Strengthening its position in what he refers to as “the strongest infrastructure assets available in India,” veteran investor Rajiv Jain’s GQG Partners LLC has increased its interest in billionaire Gautam Adani’s conglomerate by around 10% and will participate in the conglomerate’s future fundraising.

“Within five years, we would like to be one of the largest investors in Adani Group depending on the valuation, after the family,” Jain, GQG’s chief investment officer, said in an interview. “We would certainly want to be partners in any of Adani Group’s new offerings.”

Jain said the value of GQG’s Adani holdings was close to $3.5 billion. He didn’t specify which companies he bought into or what part of the investment value came from direct purchases and rallies in Adani shares.

GQG bought shares in four of Adani’s companies from a family trust in March for about $2 billion.

After the tycoon’s companies were accused of “brazen” stock-price manipulation and corporate fraud by New York short-seller Hindenburg Research, causing Adani Group to lose more than $150 billion in market value at one point, that initial investment in the troubled conglomerate strengthened the tycoon’s companies.

The Florida-based investor of Indian descent said he was unconcerned by the short seller’s accusations, which Adani has categorically disputed and which Jain described as standard practise in India’s corporate environment. Jain told Bloomberg News earlier this year that in his 30-year investment career, “I’ve yet to come across a great firm.”

Jain has also argued that the Adani Group’s businesses, like as its coal mining and airport assets, are valuable since they are linked to India’s development objectives. The government of Prime Minister Narendra Modi, who is rumoured to be good friends with Adani, is pressuring indigenous corporations to develop vital infrastructure and draw production away from nations like China.

Market momentum appears to be in Jain’s favor as Adani Group stocks surged after an interim expert panel report submitted to India’s Supreme Court last week found no conclusive evidence of stock-price manipulation by the conglomerate.

The three-day increase for flagship company Adani Enterprises Ltd. is now 46%, and Adani Ports & Special Economic Zone Ltd. gained 8% to make up for all the losses caused by Hindenburg.

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