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"It all creates a potential headache for New Delhi as Adani ventures deeper into the economy"

"A bigger worry is a top-cited complaint among analysts and money managers: that the value of his tightly held companies has been puffed up through opaque Mauritius-based funds. After group stocks nosedived in 2021, a government minister in a written reply to parliament disclosed the securities regulator was investigating some Adani companies without providing more details. Such probes can go on for years and quietly fizzle out. For its part, Adani says that the regulator continues to approve all its proposals. Whatever the merits, such reputational concerns could hinder Adani’s ability to rally external support if leverage or access to capital ever become a problem."

"It all creates a potential headache for New Delhi as Adani ventures deeper into the economy. His success also matters for rich countries counting on him to roll out ambitious projects to help India meets its climate commitments. India’s needs are crying out for financially prudent infrastructure tycoons. The relentless rise, though, of one with such important holdings, who makes plenty of investors skittish, is almost as unnerving as one with too much debt."

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