Based in Abu Dhabi, IHC has invested ₹3,850 crore each in three Adani portfolio companies – Adani Green Energy Ltd. (AGEL), Adani Transmission Ltd. (ATL) and Adani Enterprises Ltd. (AEL).
Based in Abu Dhabi, IHC has invested ₹3,850 crore each in three Adani portfolio companies – Adani Green Energy Ltd. (AGEL), Adani Transmission Ltd. (ATL) and Adani Enterprises Ltd. (AEL).
Abu Dhabi’s International Holding Company PJSC (IHC) has invested ₹15,400 crore (US$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 £3,850m each in AGEL and ATL and £7,700m in AEL, the Indian conglomerate announced on Tuesday.
Abu Dhabi-based global strategic investment firm IHC has “completed a £15,400 billion investment transaction in Adani portfolio companies AGEL, ATL and AEL,” the Adani Group said in a statement.
However, it didn’t say how much of those investments would convert into equity holdings.
IHC provided capital to the three companies through the preferred allotment route.
Syed Basar Shueb, CEO and Managing Director of IHC, said: “This strategic expansion of our business is consistent with IHC’s commitment to grow and diversify our investment portfolio. Clean Energy Roadmaps”.
The deal accounts for 4.87% of total UAE-India trade, which has reached $41 billion between 2020 and 2021.
“The partnership between [Abu Dhabi] IHC and Adani Group clearly reflect the economic relationship between the UAE and India beyond the oil sector,” he said.
India’s total power generation capacity is more than 390 GW and renewable energy exceeds 100 GW.
“[Abu Dhabi] IHC’s investment will support and accelerate Adani Group’s growth plan to supply the country with 45 GW (9% of India’s non-fossil energy) by 2030,” the statement said.
Sagar Adani, Executive Director of AGEL, said the group values IHC’s pioneering role as a strategic investor in the UAE’s sustainable energy, healthcare, food, infrastructure and energy transition sectors.
“This transaction marks the further strengthening of the relationship between India and the United Arab Emirates and underscores the long history of business and trust between our peoples. We share IHC’s strategic vision for India, Middle East and Africa as we begin this intergenerational relationship,” he said.
Adani Electricity Mumbai Limited, the distribution arm of ATL, has made a legal commitment to increase renewable energy penetration from 3% in FY21 to 60% by FY27. IHC’s investment will support ATL on this transformation journey.
AEL, through its wholly owned subsidiary Adani New Industries Limited, is committed to investing US$50 billion over the next 9 years to create a new green hydrogen vertical industry focused on decarbonizing industrial energy and mobility.
