GQG likely to increase Adani investment, says founder Rahul Jain

Founder says firm will probably buy more stake in group as holdings ‘not at full size’ currently

GQG Partners would likely expand its investment in the Adani Group, the fund firm's founder Rajiv Jain said on March 8, a week after its $1.9 billion infusion into the embattled Indian conglomerate.

"Chances are we'll probably buy more because we typically initiate a position and then depending on how things go and how the earnings come through we tend to get it to full size because we're not at full size at this point," Mr. Jain said on a call with journalists in Sydney.

GQG Partners, co-founded by Mr. Jain in 2016, bought shares worth $1.87 billion in four Adani Group companies, marking the first major investment in the Indian conglomerate since a short seller's critical report in January sparked a stock rout.

Mr. Jain, based in Florida, flew to Australia this week for talks with investors, which include some of Australia's largest pension funds. Last week, pension fund investor Cbus Super, with A$71 billion ($46.82 billion) under management, told Reuters they had queried GQG about the Adani purchase.

A GQG spokesperson said Mr. Jain's trip had been planned for some time and the discussions included topics other than Adani.

"The response actually has been, frankly, more positive than I would have anticipated because they feel that's how we differentiate ourselves," Mr. Jain said, when asked how the clients have responded to the Adani deal.

"We do our deep dive, and we don't follow the herd," he said.