Vinod Adani
Vinod Shantilal Adani | |
|---|---|
| Born | 1949 Gujarat, India |
| Other names | Vinod Shantilal Shah |
| Occupation(s) | Entrepreneur, investor |
| Years active | 1976–present |
| Known for | Proprietor of Excel Investment and Advisory Services; member of the Adani family |
Vinod Shantilal Adani (born 1949), also recognized as Vinod Shantilal Shah, is a billionaire entrepreneur of Indian origin who holds Cypriot citizenship and oversees a family investment office based in Dubai. He is the proprietor of Excel Investment and Advisory Services.
As of 2025, his net worth is approximated at $16.4 billion.
Personal life
Vinod Adani was born in 1949 in Gujarat, India, and belongs to the Adani family, which initially engaged in commodity trading. He is the elder sibling of Indian billionaire Gautam Adani. Married to Ranjanben Vinod Adani, he has been a Dubai resident since 1994 and possesses Cypriot nationality.
Career
Starting his professional journey within the family enterprise, Vinod Adani founded VR Textile in Mumbai in 1976. He relocated to Singapore in 1989 to pursue commodity trading and subsequently moved to Dubai in 1994. That same year, he established a series of offshore shell companies, as disclosed by the Panama Papers. He also created GA International in the Bahamas, naming himself and his wife, Ranjanben Vinod Adani, as directors. In 1996, he adopted the name Vinod Shantilal Shah, appearing on various corporate records tied to Adani entities. He played a key role in supporting Gautam Adani’s initiatives within the diamond industry and import-export business, overseeing shipments through Jebel Ali Port and assisting in securing funds for the development of Mundra Port.
In 2010, Vinod assumed control over Electrogen Infra and its parent firm Electrogen Infra Holdings. Four years later, India’s Directorate of Revenue Intelligence accused him of overvaluing imports of power equipment to avoid taxes and diverting nearly $900 million to a Mauritius-based company connected to him. The probe expanded to include claims regarding inflated coal prices used to raise charges for power supply.
Vinod’s name appeared in the Panama Papers in 2016. In January 2021, TotalEnergies acquired a 20% interest in Adani Green Energy by purchasing two Mauritius-based companies owned by Vinod Adani. Likewise, the Adani Group’s $6.5 billion purchase of stakes in two Indian cement firms from Swiss corporation Holcim in September 2022 was executed through a Mauritius entity controlled by Vinod and his spouse.
A report by Hindenburg Research in 2023 criticized Vinod’s oversight of offshore shell companies, alleging financial misconduct intended to manipulate accounts and obtain financing for international ventures. The investigation identified 38 shell companies in Mauritius along with additional entities in Cyprus, UAE, Singapore, and Caribbean jurisdictions under Vinod or associates’ control. These companies facilitated internal fund transfers within the Adani group without evident operational functions. Further inquiries by the Wall Street Journal and Bloomberg revealed that Abbot Point Port Holdings Pte. Ltd., a Singapore-based firm linked to Vinod, secured over $1.1 billion in loans from Adani Global Investment DMCC during fiscal years 2021-2022. These funds were then extended to Adani Group companies engaged in coal mining, railways, and port operations across Australia.
Wealth
The 2022 Hurun India Rich List ranked Vinod Adani as the wealthiest non-resident Indian and sixth overall among Indians, with an estimated net worth of ₹169,000 crore (approximately US$20.42 billion). Forbes reported in 2023 that his real estate holdings include multiple properties such as an apartment in Singapore and 37 units in Dubai, including one located within the Burj Khalifa.