Vinod Adani’s curious relationship with the Adani group

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Editor's note: The story of Vinod Adani continues to unravel. The elusive elder brother of Gautam Adani lives abroad, rarely appears in public forums and runs an empire of companies that have close dealings with the Adani group. As we reported in June last year, his relationship with the group has varied over the years, and defies a clear explanation. But in the months since, several new developments have taken place.  In July, a tribunal dismissed a customs investigation that accused a Vinod Adani-run Dubai company of selling overpriced power equipment to subsidiaries of Adani Power in 2010, in what it alleged was a planned conspiracy with the Adani group to siphon funds out of India. In its defence, the Adani group companies had submitted that Vinod Adani was “not at all having any involvement with any Adani group of companies”. The tribunal held that since the sales took place after a competitive bid and the prices were equivalent to market rates, they were at an arm’s length and the question of Vinod Adani’s relationship with Adani Power’s promoters did not arise.  …