New Delhi:
GQG Partners has expressed its support with Adani Group amid the allegations made by US DoJ. The firm has clearly said that there has been no change in its view of investment prospects in Adani Group. Also, DoJ’s action will not have any impact on the companies’ business.
In a statement, GQG Partners said, ‘We believe in the fundamentals of the companies in which we have invested. Our team has been researching all those companies and continues to reevaluate them depending on the situation. We do this with all our investments. At present we have not changed our view on the investment prospects in Adani Group.
Adani Group companies manage India’s critical infra: GQG Partners
Describing Adani Group companies as very important for India, the investment management company said, ‘These companies manage very critical infrastructure for India, which is one of the fastest growing economies in the world. We feel that every company in the group is well positioned for the future. In most cases these services are on long term contracts. DOJ’s action will not have any significant impact on the group’s business.
How much is GQG Partners’ investment?
As of Thursday, November 21, GQG has an investment of $ 8.1 billion in Adani Group, which is 5.2% of total assets ($ 156.7 billion). Whereas on November 19, this value (before the allegations) was around $9.7 billion. This was 6.1% of total assets.
GQG Partners also said that many global companies and their executives have also been facing similar allegations. These include companies like Walmart, Oracle, Thales, Siemens, Glencore, Petrobras, Pfizer, Toyota, Honeywell, Airbus and SAP.
GQG Partners said, ‘In March 2023, GQG invested in 5 listed companies of Adani Group, which included Adani Enterprises, Adani Ports, Adani Green, Adani Energy Solutions and Ambuja Cements. Later investments were also made in Adani Power and Adani Total Gas. All these companies are part of the Adani Group, but they are independently listed businesses, which have separate management. Everyone has different clients and different ways of earning. These businesses have seen strong growth since we invested in them, resulting in good growth in earnings.
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