Adani assigned just a fraction of $60 million in asset write-downs on its Queensland coal venture to an Australian subsidiary of one of its listed companies, instead booking much of the impairment to a private Adani company established in Singapore.

The 2018 write-down, which lessened the profit hit felt by its Mumbai-listed parent, came despite the Singapore-based private company owning far fewer assets in the mine-to-port venture than the Australian subsidiary of publicly listed Adani Enterprises. The difference was found in an investigation by The Australian Financial Review.