Three Gautam Adani-led Adani group firms namely Adani Power Ltd, Adani Green Energy Ltd and Adani Ports & Special Economic Zone Ltd (Adani Ports) have emerged as preferred bets for The Capital Group, which has been trimming its holdings in Mukesh Ambani's flagship Reliance Industries, marking a shift in preference between India’s top corporates. The Los Angeles-based fund, managing $3 trillion in assets, bought $2 billion across three Adani Group companies in recent weeks, a Bloomberg report quoting people familiar with the matter said.

While BSE data does suggest Capital Group International All Countries Equity Trust purchased 2,46,28,712 Adani Ports shares at Rs 1,632.45 apiece and Capital Income Builder another 37,80,969 shares at same price on May 4, Business Today could not independently verify details of the other two trades. 

Bloomberg sources suggested that The Capital Group has accumulated 1.5-2 per cent stakes in Adani Power Ltd and Adani Green Energy Ltd through market purchases. 

Shares of Adani Power have climbed 48 per cent in 2026 so far. Adani Green and Adani Ports have risen 34 per cent and 21 per cent, respectively, during the same period.

As per the Bloomberg report, Capital Group's is betting on the next phase of India’s economic expansion, with Adani companies viewed as leveraged plays on India’s infrastructure development, energy transition and manufacturing push.The report suggested that RIL's earnings growth and stock performance have moderated after years of rapid expansion across telecommunications, retail and energy.

The Bloomberg report, meanwhile, noted that Capital Group’s exposure to Reliance has declined sharply over the past several years, with the fund manager owning 14.2 crore RIL shares at the end of March, compared with about 50 crore six years ago and a peak of 75.50 crore RIL shares in March 2017. 

The Adani bets come amid a few positive developments. The group recently reached a settlement with the US Treasury Department's Office of Foreign Assets Control (OFAC) in an alleged sanctions violation related to Iran-linked LPG transactions, offering to pay a total of $275 million, without admitting the allegations made by OFAC.

Besides, Adani Green Energy recently said the US Securities and Exchange Commission (SEC), Gautam Adani and Sagar Adani filed their request for entry of final judgment in relation to the civil complaint filed before the United States District Court for the Eastern District of New York by the against Gautam Adani and Sagar Adani.