Billionaire Gautam Adani is set to revamp his family offices by appointing top global auditors and hiring a chief executive officer to enhance transparency and oversight. This move aims to align with the disclosure standards typically seen in publicly listed companies.

Adani, whose wealth is estimated at $105.4 billion, is currently in discussions with major accounting firms to audit his family offices' financial activities. These conversations, involving two of the "big six" accounting firms, are being conducted privately.

The decision to increase transparency follows scrutiny from Hindenburg Research LLC, which criticized Adani's group for its opaque operations and financial management. In response, Adani is implementing significant changes to improve oversight and public confidence.

The overhaul includes assembling a team of around five professionals, led by a CEO and a chief investment officer. Initially, this team will report to the Group Chief Financial Officer, Jugeshinder Singh, and eventually to Gautam Adani himself.

Previously, the Adani family's wealth management was handled informally through the CFOs of various group companies. The new structure will introduce a more formal approach, contrasting with the typical discretion and secrecy of most family offices.

This strategic shift reflects Adani’s efforts to recover from last year’s controversies and strengthen his conglomerate’s reputation. By boosting transparency, Adani aims to enhance the group's credibility as it expands its global presence and attracts international investors.

The restructured family office will manage the founders’ shareholdings in listed Adani Group firms and prepare detailed financial reports for additional disclosures. While some professional hires may occur next month, the revamped family office is expected to be fully operational by April 2025.

The move comes after Adani’s rapid growth and the associated debt drew criticism, particularly following allegations from Hindenburg Research in January 2023. The short seller's report, which claimed the Adani family used offshore entities to control more of their listed businesses than disclosed, led to a significant drop in market value for Adani companies.

Despite the denial of these allegations, the controversy caused a major loss in market value, prompting Adani to undertake operational reforms and seek new investments. The latest steps, including professional management and increased transparency, are part of Adani’s broader strategy to address deeper governance issues and prepare for future challenges.

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