The GQG Partners LLC, a seasoned investing firm, has expanded its position in the company owned by billionaire Gautam Adani by around 10%. The US-based investment company will also take part in the conglomerate’s next fund-raising efforts, doubling down on what he refers to as “the best infrastructure assets available in India.”
According to Bloomberg on Tuesday, GQG’s Rajiv Jain increased his investment in billionaire Gautam Adani’s conglomerate to approximately $3.5 billion, a gamble on what he calls “the best infrastructure assets available in India.”
According to value, we hope to surpass the family as one of Adani Group’s major investors within five years, said Jain, the chief investment officer of GQG, in an interview with Bloomberg. If the Adani Group ever introduces a new offering, we would surely want to be partners in it.
According to Jain, GQG’s Adani interests are worth around $3.5 billion, according to Bloomberg. But he omitted to say which Adani businesses he invested in or how much of the investment’s worth came from direct acquisitions.
In March, a family trust sold ownership in four Adani companies to US-based GQG for about $2 billion. When the purchase was made, Adani stocks were in free fall as a result of the fallout from a damning report by US short-seller Hindenburg Research.
After Hindenburg highlighted multiple concerns about governance at the conglomerate earlier this year, the market value of Adani Group’s listed firms fell by approximately $147 billion. The organisation has denied doing anything improper.
Adani Ports & Special Economic Zone Ltd. gained 8% to make up for all the losses caused by Hindenburg, and Adani Enterprises Ltd.’s stock rose as high as 19% on Tuesday, bringing its three-day gain to 46%.
