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.