Florida-headquartered investment firm GQG Partners, that bought significant stakes in seven Adani group listed firms in the aftermath of the Hindenburg Research allegations against the group last year, has told clients it does not see any material impact on the group’s businesses owing to the U.S Court indictment on bribery and securities fraud charges against group promoter Gautam Adani and others.
In a November 21 memo, the firm said these allegations relate only to Adani Green Energy and not other group firms and it believed the “Indian government will maintain its support for Gautam Adani as he is the most important infrastructure developed in the country by order of magnitude”. It also added: “We think it is unlikely that Indian regulators will take action in this matter given the thorough review of Adani Group following the Hindenburg allegations.”
As of November 21, GQG’s total exposure to the group was $8.1 billion or 5.2% of total assets, down from $9.7 billion or 6.1% of its assets on November 19.
Published – November 25, 2024 11:53 pm IST
