Adani Group to Get $2Bln From Abu Dhabi Firm
NEW DELHI (IANS) – International Holding Company PJSC, the Abu Dhabi-based conglomerate, will invest $2 billion as primary capital in three Adani portfolio companies — Adani Green Energy, Adani Transmission and Adani Enterprises.
IHC was founded in 1998, as part of an initiative to diversify and grow non-oil business sectors in the UAE.
On Apr.8, the boards of the three Adani companies’ Boards met and approved the transaction, it said in a regulatory filing to the exchanges.
This investment is testament to the Abu Dhabi-based firm and the Adani portfolio’s shared vision and commitment of investing in sustainable companies that are leading the charge in energy transition.
“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,” Sagar Adani, Executive Director of Adani Green Energy.
The company will invest Rs 3,850 crore in AGEL, Rs 3,850 crore in ATL and Rs 7,700 crore in the three companies, respectively, in compliance with SEBI regulations. The transaction is expected to be completed in a month, after all necessary approvals are obtained.
The capital will be utilised for pursuing the growth of the respective businesses, further strengthening of the balance sheet and for general corporate purposes, the regulatory filing said.