Key Adani investor Elara co-owner with Adani in defence firm.

Elara isn’t just another investor. Records investigated by The Indian Express show that along with the Adani Group, it is a promoter entity in a defence company, Bengaluru-based Alpha Design Technologies Private Limited (ADTPL).

The Adani Group has been accused by a US-based short-seller Hindenburg Research of stock manipulation and fraud.

ELARA India Opportunities Fund (Elara IOF), a venture capital fund managed by Elara Capital, is one of the top four entities registered in Mauritius that hold shares predominantly in Adani Group companies. Even after significantly reducing its share over the last three years, its holdings in three Adani companies add up to over Rs 9,000 crore or over 96 per cent of its total corpus in December 2022.

But Elara isn’t just another investor. Records investigated by The Indian Express show that along with the Adani Group, it is a promoter entity in a defence company, Bengaluru-based Alpha Design Technologies Private Limited (ADTPL).