Ahmedabad, April 8 (SocialNews.XYZ) International Holding Company PJSC (IHC), the Abu Dhabi-based conglomerate, will invest $ 2 billion as primary capital in three Adani portfolio companies -- Adani Green Energy Ltd (AGEL), Adani Transmission Ltd (ATL) and Adani Enterprises Ltd (AEL) -- which are all listed on Bombay Stock Exchange (BSE) and National stock Exchange (NSE) in India, through the preferential allotment route.
Earlier Friday, the boards of AGEL, ATL and AEL met and approved the transaction. The investment is subject to shareholder and regulatory approvals and shall comply with SEBI regulations.
Sagar Adani, Executive Director, AGEL, said, "We are delighted to commence this intergenerational relationship with IHC. We are deeply committed to the shared vision and values of investment in sustainable infrastructure, green energy and energy transition. This is a landmark transaction and marks a start of a wider relationship between The Adani Group and IHC and attracting further investment from UAE into India."
The three Adani companies -- AGEL, ATL and AEL -- are market leaders in their business sectors and span the Adani Group's green portfolio. Every one of these three businesses has the core aspects of ESG woven into their operations. This investment is testament to the IHC's and the Adani Portfolio's shared vision and commitment of investing in sustainable companies that are leading the charge in energy transition.
Syed Basar Shueb, CEO and Managing Director of IHC, said, "This will be a long-term investment in India as the country is driving much innovation globally, including the green energy sector. The opportunity to earn a compelling return on investment in green energy has never been greater. We are confident that Adani companies will play a significant role in unleashing India's total green energy potential, reflecting positively on our shareholders' commitment."
IHC will invest RS 3,850 Cr in AGEL, RS 3,850 crore in ATL and Rs 7,700 crore in AEL, in compliance with SEBI regulations. The transaction is expected to be completed in a month, after all necessary approvals are obtained. The capital will be utilized for pursuing the growth of the respective businesses, further strengthening of the balance sheet and for general corporate purposes.
Source: IANS
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