One of the most well-known investors in emerging markets, Rajiv Jain, invested in nearly $2 billion worth of Adani Group stock.
The GQG Partners Inc. chief investment officer has made bold predictions regarding his wager on Adani: a return greater than 100%.
In an interview conducted at Bloomberg's New York headquarters, Jain stated, "These could be multibaggers" over the course of five years. The term refers to an investment that has the potential to at least double and comes from the book written by mutual fund manager Peter Lynch.
Jain believes that the Adani stock has potential for huge growth and will bounce back. He also added that the Indian Government is looking for industrialists like Adani to improve the country's infrastructure. Jain specifically cited Adani's data centers, coal mining assets, and majority stake in Mumbai's bustling international airport as indicators of a healthy business.
Jain stated to Bloomberg that "we believe the airport itself could be worth more than the company," noting that the land alone spans some of Asia's most expensive urban real estate.