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 UAE’s IHC to invest $2 bln in Adani Group’s companies

The logo of the Adani Group is seen on the facade of one of its buildings on the outskirts of Ahmedabad, India, April 13, 2021. REUTERS/Amit Dave

UAE’s IHC to invest $2 bln in Adani Group’s companies

International Holding Co (IHC.AD) has agreed to invest 7.3 billion dirhams ($2 billion) in three of Indian conglomerate Adani Group’s portfolio companies.

It will provide capital to Adani Green Energy Ltd (ADNA.NS), Adani Transmission Ltd (ADAI.NS) and Adani Enterprises Ltd (ADEL.NS) which all are listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) in India – through the preferential allotment route, it said in a statement.

The investment is subject to shareholder and regulatory approvals and will comply with India’s securities regulations.

The capital will be utilised for pursuing the growth of the respective businesses, further strengthening of the balance sheet and for general corporate purpose, the statement said.

IHC is chaired by Sheikh Tahnoun bin Zayed Al Nahyan, the United Arab Emirates’ national security adviser and a brother of the country’s de facto ruler, Crown Prince Mohammed bin Zayed.

Sheikh Tahnoun is also the chairman of Royal Group, which owns 74% of IHC, and is chairman of ADQ.

($1 = 3.6726 UAE dirham)

Reporting by Saeed Azhar; editing by David Evans

This article was originally published by Reuters.

Global Business Magazine

Global Business Magazine

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