Despite having declared the purchase of Ambuja Cements as well as its subsidiary ACC Limited in September, according to papers related to the deals, The Morning Context reported on Monday that the Adani Group does not actually own either company. The two businesses were allegedly purchased by the group from the Holcim Group, a company headquartered in Switzerland, using a special purpose vehicle called Endeavour Trade as well as Investment Limited. Special purpose vehicles are subsidiaries established with particular or short-term goals, and their assets and liabilities are separate from those of the main organization.
The Morning Context reported that, according to the final offer document provided by Ambuja Cements, “Mr. Vinod Shantilal Adani with Mrs. Ranjanben Vinod Adani” are Endeavour Trade and Investment’s true beneficial owners. The CEO of the Adani Group, Gautam Adani, has an older brother named Vinod. Since January 24, when American short-seller Hindenburg Research alleged that the Adani Group had racked up substantial debt by offering capital assets as well as engaged in “brazen stock manipulation,” the organization has been the subject of debate.
For the purpose of helping the conglomerate’s companies keep the appearance of sound financials, Hindenburg Research claimed that Vinod Adani was in charge of building and overseeing a vast network of offshore entities used for stock parking, market manipulation, and money laundering. Vinod Adani does not occupy a managerial position and is not involved in the day-to-day activities of any of the subsidiaries or Adani-listed companies, according to the Adani Group’s response to the allegations. The Daily Context claims that Vinod Adani sits on the board of Acropolis Trade and Investment Limited, a business with a Mauritius address. According to the report, Acropolis is the promoter of Xcent Trade and Investment Limited, a business that controls Endeavour Trade and Investment.
According to the offer letter for the purchase, neither Endeavour nor Xcent had any revenue during the fiscal year 2021–2022, but both reported losses of $25,980 (Rs 21.39 lakh) each. The company Adani Global Investment DMCC, headquartered in Dubai, acquired ownership of Acropolis in 2016. The manager of Adani Global Investment DMCC is reportedly Vinod Adani, and AR Global Holding Limited, a business incorporated in the British Virgin Islands, a nation known for its tax havens, is the company’s owner.
