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Adani Offshore Investor Has Links to Adani Family

A short seller’s allegations of fraud by Gautam Adani’s conglomerate center on whether his family wielded influence over Mauritius-based investors

Shares of companies linked to Indian billionaire Gautam Adani plunged after short seller Hindenburg Research published a scathing report accusing his company of wide-ranging fraud. WSJ’s Ben Foldy explains what to know. Illustration: Ryan Trefes

One of the large shareholders of Adani Power, the energy firm at the core of Indian billionaire Gautam Adani’s business empire, is an offshore company called Opal Investment Pvt. Ltd. 

Adani Power described Opal in its latest quarterly report as an independent shareholder that has no ties to the ports-to-power conglomerate beyond its 4.69% stake in Adani Power.

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