Abu Dhabi Conglomerate Invests $2 Billion in Gautam Adani’s Firms

0
Adani. — (photo:instagram)

Team Clarion

NEW DELHI — The Abu Dhabi-based International Holding Company PJSC has invested almost $2 billion in three companies owned by Indian billionaire Gautam Adani, as his ports-to-power conglomerate looks to fund its expansion plans.

According to Bloomberg, Adani Enterprises Ltd will raise 77 billion rupees ($1.02 billion) by issuing preferential shares to the Emirati public joint-stock company.

“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,” Sagar Adani, executive director at Adani Green, said in the statement.

IHC will also receive 38.5 billion rupees worth of preferential shares in Adani Green Energy Ltd and Adani Transmission Ltd.

IHC is the United Arab Emirates’s second largest company by market value and is led by Sheikh Tahnoon Bin Zayed Al Nahyan — UAE’s national security adviser.

“The opportunity to earn a compelling return on investment in green energy has never been greater,” Syed Basar Shueb, IHC’s chief executive officer, said in a statement. “We are confident that Adani companies will play a significant role in unleashing India’s total green energy potential.”

Led by the richest man in Asia, the Adani group seeks to invest as much as $70 billion in the green energy value chain over the next 10 years. Deals to this effect are expected to be completed in one month after getting all the necessary approvals.

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here