U.S.-based investment firm GQG Partners has emerged as the largest institutional holder in the Gautam Adani-led Adani Group, with its investment value surging to ₹61,898 crore.

What Happened: The Rajiv Jain-led GQG Partners first invested in the Adani group after the Hindenburg Research report's release in February 2023.

The investment, initially made in March 2023, has grown substantially since then.

GQG Partners had invested around ₹15,446 crore in four Adani Group companies – Adani Enterprises, Adani Green Energy, Adani Ports, and Adani Transmission.

It has since bought into the group substantially, adding Adani Energy Solutions and Ambuja Cements to its portfolio. Its total holding in the Adani Group companies, based on current market prices, stands at ₹61,898 crore.

This makes GQG Partners the largest institutional investor in the Adani group, with the state-run Life Insurance Corporation of India (LIC) coming in a close second at ₹60,000 crore, according to a CNBC report.

Note: Current market price as of Aug. 23, 2024 | Value of investment based on total shares held by GQG Partners, as disclosed in latest exchange filings

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Why It Matters: The journey of GQG Partners with the Adani Group has been noteworthy. In March 2023, Rajiv Jain, the co-founder of GQG Partners, hinted at expanding their investment in Adani Group stocks.

Back then, he mentioned that the fund manager would likely increase its $1.9 billion (₹15,604 crore) stake in the conglomerate.

“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 at the time.

By May 2023, GQG Partners had already increased its stake in the Adani Group by around 10%, bringing their total holdings to nearly ₹28,985 crore.

Jain expressed confidence in the strength of Adani’s infrastructure assets and indicated that GQG would participate in future fundraisings and new offerings by the Gautam Adani-led conglomerate.

He added that the firm expects to be one of the largest investors in the Adani Group within five years, depending on the valuation.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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