GQG increases Ambuja stake by 1.8% in Rs 27.50 billion deal

27 Aug 2024 CW Team

GQG Partners, the largest non-promoting shareholder in the Adani Group, increased its stake in Ambuja Cements by an additional 18 per cent, acquiring shares worth nearly Rs 27.50 billion through block deals. This purchase raised the US-based investment firm's total exposure to one of India's largest cement manufacturers from 1.3 per cent to 3.1 per cent. With this transaction, GQG Partners' total investment value in the Adani Group, spread across six companies, increased to approximately Rs 620 billion or $7.4 billion.

In February and March 2023, GQG Partners attracted attention shortly after US-based short-seller Hindenburg Research released a report accusing the Adani Group of significant and widespread corporate misconduct. Despite the group's denial of all allegations, its market capitalization fell by about 65 per cent within five weeks. During this period, GQG Partners, founded by billionaire investor Rajiv Jain, intervened as a supportive investor, committing Rs 154 billion (around $1.9 billion at that time) to acquire minority stakes in four of the ten companies within the group. In the following months, Rajiv Jain continued to invest in the group's companies, putting in an additional Rs 110 billion in June 2023 to acquire stakes in Adani Enterprises, Adani Energy Solutions, and Adani Green Energy. He further increased his investments in August 2023, investing about Rs 87 billion in Adani Power.

Infrastructure Transport

05 Feb 2026

MMRDA Installs 325-Tonne Steel Spans on Mumbai Metro Line 4

The Mumbai Metropolitan Region Development Authority (MMRDA) has achieved a key construction milestone on Metro Line 4 with the successful installation of three large steel spans at Bhandup West during overnight operations.The spans, together weighing 325 metric tonnes, were launched using eight heavy-duty cranes and 12 multi-axle vehicles. The operation required precise engineering and meticulous planning to minimise disruption in the densely populated suburban area.Due to effective inter-agency coordination, the work—originally scheduled across four nights—was completed within just two n..

CMRL Targets March 2027 Opening for Vadapalani–Panagal Park

Chennai Metro Rail Limited (CMRL) is progressing as scheduled to open the Vadapalani–Panagal Park section of Phase II’s Corridor 4 by March 2027. The 3.5 km underground stretch is part of the 26.1 km Corridor 4 connecting Lighthouse with Poonamallee Bypass.Construction activities are advancing steadily, with tunnelling works between Vadapalani and Panagal Park already completed. Track-laying operations are expected to commence shortly. At Panagal Park station, structural works have reached the concourse and platform levels, while excavation continues at the lowest level.CMRL is also consid..

Maha-Metro Invites Pune Metro Civil Maintenance Bids

Maharashtra Metro Rail Corporation Limited (Maha-Metro) has invited bids for the annual civil maintenance contract of the Pune Metro Rail Project. The tender, bearing ID and number P1-O&M-20/2025, is scheduled to close on 23 February 2026, with a pre-bid meeting slated for 10 February 2026. The earnest money deposit (EMD) for the contract is Rs 3,50,500, and the duration of the contract is one year.The scope of work includes annual civil maintenance of 28 elevated and underground stations, 28.079 km of elevated viaduct including steel bridges, 12.15 km of tunnels, and two depots under the ..