The Adani Group has seven publicly listed companies and 578 subsidiaries, all of which are reportedly controlled and managed by his family. In January 2023, the value of these companies was estimated at $ 200 billion, equivalent to Qatar’s GDP. The Adani group is said to have launched an astonishing 270 companies since 2014, of which 125 are reportedly based in London. In 2018, Gautam Adani’s net worth was estimated at $20 billion, by 2022, it is expected to increase to $120 billion, making him the third richest person in the world. In a scathing report released on January 24, US-based Hindenburg Research said Adani companies were overvalued and alleged that shell companies had invested in these companies through round-tripping.
An Idiot’s Guide to Shell Companies and Round Tripping IG News