QIA said to invest $500 mln in Adani Green: Report

Qatar Investment Authority is said to have bought $500 million worth of shares in Adani Green Energy Ltd., the Economic Times newspaper reported, as the embattled power-to-port conglomerate seeks international backing in a bid to recover from a scathing shortselling attack earlier this year.

QIA’s purchase was likely made through a block deal that has seen around 3 percent stake of Gautam Adani’s green energy arm sold on Monday, ET reported, citing people it didn’t identify.

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An Adani Group representative did not immediately respond to Bloomberg request for comment.

The latest QIA investment would serve as a vote of confidence for Adani, who has been attempting a comeback from the crisis trig-gered by Hindenburg Research. The US-based short seller in January leveled fraud allegations against Adani Group, which has denied any wrongdoing. It would also mark another major invest-ment into the Indian tycoon’s conglomerate after GQG Partners.

Read more: Adani Group in talks for first major debt refinancing after Hindenburg