Adani Group: Abu Dhabi’s IHC to invest $2 billion in three Adani Group companies


Abu Dhabi’s International Holding Company PJSC (IHC) will invest $2 billion as primary capital in three Adani portfolio companies – Adani Green Energy Ltd (AGEL), Adani Transmission Ltd (ATL) and Adani Enterprises Ltd (AEL), the Indian conglomerate said in a release Friday.

IHC will invest Rs 3,850 crore in AGEL, Rs 3,850 crore in ATL and Rs 7,700 crore in AEL. The transaction is expected to be completed in a month, after all necessary approvals are obtained.

The investment will happen through the preferential allotment route. The capital will be utilized for pursuing the growth of the respective businesses, further strengthening of the balance sheet and for general corporate purposes.

International Holding Company PJSC engages in investing, trading, processing, and packing seafood products in the Middle East, Europe, and the Americas. It operates through utilities, real estate, digital, industrial, food, and capital segments.

The chairman of IHC is Sheikh Tahnoun bin Zayed Al Nahyan, UAE’s national security adviser and brother of the country’s crown prince Mohamed bin Zayed bin Sultan Al Nahyan.

“Earlier today, the boards of AGEL, ATL and AEL met and approved the transaction. The investment is subject to shareholder and regulatory approvals and shall comply with SEBI regulations,” the statement said.

The three Adani companies – AGEL, ATL and AEL – span the Adani Group’s green portfolio.

“This will be a long-term investment in India as the country is driving much innovation globally, including the green energy sector. The opportunity to earn a compelling return on investment in green energy has never been greater. We are confident that Adani companies will play a significant role in unleashing India’s total green energy potential, reflecting positively on our shareholders’ commitment,” said Syed Basar Shueb, CEO and Managing Director of IHC.



Source link

About the author

Divyansh Singh

Talks about #technology #innovation #investing and #business.

View all posts

Leave a Reply

Your email address will not be published. Required fields are marked *