Veteran investor Rajiv Jain’s GQG partner has raised its stake by 10% in the billionaire Gautam Adani’s conglomerate. From now onwards, the US-based investment firm will be a part of the conglomerate’s future fundraising as well as doubling down on what he calls “the best infrastructure assets available in India.”

Jain, GQG’s chief investment officer, said in an interview that their investment company intends to be one of Adani Group’s largest investors within the tenure of five years. “We would certainly want to be partners in any of Adani Group’s new offerings,” he added.

In March, GQG purchased shares in four of Adani’s companies from a family trust for nearly $2 billion. The tycoon’s businesses were strengthened by that initial investment in the troubled conglomerate after they were accused of “brazen” stock-price manipulation and corporate fraud by New York short-seller Hindenburg Research, which led to Adani Group losing more than $150 billion in market value at one point.

The Florida-based investor of Indian descent said he was unconcerned by the short seller’s accusations, which Adani has categorically denied and which Jain described as standard practice in India’s business environment. While interacting with Bloomberg earlier this year, Jain said, “I’ve yet to come across a perfect company.

Jain also used the value of the Adani Group’s businesses, such as its coal mining and airport assets, which are linked to India’s development goals, to defend his contrarian investment. The government of Prime Minister Narendra Modi, who is rumoured to be close friends with Adani, is pressuring domestic corporations to develop vital infrastructure and draw production away from nations like China.

Since an interim expert panel report submitted to India’s Supreme Court last week found no conclusive evidence of stock-price manipulation by the conglomerate, Adani Group stocks have risen, giving the impression that market momentum is currently in Jain’s favour.