The US-based GQG Partners seems to be lapping up Adani Stocks at every opportunity thrown at them. On Friday, the marquee investor increased its stake in Ambuja Cements by another 1.1%, taking the total holding in the cement company to 2.4%.

The deal was executed at an average price of ₹625.50 per share on the NSE. Holderind Investments Ltd., a company owned by billionaire Gautam Adani and his family, offloaded a 2.8% stake in Ambuja Cements for ₹4,251 crore.

With an investment value of ₹80,000 crore, GQG Partners has become the largest institutional investor in Adani Group companies. The fund, managed by veteran investor Rajiv Jain, gradually topped up its exposure after their maiden acquisition in March 2023.

In comparison, the largest institutional investor in the country—Life Insurance Corporation of India—owns about ₹60,000 crore worth of shares in Adani Group.
However, the value of GQG’s investment in Adani Group companies had even surpassed the $10 billion mark in February this year, following a sharp rebound witnessed in most stocks.

After slipping below ₹7 lakh crore in February 2023, the combined market capitalisation of Adani group companies hit a high of ₹19.4 lakh crore in June 2024. Nevertheless, the valuation has come off 12% since then, which stood at ₹17.1 lakh crore as of Friday’s close.

Investor Rajiv Jain, who runs GQG Partners, had picked stakes in almost all Adani Group companies post Hindenburg’s report. Of the 10 listed Adani group companies, it has exposure in flagship Adani Enterprises, Adani Green Energy, Adani Energy Solutions, Adani Ports & SEZ, Adani Power and Ambuja Cements.

The combined value of GQG’s investment in these six stocks stood at nearly ₹80,000 crore as of Friday’s close. Two group firms—Adani Green Energy and Adani Power—account more than half of its total investment.

According to the stock exchange filings, Rajiv Jain’s firm held over 7% each in these two firms. On an aggregate level, the US-based investor owns about a 5.2% stake in the group.

Among the group companies, GQG has the highest holding in Adani Power, with an ownership of 7.73%. While it held 7% in Adani Green Energy, the holding in Adani Energy Solutions stood at 6.6%. So far in 2024, the group stocks have surged 20.2%, against 14.2% gains clocked by the benchmark Nifty50.