Adani fundraising trickle could turn into a flood

GQG Partners

17/08/2023 05:05

(The author is a Reuters Breakingviews columnist.  The opinions
expressed are her own.)
    By Una Galani
       MUMBAI, Aug 17 (Reuters Breakingviews) - GQG is betting
$1 bln on the tycoon’s power business. Qatar is buying into his
green energy unit. The helpful endorsements are adding up, even
as auditor Deloitte exits. If Adani gets a clean bill of health
from India’s securities watchdog, a capital-raising bonanza
could follow.

    Full view will be published shortly.
    Follow @ugalani on X
    
    CONTEXT NEWS
    India’s Adani family raised about 90 billion rupees ($1.1
billion) by selling an 8.1% stake in Adani Power to GQG Partners
and related entities on Aug. 16. 
    The thermal power producer’s shares closed down 2.2% on the
day of the block trade before the identity of the buyer was
clear. 
    GQG is a top investor in Swiss commodities group Glencore,
one of the world’s biggest coal miners, and in Philip Morris
International, maker of Marlboro cigarettes. The
Australian-listed, U.S.-based investment management company is
chaired by Indian-born cofounder Rajiv Jain. 
    GQG added 20 new employees in the first half of the year,
including in boosting the firm’s infrastructure and
client-facing teams, bringing its total headcount to 170.

 (Editing by Antony Currie and Thomas Shum)
 ((For previous columns by the author, Reuters customers can
click on  GALANI/   
SIGN UP FOR BREAKINGVIEWS EMAIL ALERTS https://bit.ly/BVsubscribe
 | una.galani@thomsonreuters.com;  Reuters Messaging:
una.galani.thomsonreuters.com@reuters.net))