The Capital Group, one of the world’s largest investment management firms, has been increasing its exposure to Adani Group companies while steadily paring holdings in Reliance Industries Ltd., marking a shift in foreign investor preference between India’s biggest conglomerates. The Los Angeles-based money manager has acquired stakes worth more than $2 billion across three Adani Group companies in recent weeks, according to people familiar with the matter. On May 5, Capital Group bought nearly a 2% stake in Adani Ports and Special Economic Zone Ltd. for 74.86 billion rupees ($776 million) through open-market transactions, according to BSE block-deal data. The investor, which oversees more than $3.3 trillion in assets globally, has also accumulated between 1.5% and 2% stakes in Adani Power Ltd. and Adani Green Energy Ltd. through market purchases, the people said, asking not to be identified because the information is private. In a market that’s fallen out of favor with some investors because of its lack of companies tied to the global artificial intelligence buildout, Adani companies are increasingly viewed as rare leveraged plays on India’s infrastructure development, energy transition and manufacturing push. That shift is also emblematic of a broader transition toward bets on the next phase of India’s economic expansion.