(Bloomberg) -- Private equity firm Warburg Pincus LLC will invest in billionaire Gautam Adani’s port business just as the tycoon grabs 30% market share in the industry in India.

Warburg will invest 8 billion rupees ($110 million) for a 0.49% stake in Adani Ports and Special Economic Zones Ltd., the Indian company said in an exchange filing on Sunday.

The purchase comes days after the New York-based company sold its stake in an Indian port to Adani for 19.5 billion rupees helping the nation’s second-richest man snare his 12th port in the country. Warburg is betting Adani will benefit from India’s rising trade and Prime Minister Narendra Modi’s incentives to lure overseas manufacturers to set up factories in Asia’s third-largest economy.

Warburg will buy Adani Ports shares at 800 rupees. That’s 7% more than the closing price on Friday. Adani earlier this month said it will acquire a 31.5% stake in Gangavaram Port Ltd. from a unit of Warburg.

Adani has added $16.2 billion to his wealth this year, according to the Bloomberg Billionaires Index, the most in the world.

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