GQG Partners acquires Adani's $1.87 billion stake in 4 group companies

Adani Group has sold its $1.87 billion stake in four of its group companies to GQG Partners, a Florida-based investment firm. The deal, which was announced on Thursday, marks GQG's entry into the Indian market.

The four companies in which Adani sold its stake include Adani Transmission, Adani Total Gas, Adani Green Energy, and Adani Power. The sale of the stake in these companies is part of Adani's plan to raise funds for future growth and expansion.

GQG Partners, which manages assets worth over $90 billion, will acquire a 5.98% stake in Adani Transmission, a 4.62% stake in Adani Total Gas, a 6.81% stake in Adani Green Energy, and a 5.00% stake in Adani Power.

GQG Partners founder Rajiv Jain expressed his excitement at the prospect of investing in India's growth story. He said, "We are excited to be investing in Adani Group's infrastructure, gas, renewable energy, and power businesses. This investment reflects our confidence in India's growth story and its leadership in transitioning towards renewable energy."

The Adani Group, which has interests in infrastructure, logistics, energy, and other sectors, has been aggressively expanding its portfolio over the years. The group's chairman Gautam Adani recently became the second-richest person in Asia with a net worth of $136.9 billion, according to Bloomberg Billionaires Index.

The sale of the stake in these companies to GQG Partners is expected to strengthen Adani's financial position and enable the group to pursue its growth plans. The Adani Group has stated that it will continue to hold a significant stake in these companies and will work with GQG Partners to drive growth and value creation.

The deal is subject to regulatory approvals and is expected to be completed by the end of March 2023. The transaction is seen as a positive development for both Adani and GQG Partners, and it is expected to pave the way for more investment opportunities in the Indian market.