Rajiv Jain's GQG Partners, the first strategic investor in Adani group companies following the Hindenburg Research study, held six Adani Group shares worth Rs 40,000 crore at the time of writing. GQG Partners' stake in the Adani group increased to Rs 40,470 crore on the same day the Supreme Court issued its decision in the Adani-Hindenburg case. GQG began investing in Adani equities on March 2, 2023, when it purchased four group stocks valued Rs 15,446.35 crore.

GQG Partners' Chairman and Chief Investment Officer (CIO) is Rajiv Jain. Adani Energy Solutions Ltd, Adani Enterprises Ltd, Adani Green Energy Ltd, Adani Ports & Special Economic Zone Ltd, Adani Power Ltd, and Ambuja Cements Ltd were all held by his Florida-based private equity firm. This is based on the most recent September quarter shareholding data available for the ten Adani group companies, as well as Wednesday's intraday share prices. The data for the December quarter has yet to be released.

GQG Partners held Rs 9,375.90 crore in Adani Green Energy shares as of Wednesday's intraday prices, according to data. Goldman Sachs Trust Ii - Goldman Sachs GQG Partners International Opportunities Fund owned 3,49,38,400.00 shares or 2.21 percent of Adai Green, while GQG Partners Emerging Markets Equity Fund owned 2,12,93,947 shares or 1.34 percent of Adani Green Energy.

Two GQG Partners-linked funds held Rs 9,367.99 crore in Adani Enterprises, the Adani group's flagship. Two GQG-related funds invested Rs 8,352.08 crore in Adani Power, while two funds invested Rs 8,259 crore in Adani Ports.

GQG Partners Emerging Markets Equity Fund owns 3,57,78,513 shares or 1.8 percent of Ambuja Cements, valued at Rs 1,911 crore. Goldman Sachs Trust Ii - Goldman Sachs GQG Partners International Opportunities Fund had shares in Adani Energy Solutions worth Rs 3,203.95 crore.

Rajiv Jain told Business Today magazine last year that his private equity firm began looking more closely at the group following the Hindenburg report. It wanted to see what could go wrong and how much of an impact it would have.

"When we first started doing the work this year, we discovered that the more work we did, the more bullish we became." They have world-class operating assets with utility-like features, in our opinion. We believe the Adanis' asset allocation decisions have been exceptional. If you acquire Mumbai airport or any other airport during Covid-19, when it is almost certainly a distressed sale, the transaction has a good chance of succeeding. Solar modules are another example. "They weren't even in that business a few years ago," he explained.

"They will now be one of the largest solar module producers outside of China. Who would they go to [other than the Adanis] if they wanted to set up data centers in India? It's also in the electricity industry... but the company is one of the lowest-cost electricity generators in the country. What is also underappreciated is that if India wants to achieve net zero by 2070, it will most likely require the participation of this group," Raji Jain stated in the August 2023 interview.