Abu Dhabi National Energy Co. PJSC (TAQA) is likely to invest around $2.5 bn in the power businesses of Gautam Adani. Listed on the Abu Dhabi Securities Exchange (ADX), TAQA is an international energy and water company operating in 11 countries across four continents.
TAQA, the second largest stock on ADX, is reportedly interested to pick up a stake up to 19.9 per cent in Adani Group firms through a combination of primary infusion into the company and the secondary purchase of shares from promoter family entities.
Adani Energy Solutions’ current value is at Rs 91,660 crore with promoters owning a 68.28 per cent stake. At current prices, a near 20 per cent stake would be mean an investment of Rs 18,240 crore ($2.19 billion). The shares ended on Thursday at Rs 821.70.
Both sides are planning to work jointly in ventures in North Africa and West Asia.
Adani group’s power verticals are spread across thermal generation to clean energy and green hydrogen, sources said.
Established in 2005, TAQA has investments in power generation, transmission and distribution assets, as well as upstream and midstream oil and gas operations. Its assets are spread across the UAE, Saudi Arabia, Canada, Ghana, India, Iraq, Morocco, Oman, the Netherlands, the UK and the US.
Meanwhile, on Wednesday, US-based boutique investment firm GQG Partners along with other investors bought an 8.1 per cent stake in Adani Power Ltd for Rs 8,710 crore ($1.1 billion). They bought 31.2 crore shares of Adani Power in a block deal at an average price of Rs 279.17, stock market data showed.
Bulk deal data on NSE on Wednesday showed that SB Adani Family Trust sold 1.8 crore shares of Adani Enterprises at Rs 2,300 per piece, and GS GQG Partners International Opportunities Fund picked up 1.2 crore shares of Adani Green Energy for Rs 1,100 crore.
On the other hand, Infinite Trade and Investment sold 4.6 crore shares of the company. With an additional purchase of a 3 per cent stake, GQG Partners holding in Adani Transmission rose to 6.54 percent at the end of June.
The US-based boutique investment firm invested Rs 15,446 crore in four Adani Group companies — Adani Ports and Special Economic Zone, Adani Green Energy, Adani Transmission, and Adani Enterprises. Then in June, the GQG Partners along with other investors had bought stakes worth about $1 billion in two group companies — Adani Enterprises and Adani Green Energy.
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