The Capital Group, one of the world’s largest investment management firms, has been increasing its exposure to Adani Group companies while steadily paring holdings in Reliance Industries Ltd., marking a shift in foreign investor preference between India’s biggest conglomerates.
The Los Angeles-based money manager has acquired stakes worth more than $2 billion across three Adani Group companies in recent weeks, according to people familiar with the matter. On May 5, Capital Group bought nearly a 2% stake in Adani Ports and Special Economic Zone Ltd. for 74.86 billion rupees ($776 million) through open-market transactions, according to BSE block-deal data.
