Abu Dhabi-based strategic investment company International Holding Company (IHC) has completed the 7.3 billion dirhams ($2 billion) investment in three green-focused companies owned by Indian conglomerate Adani Group, first disclosed last month.
The investments are in Adani Green Energy Ltd (AGEL), Adani Transmission Ltd (ATL) and Adani Enterprises Ltd (AEL) will be exercised via preferential allotments. All the companies are listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) in India, IHC said in a bourse disclosure on Abu Dhabi Securities Exchange (ADX) on Tuesday.
IHC will provide capital to the companies–listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) in India – through the preferential allotment route. The investment will support and accelerate Adani Group’s growth plan to supply the country with 45 GW (9 percent of India’s non-fossil energy) by 2030, it said.
Syed Basar Shueb, CEO and Managing Director of IHC, said the transaction will positively impact India’s ambition for long-term plans for clean energy.
“The deal represents 4.87 percent of the total trade between the UAE and India, which has reached $41 billion between 2020 and 2021; the partnership between IHC and Adani Group greatly reflects the economic ties between the UAE and India beyond the oil sector.”
IHC, with assets over 87 billion dirhams, is among the Abu Dhabi companies that driving the emirate’s economic diversification agenda.
Adani Group, led by Gautam Adani, has a range of businesses covering ports, power, renewable energy, airports, coal trading and data centers. The group has said it intends to invest $20 billion in renewable energy over the next 10 years and make its ports business a net-zero carbon emitter by 2025.
