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A relative of Gautam Adani turned a bankrupt firm into a nearly $1 bn company

LivemintLivemint · 9m ago
A relative of Gautam Adani turned a bankrupt firm into a nearly $1 bn company
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Diamond Power Infrastructure Ltd, a small electric cables and transmission towers manufacturer based in Ahmedabad, has experienced a significant turnaround, going from bankruptcy to a market capitalization of nearly $1 billion. The firm's improved financial position can be attributed to increased business from the Adani conglomerate. However, while the company's chairman and managing director, Rakesh Shah, is the brother-in-law of Gautam Adani, the Indian business tycoon, Diamond Power Infrastructure claims that their transactions with Adani group companies are not related-party transactions. Experts suggest that regulatory bodies should expand the definition of related parties to include such relationships.

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