Qatar's sovereign wealth fund has invested Rs 3,920 crore ($474 million) in billionaire Gautam Adani's renewable energy unit, increasing the oil-rich Gulf investor's bet on the rapidly growing Indian market.

The Qatari fund is making its second investment in Adani's energy utility venture. Qatar Investment Authority (QIA) invested Rs 3,200 crore ($450 million) in Adani Electricity, which supplies power to large parts of Mumbai, in 2020.

The latest investment from the $450 billion Qatari fund is a vote of confidence in Adani, who has been making a comeback since Hindenburg Research's report earlier this year rocked his infrastructure empire.

This would be Adani's second major investment in its renewable unit, Adani Green Energy, following GQG Partners. GQG, an Australian-listed company, owns 6.32% of Adani Green, which has a market capitalisation of slightly more than Rs 1.5 lakh crore. It had visited Adani Green a little more than a month after Hindenburg's report. TotalEnergies of France owns 19.7% of Adani Green.

The move by QIA follows its previously reported interest in acquiring a stake in Mukesh Ambani's retail business. The Qatari fund is invested in Anil Ambani's Reliance Industries (RIL). The fund has a stake in RIL's media and entertainment business through Bodhi Tree Systems.