GQG Partners’ founder Rajiv Jain told journalists on Wednesday that the fund manager would likely expand its investment in Adani Group stocks.

What Happened? Rajiv Jain, the co-founder of US-based GQG Partners which invested in the embattled Adani Group, is set to increase its $1.9 billion (₹15,604 crore) stake in the conglomerate, per a Reuters report.

“Chances are we’ll probably buy more because we typically initiate a position and then depending on how things go and how the earnings come through we tend to get it to full size because we’re not at full size at this point,” Jain said.

Jain, who is set to visit Australia this week to meet with clients and investors issued a statement on Tuesday claiming that he will discuss GQG’s investments, including those related to Indian conglomerate Adani Group.

GQG said that the trip was planned well in advance of the Adani purchase. The firm added that the trip is Jain’s first visit to Australia since the company was listed on the ASX in 2021.

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The stake purchase by GQG Partners has raised queries from an Australian pension fund client of the firm, especially since other major investors, including Norway’s sovereign wealth fund, were selling Adani shares.

Per a separate Reuters report, Jain is expected to meet some of GQG’s clients in person and conduct conference calls with others, according to two sources.

The fund manager purchased a 3.4% stake in Adani Enterprises for about $662 million (₹5438 crore), alongside a 4.1% stake in Adani Ports and Special Economic Zone for $640 million (₹5,256 crore). The company also has a 2.5% stake in Adani Transmission for $230 million (₹1,889 crore), and a 3.5% stake in Adani Green Energy for $340 million (₹2,792.5 crore). The firm purchased the shares from the Adani family trust, according to filings made by the Indian firms.

Price Action: This is how the Adani Group shares traded at mid-day on Wednesday.

Adani Enterprises shares traded 2.54% higher at ₹2,033.20.

Adani Green Energy was up 5% to hit the upper circuit at ₹619.60.

Adani Ports & SEZ was up 1.81% to trade at ₹704.00.

Adani Power shares jumped 5% to hit upper circuit at ₹186.75 .

Adani Total Gas shares jumped 5% higher to ₹861.90.

Adani Wilmar was up 5% to trade at ₹461.15.

Adani Transmission shot up 5% to hit upper circuit at ₹819.90.

Ambuja Cement shares traded 0.79% higher at ₹388.90. ACC shares traded 0.50% higher at ₹1,875.00.

NDTV was up 4.57% to trade at ₹241.55.

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