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IHC of Abu Dhabi increases its ownership of Adani Enterprises

4 Oct 2023 , 11:43 AM

Days after selling its holdings in two further Adani Group companies, Abu Dhabi conglomerate International Holding Co (IHC) announced on Tuesday that it had boosted its stake in India’s Adani Enterprises to more than 5%.

IHC claimed that the increase in its stake was a reflection of its confidence in Adani Enterprises’ (AEL) capacity to ‘incubate’ and expand airports, data centres, and green hydrogen enterprises.

‘AEL is poised to uniquely capitalize on India’s robust growth journey,’ IHC stated in a statement.

Based on Tuesday’s closing share price, the Adani Group said separately that the additional investments have increased the value of IHC’s ownership in the flagship firm of the Adani group to around 140 billion rupees ($1.68 billion).

It said that IHC’s larger share was a ‘ringing endorsement of the group’s robust capex plans, governance, and transparency.’

American short-seller Hindenburg Research made accusations against billionaire Gautam Adani’s company in January, claiming that the company had participated in stock manipulation and had accumulated alarmingly high debt.

All accusations have been refuted by The Adani Group. The Supreme Court has ordered an investigation by India’s market regulator.

IHC announced last week that as part of a plan to restructure its portfolio, it has decided to sell its holdings in Adani Green Energy and Adani Energy Solutions.

IHC invested $2 billion in three Adani Group companies last year, which included a $926 million (926 billion rupee) investment for a 3.52% share in Adani Enterprises.

For feedback and suggestions, write to us at editorial@iifl.com

Adani Enterprises - Wikipedia

Related Tags

  • Abu Dhabi
  • Adani Enterprises
  • IHC
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