GQG Partners' Adani Investment now valued at ₹80,000 crore
GQG Partners, a US investment firm, continues to expand its stake in Adani Group companies, recently increasing its holding in Ambuja Cements to 2.4%.
GQG Partners, a US-based investment firm, continues to seize opportunities to buy Adani stocks. On Friday, the prominent investor increased its stake in Ambuja Cements by an additional 1.1%, raising its total holding in the cement company to 2.4%. This acquisition was made at an average price of ₹625.50 per share on the NSE. Concurrently, Holderind Investments Ltd., owned by billionaire Gautam Adani and his family, sold a 2.8% stake in Ambuja Cements for ₹4,251 crore.
With a total investment of ₹80,000 crore, GQG Partners has emerged as the largest institutional investor in Adani Group companies. Managed by seasoned investor Rajiv Jain, the fund has gradually increased its position since its initial purchase in March 2023.
In contrast, Life Insurance Corporation of India (LIC), the largest institutional investor in the country, holds approximately ₹60,000 crore worth of Adani Group shares. GQG’s investment in Adani Group companies even surpassed $10 billion in February this year, following a strong rebound in stock prices.
After dipping below ₹7 lakh crore in February 2023, the combined market capitalization of Adani Group companies peaked at ₹19.4 lakh crore in June 2024. However, it has since decreased by 12%, closing at ₹17.1 lakh crore as of Friday.
Rajiv Jain's GQG Partners acquired stakes in nearly all Adani Group companies following the Hindenburg report. Of the 10 listed Adani group firms, GQG holds positions in flagship Adani Enterprises, Adani Green Energy, Adani Energy Solutions, Adani Ports & SEZ, Adani Power, and Ambuja Cements.
As of Friday, GQG’s combined investment in these six companies was nearly ₹80,000 crore, with Adani Green Energy and Adani Power accounting for more than half of this amount. The firm holds over 7% in each of these two companies. Overall, GQG Partners owns about a 5.2% stake in the Adani Group.
Among the Adani Group companies, GQG has its largest stake in Adani Power, with 7.73%, while its stake in Adani Green Energy is 7%, and in Adani Energy Solutions, it stands at 6.6%. So far in 2024, Adani Group stocks have risen by 20.2%, outperforming the benchmark Nifty50's 14.2% gain.
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