Rajiv Jain, the founder of GQG Partners Inc., will meet with customers and investors this week in Australia, the company announced in a statement on Tuesday and will discuss its investment in the troubled Indian Adani group.
The first significant investment in the Indian conglomerate after a stock crash precipitated by a negative report from short-sellers was made by GQG Partners, which purchased shares worth $1.87 billion in four Adani Group companies.
Adani was accused of manipulating the stock market and using tax havens improperly in a study released in January by the American firm Hindenburg Research, which also raised questions about debt levels.
Adani maintains it has done nothing wrong in response to the claims, which have been dismissed.
As major investors like Norway’s national wealth fund start selling the shares, a customer of GQG, an Australian pension fund, has concerns about the share acquisition.
Jain is holding conference calls with some of GQG’s clients while personally visiting with others, according to unidentified people who were discussing private issues and who talked to Reuters anonymously.
“In order to meet with investors, Rajiv Jain is in Australia this week. Before the Adani purchase, the trip was carefully organized. According to the Reuters statement,
It’s also a chance for you to address any inquiries they may have about the company, especially any pertaining to the Adani investment.
Since the company went public on the ASX in 2021, this, according to the release, is Jain’s first trip to Australia.
GQG purchased the following Adani companies: 3.4% of Adani Enterprises Ltd., 4.1% of Adani Ports and Special Economic Zone Ltd., 2.5% of Adani Transmission Ltd., and 3.5% of Adani Green Energy Ltd. for about $662 million. 2.5% of Adani Transmission Ltd. and 3.5% of Adani Green Energy Ltd. were also purchased for $230 million and $340 million, respectively.
The Indian business purchased the equity from the Adani family trust, according to records filed by the business.
