IHC signs $2bn agreement with Adani

08 April 2022
Abu Dhabi firm will invest in three 'green-focused' companies in the Adani portfolio

Abu-Dhabi based International Holding Company (IHC) has announced it will invest AED7.3bn ($2bn) in Indian conglomerate Adani Group-owned companies.

IHC will invest primary capital in Adani Green Energy (AGEL), Adani Transmission (ATL) and Adani Enterprises (AEL) which are all listed on India's Bombay Stock Exchange and National Stock Exchange.

The company will invest AED1.83bn each in AGEL and ATL, and AED3.67bn in AEL, in compliance with Securities and Exchange Board of India regulations.

The investments will be made through the preferential allotment route. 

The transaction is expected to complete in a month after all necessary approvals are obtained.

IHC is a key upholder of Abu Dhabi's Vision 2030 plans. It is part of Abu Dhabi Securities Exchange's (ADX) FTSE ADX 15 index, which represents the top 15 largest and most liquid companies on the bourse.

In 2021, IHC's total assets reached AED87bn, while total revenue grew 305 per cent reaching AED28.5bn for the same period.

Meanwhile, Adani Group has been exploring partnerships across the GCC region, including in Saudi Arabia.

According to a recent report, the industrial conglomerate, led by Indian billionaire Gautam Adani, has held preliminary talks on a range of potential cooperation and joint investment opportunities with Saudi Aramco and Public Investment Fund.

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