Indian data reveals Adani empire’s reliance on offshore funding

Almost half of all foreign direct investment into Gautam Adani’s conglomerate in recent years came from offshore entities linked to his family, highlighting the role of hard-to-scrutinise money flows in financing the Indian tycoon’s business empire.

A Financial Times analysis of India’s FDI remittance statistics shows offshore companies linked to the Adanis invested at least $2.6bn in the group between 2017 and 2022, 45.4 per cent of the more than $5.7bn it received in total FDI over the period.