Investments by billionaire Rajiv Jain-backed GQG Partners and their clients in the Adani Group rose 252 per cent to ₹95,386 crore last year.
In March 2023, US-based GQG Partners invested a total of ₹15,400 crore in four Adani Group companies. During March 2023, GQG Partners invested ₹5,400 crore in Adani Energy Limited and ₹5,300 crore in Adani Ports and Special Economic Zone Limited. Besides, ₹1,900 crore was also invested in Adani Energy Solutions Limited and ₹2,850 crore was also invested in Adani Green Energy Limited. This total investment of 1.88 billion US dollars (approx. ₹ 15,624 crore) has grown to 4.80 billion US dollars (approx. ₹ 39,892 crore) today.
During March 2023 alone, GQG Partners invested a total of ₹10,900 crore in three companies. This investment of US$1.34 billion is now worth US$2.35 billion (approximately ₹19,530 crore).
GQG Partners, which manages over US$100 billion in assets, manages two funds – the GQG Partners Emerging Markets Equity Fund and the Goldman Sachs – GQG Partners International Opportunities Fund. GQG Partners acquired shares of Adani group companies through Goldman Sachs – GQG Partners International Opportunities Fund.
Adani Group shares fell after the US short-seller reported allegations and since then GQG Partners and its clients have been buying stakes in Gautam Adani’s group companies.
Rajiv Jain had earlier told NDTV Profit that his company is betting on Adani Group’s execution prowess in the infrastructure sector. He said, “They have invested in a group led by an entrepreneur who is exceptionally good at getting things done…”
An estimated US$4.3 billion (approx. ₹35,737 crore) investment in sectors spanning the group from ports to energy has a present value of US$11.48 billion (approx. ₹95,408 crore).
(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani group company.)