The International Holding Company (IHC), headquartered in Abu Dhabi, has elevated its ownership in Adani Enterprises Ltd (AEL) to more than 5 percent.
“This strategic increase reflects IHC’s conviction in the world leading incubation model of AEL and we believe that the inherent strength of airports, data centers, green hydrogen, and various other verticals being incubated under AEL and that AEL is poised to uniquely capitalise on India’s robust growth journey,” IHC stated in a regulatory filing on Abu Dhabi Securities Exchange where its shares trade.
Significant AED 7.3B Investment Deal with Adani Group
In April of the previous year, the holding company entered into a AED 7.3B ($2B) investment deal with the Indian conglomerate, intending to inject primary capital into three portfolio firms – Adani Green Energy (AGEL), Adani Transmission (ATL), and Adani Enterprises (AEL).
These companies are all listed on the Bombay Stock Exchange and National Stock Exchange in India, and the capital infusion was carried out through the preferential allotment route.
Nonetheless, in the past week, the holding company disclosed that its subsidiaries, Green Energy Investment Holding and Green Transmission Investment Holding, had finalized an agreement with an undisclosed buyer to divest their investments in AGEL and ATL. The exact buyer was not revealed.
The move, as explained by the holding company, was a strategic measure to maintain overall portfolio balance.
On a different note, in July, Bloomberg reported that Bain Capital had reached an agreement to acquire the 90% stake held by Gautam Adani’s family in an Indian shadow bank. This move allowed the entrepreneur to reduce his involvement in non-core business ventures.
