This company owned by India's richest Muslim buys shares of Mukesh Ambani, Gautam Adani's firms for Rs...

One of India’s wealthiest Muslim families, the Premji family, has made strategic investments in companies linked to two of the country’s most prominent business magnates, Gautam Adani and Mukesh Ambani.

The Premji family, led by Azim Premji—the founder of IT giant Wipro and one of the richest individuals in India—commands an impressive net worth of $12.2 billion, according to Forbes. Through Premji Invest, an internationally renowned investment firm associated with Wipro, the family has acquired stakes in nine different companies, including those operated by the Adani and Ambani groups. This move, finalized last week, underscores Premji Invest’s sharp focus on tapping into India’s dynamic corporate ecosystem and collaborating with the country’s leading billionaires.

Premji Invest has acquired shares in nine different firms, totalling a total value of Rs 446 crore.  Open market transactions were used to purchase the shares.

Reliance Industries (under Mukesh Ambani's leadership), Adani Ports and Special Economic Zone (APSEZ), and Ambuja Cements (under Gautam Adani's leadership) are the three businesses in which Premji Invest has bought a stake.

Shares were acquired by Premji Invest via PI Opportunities AIF V LLP, a subsidiary.

Block trade data indicates that Premji Invest has acquired 5.70 lakh Reliance Industries shares. The investment firm has acquired 5.14 lakh shares of Ambuja Cements and 1.09 lakh shares of Adani Ports and Special Economic Zone (APSEZ).

Bharti Airtel, ICICI Bank, Infosys, and SBI Life Insurance are few of the six remaining businesses.

5.44 lakh Bharti Airtel shares, 3.28 lakh Infosys shares, 3.33 lakh ICICI Bank shares, 8.13 lakh Hindalco Industries shares, and 84,375 SBI Life Insurance shares were acquired by Premji Invest.

Each of the nine companies' shares was purchased for between Rs 477.2 and Rs 1,807.15.  All of the trades totalled Rs 446.38 crore in value.

Shares of Adani Ports down 2.57% to close at Rs 1,082.95 each on Friday, February 21. Reliance Industries fell 0.43% to close at Rs 1,227.70, Bharti Airtel fell 0.41% to close at Rs 1,638.40, and Infosys sank 0.46% to close at Rs 1,815.15 on the BSE.  However, Jindal Steel & Power's shares increased 0.11 percent to close at Rs 879.90 on the exchange, and SBI Life Insurance's shares increased 1.71% to conclude at Rs 1,494.95 each.