 "GQG's Rajiv Jain")
After raising its stake in the Adani group by 10 per cent to $3.5 billion on Tuesday, Rajiv Jain's GQG Partners LLC is looking to invest an additional $1 billion in the conglomerate, The Economic Times (ET) reported on Wednesday. The investment is expected to be a part of the Adani group's effort to raise money from stake sales in three companies, Adani Enterprises, Adani Green Energy and Adani Transmission.
In March, GQG invested Rs 15,446 crore in four Adani group companies, and the latest value of its investment has crossed Rs 25,000 crore.
According to a report by Bloomberg, after the investment on Tuesday, Jain said that they aim to become one of the "largest investors in the group" within the next five years.
Jain has also justified his contrarian investment by pointing to the value of Adani Group's businesses, including its coal mining and airport assets, which are tethered to India's development goals. Prime Minister Narendra Modi is pushing domestic business houses to build critical infrastructure and lure manufacturing away from places like China.
The market also seems to be in favour of the Adani group currently. After an expert panel report submitted to the Supreme Court last week that they have found no conclusive evidence of stock price manipulation by the group, its shares have been in the green.
The conglomerate's flagship firm Adani Enterprises, advanced as much as 19 per cent on Tuesday, taking its three-day jump to 46 per cent, while Adani Ports & Special Economic Zone gained 8 per cent to recoup all its losses triggered by Hindenburg.
