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GQG Partners Emerges as Adani’s Biggest Ally with Rs 40,000 Crore Bet – Rajiv Jain’s GQG Became Adani’s Top Investor

The Adani Group has found a strong ally in Rajiv Jain’s GQG Partners. The US-based investment firm was the first major investor to buy Adani stocks after the Hindenburg report led to a massive selloff. According to the latest shareholding data, GQG Partners now owns over Rs 40,000 crore worth of shares across six Adani group companies.

Rajiv Jain, Chairman and CIO of GQG Partners, started building stakes in Adani companies in early March 2023. Within a few months, the total value of GQG’s holdings has crossed the Rs 40,000 crore mark. This is based on the shareholding pattern for the quarter ended September 2022 and the latest share prices.

GQG’s funds hold major stakes in Adani Green Energy, Adani Enterprises, Adani Power, Adani Ports, Ambuja Cements and Adani Energy Solutions. The breakup is quite interesting:

Adani Green Energy: Over Rs 9,375 crore

  • Goldman Sachs GQG Partners Fund – 2.21% stake worth Rs 3,493 crore share
  • GQG Partners Emerging Markets Fund – 1.34% stake worth Rs 2,129 crore share.

The investments assume significance as GQG was the first external investor to repose faith in the Adani group after the Hindenburg report accused it of stock manipulation and accounting fraud. The report led to an unprecedented selloff in Adani stocks.

Rajiv Jain told Business Today last year that his firm wanted to assess the impact of Hindenburg’s allegations. The more they analysed Adani businesses, the more confident they became.

Jain believes Adani has world-class infrastructure assets that are critical for India’s economic growth. For instance, the group operates key ports, airports, power plants and solar farms. They are market leaders in businesses that align well with India’s net zero emission goal by 2070.

The Supreme Court has also cleared the decks for Adani stocks today. The apex court dismissed pleas seeking an independent probe into Hindenburg’s allegations, saying there are no grounds for such drastic action. It said regulatory bodies like SEBI and various ministries can handle the matter.

The SC verdict has brought huge relief for Adani investors like GQG Partners. Adani stocks are surging today, with the group’s market capitalization crossing Rs 15 lakh crore once again.

With strong global investors like GQG Partners on its side, the Adani group can hope to regain its lost glory in the coming months. But, it needs to address corporate governance concerns raised by critics. The markets will be watching how the conglomerate steers through the current crisis.

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