Sineng PV Inverter

Abu Dhabi’s IHC invests Rs 15,400 Crore in Adani Group Firms

0
52

Reading Time: 2 minutes

Growatt

Abu Dhabi’s International Holding Company PJSC (IHC) has invested Rs 15,400 crore (USD 2 billion) as primary capital in three Adani portfolio companies — Adani Green Energy Ltd (AGEL), Adani Transmission Ltd (ATL) and Adani Enterprises Ltd (AEL).

Pixon

IHC has invested Rs 3,850 crore each in AGEL and ATL and Rs 7,700 crore in AEL, the Indian conglomerate said on Tuesday.

Abu Dhabi-based global strategic investment company IHC has completed “a Rs 15,400 crore investment transaction in the Adani portfolio companies, AGEL, ATL and AEL,” the Adani Group said in a statement.

IHC provided capital to the three firms through the preferential allotment route.

Syed Basar Shueb is the CEO and Managing Director at IHC. He stated that “this strategic expansion of our company aligns with IHC’s commitment to broadening, and diversifying our investments portfolio.” This transaction will have a direct and positive impact on India’s long-term ambition for clean energy.

Also Read  Tender & Policy Buzz India: MoP Issues Green Energy Open Access Rules, 2022; NTPC Invites Bids for BoS Package for 1255 MW of Solar Projects in Gujarat and More

He said that the deal represents 4.87 percent of total trade between India and UAE, which reached USD 41 billion between 2020-2021.

He further said that the partnership between Adani Group and IHC reflected the economic ties between India and UAE beyond the oil sector.

India has more than 390 gigawatts of total electricity generation capacity, with renewables exceeding 100 gigawatts.

“IHC’s investment will support and accelerate Adani Group’s growth plan to supply the country with 45 GW (9 per cent of India’s non-fossil energy) by 2030,” the statement said.

Sagar Adani (Executive Director of AGEL) said that the group appreciates IHC’s leadership role as a strategic investor for sustainable energy, food, infrastructure, and energy transition in the UAE.

“This transaction strengthens the India-UAE relationship. It also highlights the long history and trust between our peoples. He said that we share IHC’s strategic vision for India and the Middle East as we embark upon this inter-generational relationship.

Also Read  E.ON And Tree Energy Solutions Partners To Import Green Hydrogen

Adani Electricity Mumbai Limited (the distribution arm of ATL) has legally committed to increasing renewable energy penetration from 3% in FY21 to 60% by FY27. ATL will be supported by IHC’s investment.

AEL, through its subsidiary Adani New Industries Limited, has committed to investing USD 50 billion in the next nine years to create a new vertical for green hydrogen focused on decarbonisation of industrial energy and mobility.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.