Green energy: Abu Dhabi’s IHC to invest $2 billion in 3 Adani companies

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NEW DELHI: Abu Dhabi-based conglomerate International Holding Company PJSC (IHC) will invest $2 billion as primary capital in three Adani portfolio companies – Adani Green Energy Ltd (AGEL), Adani Transmission Ltd (ATL) and Adani Enterprises Ltd (AEL) – through preferential allotment route. Accordingly, AEL will get an investment of Rs 7,700 crore and AGEL and ATL will get Rs 3,850 crore each.
The boards of these three listed companies on Friday approved the transaction which is subject to necessary approvals. The transaction, expected to be completed in a month after getting all necessary approvals, will be for growing respective businesses further, strengthening of balance sheet and general corporate purposes, Adani Group said in a statement.
AGEL ED 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.”
IHC CEO & MD Syed Basar Shueb said: 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.”

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