MUMBAI: Qatar’s sovereign wealth fund has invested Rs 3,920 crore ($474 million) for a 2.7% stake in billionaire Gautam Adani’s renewable energy unit as the oil-rich Gulf investor increases its bet on the fast-growing Indian market.
This is the Qatari fund’s second investment in Adani’s energy utility venture. In 2020, Qatar Investment Authority (QIA) infused Rs 3,200 crore ($450 million) for a 25.1% stake in Adani Electricity, which supplies power to large parts of Mumbai.
The latest investment from the $450-billion Qatari fund serves as a vote of confidence for Adani, who has been making a comeback after a report by Hindenburg Research rocked his infrastructure empire earlier this year.
