MUMBAI: In August, as India’s Adani group neared the completion of its $10.5 billion purchase of two cement businesses, the conglomerate and its banks put out some particularly complicated filings.
On page 21 of an 85-page document, was a diagram of seven unlisted firms registered in the British Virgin Islands, Mauritius and Dubai. They were interlinked to each other, and one would be buying the cement company’s shares in the open market.
