Abu Dhabi-based IHC has invested Rs 15,400 crore in three Adani companies
Abu Dhabi-based global strategic investment company International Holding Company PJSC (IHC) on Tuesday announced an investment loan of Rs 15,400 crore or $ 2 billion to Adani Portfolio Company, Adani Green Energy Limited (AGEL), Adani Transmission Limited (ATL) and others. Adani Enterprise Limited (AEL).
The capital provided by the IHC was through preferential allocation. IHC investments in the Adani Group represent 4.87 percent of total trade between the UAE and India, the agency said.
Syed Bashar Shuaib, CEO and Managing Director of IHC, said: “This strategic expansion of our business is in line with IHC’s commitment to expand and diversify our investment portfolio. A long-term plan for energy. “
The partnership with IHC will accelerate the group’s plan to supply the country with 45 gigawatts or 9 per cent of India’s non-fossil power by 2030. AGEL aims to develop and operate a renewable power generation capacity of 25 GW by 2025.
“We value the IHC’s leading role as a strategic investor in sustainable energy, healthcare, food, infrastructure and energy transformation in the UAE. The transaction strengthens India-UAE relations and highlights the long history of business and trust among our people, ”said Sagar Adani, Executive Director, Adani Green Energy Limited.
The company added that Adani Electricity Mumbai Limited, the distribution arm of Adani Transmission, has legally contracted renewable energy penetration targets of 3 per cent in FY21 and 60 per cent in FY27. IHC’s investment will help ATL in this endeavor.
In addition, Adani Enterprises, through its wholly owned subsidiary Adani New Industries Limited, has invested 50 billion over the next 9 years to build a new green hydrogen vertical, focusing on “industrial energy and mobility decarbonization.”
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