Rajeev Jain's GQG is betting big on India and now increasing exposure beyond Adani Group stocks. On Wednesday, GQG committed a massive Rs 9,000 crore by acquiring a 8 percent stake in Adani Power from promoters. GQG’s investment in ports-to-power conglomerate Adani Group has now crossed Rs 25,000 crore.

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The global fund also acquired around 1.5 percent stake in JSW Energy in the last one week, investing close to Rs 700 crore.

GQG investment in Adani Group crosses Rs 25,000 cr ($3bn)

However, if Ambuja Cements is added, which the company is buying from open market, total investments would stand at $4 billion.

So let’s take a look at GQG’s recent bets in India —

Aug 16: GQG acquired a 8 percent stake in Adani Power worth approximately Rs 9,000 crore.

Aug 16: Acquired nearly a 1.5 percent stake in JSW Energy in the last one week. The deal is worth Rs 762 crore.

July 17: In Patanjali Foods, GQG acquired a 6 percent stake worth Rs 2,150 crore through Offer For Sale (OFS) route.

The big bets for GQG in India are still on the stocks of Adani Group. Since March 2023, after the Hindenburg saga, GQG has invested across Adani Group companies.

Investments in other Adani Group companies by GQG —

Adani Green – Rs 3,950 crore

Adani Enterprises – Rs 5,460 crore

Adani Ports & SEZ – Rs 5,300 crore

Adani Transmission – Rs 1,900 croreA look at GQG’s profile

GQG is one the marquee global funds managing over 100 billion dollars. In fact, in their emerging markets fund, India stands out as the top country allocation with nearly 33.5 percent exposure.

Apart from Adani Group, the fund has big exposure in other Indian names such as ITC and HDFC Bank.

First Published:Aug 17, 2023 12:32 PM IST