UAE’s TAQA seeks to invest up to $2.5bln in India’s Adani power business – report

UAE’s TAQA seeks to invest up to $2.5bln in India’s Adani power business – report

Abu Dhabi National Energy Company (TAQA) intends to invest between $1.5 and $2.5 billion in Indian billionaire Gautam Adani’s power business, an Indian financial daily reported citing informed sources.

The Abu Dhabi-listed oil major aims to invest in Adani Group firms or in a single entity, the Economic Times said. Adani's power business covers verticals from thermal generation, clean energy and green hydrogen,

The report said that TAQA is interested in picking up a 19.9% stake in Adani Energy Solutions.

Adani Energy Solutions’ value currently stands at Rs 916.6 billion ($11.03 billion), with promoters owning a 68.28% stake.

The company’s shares closed at Rs 821.70 on Thursday. The near 20% stake indicates an investment of Rs 18,240 crore ($2.19 billion).

The two companies are also looking to enter into a strategic alliance and work jointly on projects in North Africa and West Asia, the newspaper said.

Last week, Qatari wealth fund Qatar Investment Authority's subsidiary purchased a stake in Adani Green Energy via a $500 million block deal.

(Editing by Brinda Darasha; [email protected])

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