year. It is reportedly also looking at potential conflicts of interest in Adani Enterprises Ltd’s share sale process. 

In particular, the regulator is investigating the relationship between two Mauritius-based funds—The Great International Tusker Fund and Ayushmat Ltd—which participated in Adani Enterprises’s $2.4 billion, or Rs 20,000 crore, follow-on public …


Advait Palepu

Advait is a financial journalist and a former writer at The Morning Context. Here, he wrote on India’s banks, the wider financial services industry and the fintech ecosystem. He has previously worked with the Economic and Political Weekly, Business Standard, BloombergQuint and MediaNama, where he covered everything from the Reserve Bank of India to fintech policy.