Qatar Investment Authority (QIA) continued its foray into the Indian market, lapping up a 2.7% stake in Adani Green Energy Ltd on Monday, according to Indian media citing stock exchange data.

INQ Holding, a unit of Qatar’s sovereign fund, is reported to have bought more than 42.6 million shares of Adani’s green energy arm for about $474m through a block deal.

It had recently been reported that QIA was considering a $1bn investment in Reliance Retail Ventures, for a stake of about 1%, valuing the business at around $100bn.

Adani Group, the embattled power-to-port conglomerate, has been seeking international backing in a bid to recover from a scathing short-selling attack earlier this year.

Infinite Trade and Investment Ltd., a founder group company of Adani Green, sold 44.9 million shares on Monday, data from the Bombay Stock Exchange showed.

The latest QIA investment will serve as a vote of confidence for billionaire Gautam Adani, who has been attempting a comeback from the crisis triggered by Hindenburg Research.

The US-based short seller in January levelled fraud allegations against the Adani Group, which has denied any wrongdoing.

For QIA, buying a stake in Adani Green is in line with its plans to increase its exposure in India. The QIA ranks as the world’s 10th-largest sovereign wealth fund, according to SWF Institute data.

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