Mumbai: As one of India’s largest conglomerates continued to attract global attention, new details have emerged about increasing investments from an influential overseas investor.
Rajiv Jain, an NRI financier based in Florida who manages the billion-dollar GQG Partners fund, raised his stakes significantly across six companies linked to Gautam Adani during the latest quarter ending December 2022. Regulatory filings show the investments are a clear vote of confidence despite recent controversy swirling around some Adani entities.
The increased holdings are a notable show of continued faith from Mr. Jain, who took an early contrarian position this year by establishing sizable positions in Adani Enterprises, Adani Ports and Adani Green Energy in the months following a critical report issued by short-seller Hindenburg Research. At the time, he publicly stated he saw significant long-term potential overlooked by those focused on political risk perceptions.
According to the latest available disclosures, his fund now owns almost 3% of shares in Adani Enterprises and Adani Ports, while ownership in the renewable energy arm Adani Green Energy rose above 3.5%. Mr. Jain also acquired further stakes in other Adani Group affiliates active in related industries such as energy solutions and power generation. Market sources note GQG’s total estimated value invested across the six companies it holds shares in has expanded by over 50% to approach $5 billion.
In addition to the Adani portfolio, GQG was observed increasing its presence in other large Indian corporates as well. Stakes in consumer giant ITC and fast-moving consumer goods player Patanjali Foods were both enlarged, likely seeing attractively priced opportunity in well-established franchises contending with short-term adversity.
Industry experts point to Mr. Jain’s serial ability to take a differentiated view of Indian businesses compared to other foreign players, based on deep local expertise and a longer investment time horizon. With economic fundamentals remaining sound despite macro volatility, his latest moves suggest continued conviction in India’s growth momentum. Local brokers also note domestic asset allocators may see validation in GQG’s confidence, potentially counterbalancing any lingering concerns from overseas.
While some profit-taking was observed by state-run behemoth LIC this quarter in certain Adani stocks, the bullish signal sent by Mr. Jain’s doubled-down approach is being closely watched. As one of India’s largest foreign investment managers, his high-stakes bets often move broader market sentiment. Only time will tell if this episode further fuels the ongoing structural rise of Indian enterprises on the global stage.
