Adani shifted audits from the big four.

Adani Group, the Indian conglomerate whose accounting practices have come under fire from a short

seller, last year shifted the audit of its British subsidiaries from a Big Four firm to one outside the ranks of the ten biggest in the UK.

The firm is the 12th largest in the UK, according to Accountancy Age’s rankings, and its wider global network is outside the top six in the world.

Adani’s British entities is made up of a portfolio of renewable power plants across India that Adani Green Energy Limited, which is listed in Mumbai, acquired from SoftBank Group and Bharti Enterprises in 2021. SoftBank had its main holding company in the UK, which is why accounts for these Adani subsidiaries are audited in Britain even though the power plants are in India.

The sole director of London-based Adani Energy Holdings Limited and its UK subsidiaries is Sanjay Newatia, a former Credit Suisse banker who now runs SKN Advisors, which describes itself as a «bespoke consultancy serving corporates and ultra-high net worth clients across UK, India and the Middle East».

Newatia told the Financial Times that, while Adani’s listed entities were audited by «the global big six», the group «likes to promote smaller firms as a matter of practice for its non-listed entities», adding: «Crowe UK LLP is one such firm».

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