GQG pumps up to $500mn more into Adani group cos

Mumbai: GQG Partners, which invested $1.87 billion in four Adani group companies in the first week of March, has pumped in another $330 million-$530 million into these companies since then, demonstrating the investor’s continued interest in the ports to renewable energy conglomerate.

- Ram Sahgal & Anirudh Laskar

“Our overall shareholding (the number of shares we own) in all companies is higher than 3 March," Rajiv Jain, chairman, CIO and portfolio manager GQG Partners said in response to an email. “Total investments at cost is close to $2.2-2.4 billion approximately in over a dozen separate accounts....we own these (shares) in multiple accounts."

On 2 March, the Adani group disclosed that GQG had invested ₹15,446 crore ($1.87 billion then) across flagship Adani Enterprises ($660 million), Adani Ports ($640 million), Adani Transmission ($230 million) and Adani Green Energy ($340 million).

Jain did not comment on whether GQG made the subsequent purchase from the open market.

“Within five years, we would like to be one of the largest investors in Adani Group, depending on the valuation, after the family," he told Bloomberg in a recent interview.