(Reuters) -GQG Partners has raised its stake in Gautam Adani's conglomerate by about 10% and will take part in the group's future fundraising, the U.S. investment firm said on Tuesday.
Although the company did not disclose the total value of its stake in its statement, GQG Chief Investment Officer Rajiv Jain told Bloomberg News that the figure was close to $3.5 billion.
"Within five years, we would like to be one of the largest investors in Adani Group depending on the valuation, after the family," Jain told Bloomberg.
Jain, who said that Adani has the "best infrastructure assets available in India," did not specify which companies GQG had bought into in its latest investment. Adani Group declined to comment on the report.
GQG Partners in March invested $1.87 billion across Adani Enterprise and other units via secondary market deals, after a report from U.S.-based short-seller Hindenburg Research wiped out nearly $147 billion from Adani companies' market value.
Shares of Adani companies gained on Tuesday after a panel from India's Supreme Court said on Friday it was not "possible to conclude regulatory failure on allegation of price manipulation."