Thanks to a 173-page report by a six-member panel appointed by India’s Supreme Court, we now have a fairly good idea of where the country’s probe into the Adani Group is headed: Nowhere.
It has never been too hard to look under the hood of the foreign investors that have propped up the infrastructure behemoth over the years. As many as 12 funds and one overseas financial firm owned a combined stake of between 14 per cent and 20 per cent in five out of the six publicly traded Adani companies in March 2020, according to the Securities and Exchange Board of India’s own submission to the committee. The entities may be opaque, but they have all disclosed their beneficiary owners.
