GQG's Rajiv Jain raises stake in Adani group by 10%

Investor Rajiv Jain's GQG Partners LLC has increased its stake at the Adani conglomerate by about 10%, reported Bloomberg . The company has also said that it will take part in future fundraising by the Adani group.

Rajiv Jain in an interview to Bloomberg has called the conglomerate, “the best infrastructure assets available in India.” The value of GQG's Adani holdings is close to $3.5 billion. Jain also told Bloomberg that within five years, GQG plans to become the largest investor in Adani group depending on the valuation after the family.

GQG came to the rescue of Adani group when its stocks were reeling under the pressure caused by the Hindenburg report. In March the company acquired almost $2 billion worth of shares in four of Adani's firms.

After the Hindenburg report Adani's shares had plummeted and the group shed more than $150 billion in market value.

The shares of Adani Enterprises advanced as much as 19% on Tuesday after the Supreme Court panel report said it was not "possible to conclude regulatory failure on allegation of price manipulation".