Veteran investor Rajiv Jain-led GQG Partners, which recently made headlines for buying shares in billionaire Gautam Adani-led conglomerate, has reportedly raised its stake in Adani Group by about 10%, valued at around $3.5 billion. The American equity investment firm also proposed to participate in the group’s future fundraising activities, terming it as "the best infrastructure assets available in India".

“Within five years, we would like to be one of the largest investors in Adani Group depending on the valuation, after the family,” Jain said in an interview with Bloomberg on Tuesday. “We would certainly want to be partners in any of Adani Group’s new offerings,” he said.

However, there is no official statement from Adani Group or GQG Partners on this development. Fortune India has reached out to the Adani group and a reply is awaited.

In March this year, Jain, the co-founder and chairman of GQG Partners, acquired minority stakes in four of the listed Adani Group companies for ₹15,446 crore. Listed on the Australian Stock Exchange, GQG Partners had acquired stakes in flagship firm Adani Enterprises Limited (AEL), Adani Ports and Special Economic Zone Limited (APSEZ), Adani Green Energy Limited (AGEL), and Adani Transmission (ATL).

As per the data available on the BSE, GQG brought a 3.4% stake in Adani Enterprises for about ₹5,460 crore, 4.1% in Adani Ports for ₹5,282 crore, 2.5% in Adani Transmission for ₹1,898 crore, and a 3.5% shares in Adani Green Energy for ₹2,806 crore through a series of secondary block trade transactions. 

The investment by GQG was the first major capital infusion in Adani Group since the U.S.-based short-seller Hindenburg Research’s critical report on the conglomerate came out on January 24, 2023. The report triggered sell-off in group shares resulting in a huge market loss for most of the listed entities.

Meanwhile, Adani Group companies continued their rally for the second straight session on Tuesday, led by flagship Adani Enterprises (AEL), after the Supreme Court-constituted committee concluded that there was no regulatory failure on the allegations of stock price manipulation. All 10 listed Adani Group stocks ended in green zone, with six stocks hitting their upper circuit limits, while Adani Enterprises settled 13.5% higher. Adani Power, Adani Green, Adani Transmission, NDTV, and Adani Total Gas were locked in their respective 5% upper circuit, while Adani Wilmar hit its 10% circuit limit. 

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