Indian billionaire Gautam Adani’s ports-to-power conglomerate looks to expand, Abu Dhabi-based International Holding Company PJSC has invested almost $2 billion in three of his companies.
According to Indian media reports, Adani Enterprises Ltd, the group’s flagship company, will issue preferential shares to IHC for Rs 7,700 crore ($1.02 billion) and Adani Green Energy Ltd. and Adani Transmission Ltd. will receive Rs 3,850 crore via the same equity instruments.
With funding of this magnitude, global investors are demonstrating a growing interest in Adani Group. Founded by Asia’s richest person, Adani group has grown rapidly from operating ports and power plants to renewable energy, airports, data centers, digital services, media and so forth.
Executive Director of AGEL, Sagar Adani said,“We are delighted to commence this inter-generational relationship with IHC. We are deeply committed to the shared vision and values of investment in sustainable infrastructure, green energy and energy transition. This is a landmark transaction and marks a start of a wider relationship between The Adani Group and IHC and attracting further investment from UAE into India.”
Syed Basar Shueb, CEO and Managing Director of IHC said, “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.”
IHC is the second largest company in the UAE by market value and its chairman is UAE’s national security adviser and brother to Abu Dhabi’s de-facto ruler, Sheikh Tahnoon Bin Zayed Al Nahyan.
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