New Delhi [India], November 25 (ANI): Global investment company GQG Partners has maintained that it continues to believe each individual Adani Group company is "well-positioned for the future" and as of now it has "not changed our view on the prospects for these investments."As of November 19, (the day before the indictments made against the Adani Group top management), GQG had total exposure to Adani Group companies of USD 9.7 billion on a total asset base of USD 158.6 billion, representing roughly 6.1 per cent of its total assets, it disclosed in a statement.

As of November 21, GQG's total exposure was USD 8.1 billion on total assets of USD 156.7 billion or 5.2 per cent of total assets.

In March 2023, GQG initiated positions in five of the publicly traded members of Adani Group, including Adani Enterprises Limited, Adani Ports and Special Economic Zone Limited, Adani Green Energy Limited (AGEL), Adani Energy Solutions Limited, and Ambuja Cements Limited, the global investment company said in the five-page statement.

GQG subsequently also added exposure to Adani Power Limited and Adani Total Gas Limited.

"Since initiating our positions, we have seen strong fundamental growth in these businesses, resulting in meaningful earnings growth," GQG Partners asserted.

These Adani Group companies manage critical infrastructure for one of the world's fastest-growing economies, it said.

"On a fundamental business case, we continue to believe each individual company is well-positioned for the future."GQG investments in Adani as of November 21 have had positive returns in aggregate, it asserted.

It added that it does not "see these actions" - the indictments in the US -- as having a material impact on these businesses.

"As investors in broad area of companies, globally, we take any indictment very seriously. That said, we recognize the distinction of the allegations of the individuals vs the companies. We believe the fundamentals of the companies we are invested in remain sound. As we do with other holdings, our team continues to do research and reassess the situation but as of now we have not changed our view on the prospects for these investments. That may change as new information becomes available," it further said in the statement.

Last week, a five-count criminal indictment was unsealed in the United States District Court for the Eastern District of New York, charging prominent Indian executives, including Chairman of the Adani Group, Gautam Adani, by linking them to an alleged bribery and fraud scheme.

In response, Adani Group strongly denied the bribery allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green as "baseless."An Adani Group spokesperson in an official statement had said all legal recourse would be taken.

"The US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied," the statement had read.

The Adani Group also reaffirmed its dedication to high standards of governance, compliance, and transparency across its operations. (ANI)