Abu Dhabi-based IHC has invested ₹3,850 crore each in three Adani portfolio companies – Adani Green Energy Limited (AGEL), Adani Transmission Limited (ATL) and Adani Enterprises Limited (AEL).
Abu Dhabi-based IHC has invested ₹3,850 crore each in three Adani portfolio companies – Adani Green Energy Limited (AGEL), Adani Transmission Limited (ATL) and Adani Enterprises Limited (AEL).
Abu Dhabi-based International Holding Company PJSC (IHC) has invested ₹15,400 crore ($2 billion) as primary capital in three Adani portfolio companies – Adani Green Energy Limited (AGEL), Adani Transmission Limited (ATL) and Adani Enterprises Limited (AEL). has invested. ,
The Indian conglomerate on Tuesday said IHC has invested Rs 3,850 crore each in AGEL and ATL and Rs 7,700 crore each in AEL.
The Abu Dhabi-based global strategic investment company IHC has completed an investment transaction of Rs 15,400 crore in Adani portfolio companies, AGEL, ATL and AEL, the Adani Group said in a statement.
However, it did not specify how much of the investment would translate into equity stake.
IHC provided capital to the three firms through the preferential allotment route.
Syed Baser Shuaib, CEO and Managing Director, IHC, said, “This strategic expansion of our business is in line with IHC’s commitment to broaden and diversify our investment portfolio. Will directly and positively impact ambition. Term Plan for Clean Energy”.
The deal, he said, represents 4.87% of the total. Trade between UAE and IndiaWhich has reached $41 billion between 2020 and 2021.
“Partnership Between” [Abu Dhabi] IHC and the Adani Group reflect to a large extent the economic ties between the UAE and India beyond the oil sector.”
India’s total electricity generation capacity is over 390 GW, and renewable energy is over 100 GW.
,[Abu Dhabi] IHC’s investment will support and accelerate the Adani Group’s development plan to supply 45 GW (9% of India’s non-fossil energy) to the country by 2030,” the statement said.
AGEL Executive Director Sagar Adani said the group values IHC’s leading role as a strategic investor in sustainable energy, healthcare, food, infrastructure and energy transition in the UAE.
“This transaction marks the further strengthening of India-UAE ties and highlights the long history of trade and trust between our peoples. We share IHC’s strategic vision for India, the Middle East and Africa as We start this inter-generational relationship,” he said. said.
Adani Electricity Mumbai Limited, the distribution arm of ATL, has legally contracted to increase the penetration of renewable energy from 3% in FY2011 to 60% by FY27. IHC’s investment will support ATL in this transformational journey.
AEL, through its wholly owned subsidiary, Adani New Industries Ltd., has pledged to invest $50 billion over the next 9 years to create a new green hydrogen vertical focused on the decarbonization of industrial energy and mobility.