Billionaire Gautam Adani’s group has attracted a lot of scrutiny over its debt-heavy balance sheet and not enough appreciation of its cash-flow generation ability, according to M&G Investments (Singapore) Pte. “The businesses Adani is incubating and operating in -- ports, airports, rail, logistics -- they are real businesses that generate cash,” Vikas Pershad, a Singapore-based fund manager at M&G, said in an interview. “There are a lot of questions about opacity, about lack of disclosures, valuations obviously. But it’s trickier because the businesses will grow if India grows. They are at the right place at the right time.” While Adani’s breakneck expansion into new businesses has sparked eye-catching gains in shares of the conglomerate’s firms and made its founder Asia’s richest person, it has also added both financial complexity and debt to the group’s balance sheet. Three Adani companies, including the flagship Adani Enterprises Ltd., are among the top 10 stock gainers on the MSCI Asia Pacific Index this year, defying concerns about lower liquidity and limited analyst coverage.