UAE-based investment firm, International Holding Company (IHC) has signed an agreement to invest $2 billion (AED 7.3 billion) in the Indian multinational conglomerate Adani Group.
As part of the deal, IHC will invest in three green-focused companies of the Adani Group including Adani Green Energy Ltd (AGEL), Adani Transmission Ltd (ATL), and Adani Enterprises Ltd (AEL), which are all listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) in India.
According to the statement, “The capital will be utilized for pursuing the growth of the respective businesses, further strengthening of the balance sheet, and for general corporate purposes.” The transaction is expected to be completed in a month after all necessary approvals are obtained.
Mr. Syed Basar Shueb, CEO and Managing Director of IHC, said that, “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,” Mr. Shueb added.
IHC stated that it will invest $500 million (AED 1.83 billion) in AGEL, $500 million (AED 1.83 billion) in ATL, and $1 billion (AED 3.67 billion) in AEL, in compliance with the Securities and Exchange Board of India (SEBI) regulations.
Mr. Sagar Adani, Executive Director of AGEL noted that, “We are delighted to commence this intergenerational 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 Adani Group and IHC and attracting further investment from UAE into India.”
Thank you very much for choosing GCC Business News to be an important part of your professional life. You will receive a confirmation e-mail. Please check SPAM or UPDATES folder
