IHC completes AED7.3 billion deal with India’s Adani group

IHC completes AED7.3 billion deal with India’s Adani group

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Abu Dhabi / WAM

International Holding Company (IHC) announced on Tuesday the completion of an AED7.3 billion ($2 billion) investment transaction in the Adani Portfolio companies, Adani Green Energy Limited (AGEL), Adani Transmission Limited (ATL) and Adani Enterprises Limited (AEL).

IHC has provided capital to Adani Green Energy, Adani Transmission, and Adani Enterprises, which are all listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) in India – through the preferential allotment route.

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

India’s total electricity generating capacity is more than 390GW, and renewables exceed 100 GW. Last year at the United Nations Climate