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Abu Dhabi’s IHC invests Rs 15,400 crore in Adani group firms – EQ Mag Pro

Abu Dhabi’s IHC invests Rs 15,400 crore in Adani group firms – EQ Mag Pro

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Abu Dhabi’s International Holding Company PJSC (IHC) has invested ₹ 15,400 crore ($2 billion) as primary capital in three Adani portfolio companies — Adani Green Energy Ltd (AGEL), Adani Transmission Ltd (ATL) and Adani Enterprises Ltd (AEL).

New Delhi: Abu Dhabi’s International Holding Company PJSC (IHC) has invested ₹ 15,400 crore ($2 billion) as primary capital in three Adani portfolio companies — Adani Green Energy Ltd (AGEL), Adani Transmission Ltd (ATL) and Adani Enterprises Ltd (AEL).

IHC has invested ₹ 3,850 crore each in AGEL and ATL and ₹ 7,700 crore in AEL, the Indian conglomerate said on Tuesday.

Abu Dhabi-based global strategic investment company IHC has completed “a ₹ 15,400 crore investment transaction in the Adani portfolio companies, AGEL, ATL and AEL,” the Adani Group said in a statement.

It, however, did not say how much these investment would translate into equity stakes.

IHC provided capital to the three firms through the preferential allotment route.

Syed Basar Shueb, CEO and Managing Director of IHC, said, “This strategic expansion of our business aligns with IHC’s commitment to broadening and diversifying our investment portfolio. There is no doubt that this transaction will directly and positively impact India’s overarching ambition for long-term plans for clean energy”.

The deal, he said, represents 4.87 per cent of the total trade between the UAE and India, which has reached $41 billion between 2020 and 2021.

“The partnership between IHC and Adani Group greatly reflects the economic ties between the UAE and India beyond the oil sector,” he said.

Source: PTI

Anand Gupta Editor - EQ Int'l Media Network