International Holding Company PJSC (IHC), an Abu Dhabi-based global strategic investment firm, announced today the completion of an INR 15,400 Crore (USD 2 billion) investment transaction in the Adani Portfolio companies, Adani Green Energy Limited (AGEL), Adani Transmission Limited (ATL), and Adani Enterprises Limited (AEL).
Through the preferential allotment route, IHC has provided capital to Adani Green Energy Ltd., Adani Transmission Ltd., and Adani Enterprises Ltd., all of which are listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) in India.
“This strategic expansion of our business aligns with IHC’s commitment to broadening and diversifying our investment portfolio. There is no doubt that this transaction will directly and positively impact India’s overarching ambition for long-term plans for clean energy. The deal represents 4.87% of the total trade between the UAE and India, which has reached USD 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.,”Syed Basar Shueb, CEO and Managing Director of IHC.
India’s total electricity generation capacity exceeds 390GW, with renewables exceeding 100GW. The Indian government announced last year at the United Nations Climate Change Conference that India’s non-fossil fuel capacity would be 500 GW by 2030. The investment by IHC will support and accelerate Adani Group’s growth strategy of supplying the country with 45 GW (9 percent of India’s non-fossil energy) by 2030.
“We are delighted to complete this landmark transaction with IHC. We value IHC’s pioneering role as a strategic investor in sustainable energy, healthcare, food, infrastructure and Energy Transition in the UAE. This transaction marks the further strengthening of the India – UAE relationship and highlights the long history of business and trust between our peoples. We share IHC’s strategic vision for India, Middle East and Africa as we embark on this inter-generational relationship,”Sagar Adani, Executive Director of Adani Green Energy Ltd.
Adani Electricity Mumbai Limited, the distribution arm of Adani Transmission Limited, has legally committed to raising renewable energy penetration from 3% in FY21 to 60% by FY27. The investment from IHC will help ATL on its transformational journey.
Adani Enterprises Limited, through its wholly-owned subsidiary Adani New Industries Limited, has committed to investing USD 50 billion over the next nine years in establishing a new green hydrogen vertical focused on decarbonizing industrial energy and mobility.
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