Adani Group grew at a breakneck pace in recent years, with parent entity Adani Enterprises Ltd. surging more than 1,600% in the 12 months to its apex in December. That briefly made founder Adani the second-richest person on Earth, according to the Bloomberg Billionaires Index.
Malaysia’s richest man, a powerful shipping tycoon and the world’s two wealthiest families are just a few of the high-profile names caught up in the unravelling of Gautam Adani’s empire.
From Virginia to Marseille to the Middle East, investors and joint-venture partners of various Adani businesses are suddenly exposed to the most dramatic selloff in India’s corporate history. The partners, whose tie-ups involve data-centre servicing, packaged food and port management, among others, exemplify the far-reaching tentacles of the Indian conglomerate that was accused of fraud last week by short-seller Hindenburg Research.
