Saturday, May 21, 2022

Abu Dhabi-based IHC will invest US$2 billion in Adani Group’s green companies

Must read

  • The three Adani companies — AGEL, ATL and AEL — span the Adani Group’s green portfolio
  • IHC will invest Rs 3,850 crore in Adani Green Energy, Rs 3,850 crore in Adani Transmission Ltd and Rs 7,700 crore in Adani Enterprises Ltd

Ahmedabad: International Holding Company PJSC (IHC), the Abu Dhabi-based conglomerate, will invest US$2 billion as primary capital in three Adani companies — Adani Green Energy Ltd (AGEL), Adani Transmission Ltd (ATL) and Adani Enterprises Ltd (AEL) — through the preferential allotment route, the company said in a statement on Friday. “Earlier today, the boards of AGEL, ATL and AEL met and approved the transaction. The investment is subject to shareholder and regulatory approvals and shall comply with SEBI regulations,” said the statement.

‘Adani Green Energy delighted to commence this relationship with IHC’

Sagar Adani, Executive Director, Adani Green Energy Ltd, 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.”

The three Adani companies — AGEL, ATL and AEL — span the Adani Group’s green portfolio. “Every one of these three businesses has the core aspects of ESG woven into their operations. This investment is testament to the IHC’s and the Adani Portfolio’s shared vision and commitment of investing in sustainable companies that are leading the charge in energy transition,” the statement added.

This will be long-term investment in India: IHC

Syed Basar Shueb, CEO and Managing Director of IHC, 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.”

IHC will invest Rs 3,850 crore in Adani Green Energy, Rs 3,850 crore in Adani Transmission Ltd and Rs 7,700 crore in Adani Enterprises Ltd, 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. 

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)

- Advertisement -

More articles

- Advertisement -

Latest News