IHC to invest AED 7.3 billion in Adani Group’s green portfolio

The investment is subject to shareholder and regulatory approvals and shall comply with SEBI regulations…reports Asian Lite News

International Holding Company PJSC (IHC), the Abu Dhabi-based conglomerate, announced today that it had signed AED 7.3 billion (USD 2 billion) Investment Agreement with Indian multinational conglomerate Adani Group, as primary capital in three Adani portfolio companies – Adani Green Energy Ltd (AGEL), Adani Transmission Ltd (ATL) and Adani Enterprises Ltd (AEL) which all are listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) in India – through the preferential allotment route.

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.

https://twitter.com/AdaniOnline/status/1512403924267204611

Sagar Adani, Executive Director, AGEL said “We are delighted to commence this intergenerational 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 Adani Group and IHC and attracting further investment from UAE into India.”

The three Adani companies – AGEL, ATL and AEL – are market leaders in their business sectors and 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.

ALSO READ:  ‘UAE economy is rising’

Syed Basar Shueb, CEO and managing director of IHC: “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 AED 1.83 billion (USD 500 million) in AGEL, AED 1.83 billion (USD 500 million) in ATL and AED 3.67 billion in AEL (USD 1 billion), 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 utilized for pursuing the growth of the respective businesses, further strengthening of the balance sheet and for general corporate purposes. (WAM)

Advertisements
[soliloquy id="31272"]
Advertisements
[soliloquy id="31269"]
Tagged:

Leave a Reply

Your email address will not be published. Required fields are marked *