GQG Defends Adani Investments Amid US Indictments

GQG Partners, a global investment firm, reaffirmed its confidence in the future prospects of individual Adani Group companies, stating it has “not changed our view on these investments.” As of November 19, just before the recent indictments involving Adani Group top management, GQG’s total exposure to Adani companies stood at USD 9.7 billion, representing 6.1% of its USD 158.6 billion asset base. By November 21, this exposure adjusted to USD 8.1 billion, or 5.2% of GQG’s total assets of USD 156.7 billion.

GQG first invested in five publicly traded Adani companies—Adani Enterprises, Adani Ports and Special Economic Zone, Adani Green Energy, Adani Energy Solutions, and Ambuja Cements—in March 2023. It later expanded its exposure to include Adani Power and Adani Total Gas. Highlighting strong business fundamentals, GQG noted these investments have collectively delivered positive returns as of November 21.

The firm emphasized that these companies are integral to critical infrastructure in one of the world’s fastest-growing economies and maintained that recent legal developments in the US do not materially affect their business fundamentals. “We distinguish between allegations against individuals and the companies themselves,” GQG stated, adding that its team continues to monitor and reassess the situation.

The comments follow a five-count criminal indictment unsealed in the US District Court for the Eastern District of New York, implicating senior Adani executives, including Chairman Gautam Adani, in alleged bribery and fraud. Adani Group has strongly denied the allegations, describing them as “baseless.”

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In an official response, the Group reiterated its commitment to high governance standards, transparency, and compliance, and assured that all necessary legal recourse would be pursued.