Who is Vinod Adani? In 2022, Hurun India Rich Listed him as the richest non-resident Indian.
Putting speculation to rest, Adani Group has confirmed to CNBC that Vinod Adani, Gautam Adani's Dubai-based brother, is the owner of ACC and Ambuja Cements. Adani Group's spokesperson told the channel that Endeavour Trade and Investment Limited -- which acquired ACC Limited and Ambuja Cements Limited -- belongs to it. The spokesperson added that this fact had been disclosed in their public offer document. Forbes had reported last month that Vinod Adani participated in the group's $6.5 billion acquisition of Swiss firm Holcim's stakes in cement producers Ambuja Cements and ACC last September. It said the Mauritius-based company Endeavor Trade and Investment Limited -- controlled by Vinod Adani -- purchased a 63% stake in Ambuja and 57% stake in ACC. In January 2023, the group had said Vinod Adani doesn't hold any managerial position in the subsidiary.
Who is Vinod Adani? In 2022, Hurun India Rich Listed him as the richest non-resident Indian. He was called the sixth-richest Indian in the world. They had estimated the net worth of the industrialist to be Rs 1,69,000 crore ($20.42 billion). He is the older brother of Gautam Adani. He has been living in Dubai since 1994. The list claimed Vinod Adani's wealth grew 9.5 times since 2017. He has an interest in energy and infrastructure.
Per the report, Vinod Adani moved from the 49th spot in 2018 to the sixth rank in 2022. The Harun report said he had generated wealth by the rate of Rs 102 crore per day since 2021.
The senior Adani was the wealthiest on the list of 94 NRIs.
He started his career in 1976 in Mumbai. From power looms, he opened an office in Singapore to invest in commodities in the international market. He first moved to Singapore for trading. He settled in Dubai.
Vinod Adani started trading in sugar, oil, copper, aluminum etc.
He manages trading businesses in Dubai, Singapore and Jakarta.
In 2021, according to the list, his wealth increased by Rs 37,400 crore.This means his net worth increased by Rs 102 crore every day.
American short-seller Hindenburg had written in an explosive report that Adani had been involved in the manipulation of the prices of the group's stocks. Adani Group had rubbished the allegations.
Due to the report, Adani lost over 90 billion dollars in share value. The group has been trying to win over investors by shedding the burden of loans on the group.
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