Saturday, 1 April, 2023

Adani Group: Embattled Indian giant strikes $1.87bn US deal

Indian multi-billionaire Gautam Adani's embattled business empire says it has secured $1.87bn (£1.6bn) of investment from a US-based asset management firm.

Florida-headquartered GQG Partners has bought shares in four of the group's companies, Adani told investors.

It marks the first major investment made public by the firm since it was accused of engaging in stock market manipulation and financial fraud by short-seller Hindenburg Research.

Adani Group has denied the allegations.

Adani Group's seven stock market-listed companies had an estimated $135bn wiped off their value since Hindenburg Research's report was published on 24 January.

The GQG investment will be split across four Adani companies, including flagship firm Adani Enterprises.