GQG ADANI News
GQG Partners, a hedge fund, has defended its investment in Adani Group, which was accused by US prosecutors of paying $265 million bribes to Indian officials to secure solar power contracts. The firm, which had previously bought shares in seven of the listed Adani group firms, argued that the allegations are of the employees, not the company.
GQG, an asset manager, has a manageable exposure to Adani Group’s ports-to-power conglomerate, with a total assets of nearly USD 157 billion. The company’s independently listed businesses have seen strong fundamental growth and meaningful earnings growth.
GQG, an investment group, has defended its investments in Adani, a company that manages critical infrastructure for India’s fastest-growing economy. The group claims that the charges against Adani and seven others are against individuals only, and the allegations relate only to AGEL, not other Adani companies. The group believes that the Indian government will maintain its support for Adani, as he is the most important infrastructure developer in the country.
The group does not see the US actions as having a material impact on businesses, as Adani businesses operate critical infrastructure regulated by the Indian government.
The group is diligent in re-underwriting its positions and examining any new facts, and believes that Indian regulators are unlikely to take action in this matter due to the thorough review of Adani Group following the Hindenburg allegations. The Adani group denies all the US allegations and will seek all possible legal recourse.
Adani Case News 26 Nov 2024 Latest Updates
Shares of Adani Green Energy drop 8% when the company states that there is no new financial commitment being discussed with TotalEnergies. Adani Green Energy share price: Amid ongoing US claims, Adani Green Energy shares fell 8% after the company clarified that it had no additional financial commitments with TotalEnergies. Investments were halted by TotalEnergies until the charges against Adani Group officials were clarified.
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