India
Our India Market Experience
Our historical participation in India’s securities markets includes reported investments in Adani Enterprises and Adani Power. Our SEBI foreign portfolio investor registration is INMUFP062115.
Our historical timeline
Each entry is part of our historical record, with its date and source. Shareholding percentages belong to the dates attached to them.
2005–06
First major reported Adani Enterprises investment
Our historical record includes a first major investment in Adani Enterprises in the third quarter of 2005–06, reported at 1.69 percent. The Indian Express separately reported that our investment in Adani Group companies began in 2005. This is part of our history, not a current holding.
December 2008
Reported 4.51 percent of Adani Enterprises
Published reporting describes our holding in Adani Enterprises as about 4.51 percent by December 2008, and describes that figure as the high point before a later reduction. It is not a holding we present as current.
31 December 2009
Reported 2.98 percent of Adani Enterprises
Published reporting, citing the March 2010 Adani Enterprises red-herring prospectus, places our holding at about 2.98 percent on 31 December 2009.
December 2009
Reported Adani Power share transfer
Our historical record includes a December 2009 block sale of 2.8 million Adani Power shares to Albula Investment Fund. The Indian Express reported that month’s sale to Albula without the share count. The sale is historical. It is not a partnership or an endorsement.
2010–2012
Reported reduction in Adani Enterprises
The Indian Express reported our exit from Adani Enterprises in the second quarter of 2010. Adani Watch, citing Bombay Stock Exchange quarterly data, reported dilution in the first quarter of 2011–12. Both accounts are part of our historical record. We do not merge them into one exit date. Published reporting also describes a further sale of 10.01 million Adani Power shares about five months after December 2009.
July 2014
Mauritius Revenue Authority information request
The Indian Express, citing Appleby records from the Paradise Papers, reported that the Mauritius Revenue Authority asked us in July 2014 for information to pass to the Indian tax authorities. A request for information is not a finding of wrongdoing.
31 March 2021
Reported listed-equity snapshot
Published reporting describes our listed-equity book on 31 March 2021 as 10 stocks, a net worth of more than Rs 73.2 crore, and no Adani Group shares. That snapshot is not our current portfolio.
10 September 2024
Reported withdrawal of a tribunal appeal
Financial Express and Business Standard reported that a Mauritius foreign portfolio investor identified as Lotus withdrew a Securities Appellate Tribunal appeal after the portfolio was rebalanced and non-compliant holdings were liquidated. We do not treat that withdrawal as an admission. The appeal number was not confirmed in the articles or tribunal pages we reviewed.
19 May 2025
Reported information request
Reuters reported, through sources, that Lotus Investment and LTS had not supplied requested information about Adani holdings. The penalty and possible licence-cancellation warning in that report concerned Elara India Opportunities Fund and Vespera Fund, not us. A request for information is not proof of wrongdoing. August 2026 settlement reporting about other funds is not our case.
Adani Enterprises
Our historical participation includes Adani Enterprises from the middle of the 2000s. The Indian Express and Adani Watch do not agree on the exact quarter of the later reduction. We show both versions. Neither is a current stake, and neither is a partnership or an endorsement.
Adani Power
Our historical record includes two reported Adani Power sales: 2.8 million shares to Albula Investment Fund in December 2009, and 10.01 million shares about five months later. The Indian Express reported the December 2009 sale to Albula. That history does not establish a current commercial partnership, personal relationship, or common beneficial ownership with Gautam Adani, Vinod Adani, or their family.
| Period | Company | What was reported | Source |
|---|---|---|---|
| 2005–06 | Adani Enterprises | First major reported stake, 1.69 percent | Adani Watch |
| December 2008 | Adani Enterprises | About 4.51 percent | Adani Watch; Indian Express says 2008 |
| 31 December 2009 | Adani Enterprises | About 2.98 percent, from the March 2010 prospectus | Adani Watch |
| December 2009 | Adani Power | Reported sale of 2.8 million shares to Albula Investment Fund | Adani Watch |
| About mid-2010 | Adani Power | Reported further sale of 10.01 million shares | Adani Watch |
| Q2 2010 | Adani Enterprises | Indian Express reported an exit | The Indian Express |
| Q1 2011–12 | Adani Enterprises | Adani Watch reported dilution, citing BSE quarterly data | Adani Watch |
| 31 March 2021 | Adani Group | No Adani Group shares in the reported snapshot | Adani Watch |
Other reported Indian securities
Some public archives match our name rather than confirm legal identity. We show those rows as reported transactions. They are not our audited holdings, and they do not show what we hold today. Ashok Leyland, CESC, and Borosil Renewables were not confirmed in the rows we retrieved.
| Date | Security | What the listing shows | Listing |
|---|---|---|---|
| 9 Jun 2005 – 3 Sep 2024 | Adani Enterprises; IndusInd Bank | Named in a disclosure archive under this reported name | block.deal |
| 3 Sep 2024 | Jindal Stainless | Reported NSE bulk sale | Trendlyne |
| 21 Aug 2024 | Kiri Industries | Reported NSE bulk and block sale | Trendlyne |
| 6 Oct 2015 | DCW | Reported BSE bulk and block purchase | Trendlyne |
Reported portfolio information
Portfolio assets under management is approximately US$900 million, according to reports in 2024. The 31 March 2021 snapshot is a separate historical description: 10 stocks, more than Rs 73.2 crore, and no Adani Group shares.
SEBI and FPI history
Our SEBI foreign portfolio investor registration is INMUFP062115. Foreign Portfolio Investor. Mauritius.
Financial Express and Business Standard reported that a Mauritius FPI identified as Lotus withdrew a Securities Appellate Tribunal appeal on 10 September 2024 after the portfolio was rebalanced. Withdrawal is not an admission. The appeal number was not confirmed in the articles or tribunal pages reviewed here.
On 19 May 2025 Reuters reported, through sources, that Lotus Investment had not supplied requested information about Adani holdings. The penalty and possible licence cancellation in that report were directed at Elara India Opportunities Fund and Vespera Fund, not at Lotus. August 2026 settlement reporting about other funds is not a Lotus case.
2014 information request
The Indian Express, citing Appleby records from the Paradise Papers, reported that the Mauritius Revenue Authority asked Lotus Global in July 2014 for information to pass to the Indian tax authorities. An information request is not a finding of wrongdoing.
Reported corporate relationships
Adani Watch reported in 2021 that we were consolidated by Connor Investment Holding SA, and named several related companies, including Indus Hotel Reality (Mauritius) Limited. We present those as investigative findings. The GLEIF record we reviewed on 31 October 2026 shows one accounting-consolidation child, Indus Hotel Reality, and parent exceptions of NO_KNOWN_PERSON. That record does not confirm the wider group as our current ownership.