September 29, 2022 13:08 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Ashok Gehlot in Delhi to meet Sonia Gandhi, key aide says he won't resign as Rajasthan CM | Calcutta HC declares Mamata govt's key doorstep ration scheme 'illegal' | Lt General Anil Chauhan (Retired) is new Chief of Defence Staff | S Jaishankar raises concerns about Ukraine conflict impacting global fuel price with US state secy | PM Modi attends late Japanese PM Shinzo Abe's funeral in Tokyo
Abu Dhabi-based IHC to invest $2 billion in 3 Adani companies Adani Group

Abu Dhabi-based IHC to invest $2 billion in 3 Adani companies

India Blooms News Service | @indiablooms | 09 Apr 2022, 02:20 am

Mumbai: Abu Dhabi’s International Holding Company PJSC (IHC) will invest $2 billion as primary capital in three Adani portfolio companies.

The three companies include – Adani Green Energy Ltd (AGEL), Adani Transmission Ltd (ATL) and Adani Enterprises Ltd (AEL), the Indian conglomerate said in a release Friday.

IHC will invest Rs 3,850 crore in AGEL, Rs 3,850 crore in ATL and Rs 7,700 crore in AEL.

The transactions are expected to be completed in a month post the necessary approvals.

The investment will happen through the preferential allotment route.

The funds will be utilised in pursuing the growth of the respective businesses, further strengthening of the balance sheet and for general corporate purposes.

International Holding Company PJSC is engaged in investing, trading, processing, and packing seafood products in the Middle East, Europe, and the Americas.

IHC is helmed by Sheikh Tahnoun bin Zayed Al Nahyan, who is the chairman of the company and the national security adviser of UAE, and brother of the country’s crown prince Mohamed bin Zayed bin Sultan Al Nahyan.

“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,” the statement 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,” said Syed Basar Shueb, CEO and Managing Director of IHC.