Abu Dhabi-based company IHC puts Rs 15,400 crore into three Adani companies. International Holding Company PJSC (IHC), an Abu Dhabi-based global strategic investment firm, announced on Tuesday that it had completed a Rs 15,400 crore (USD 2 billion) investment transaction in Adani Portfolio companies Adani Green Energy Limited (AGEL), Adani Transmission Limited (ATL), and Adani Enterprises Limited (AEL).
Through the preferential allotment mechanism, IHC has contributed capital to Adani Green Energy Ltd., Adani Transmission Ltd., and Adani Enterprises Ltd., all of which are listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) in India. IHC's CEO and Managing Director, Syed Basar Shueb, said: "This business development is in line with IHC's objective to diversifying and increasing its investment portfolio. This deal will undoubtedly have a direct and positive impact on India's overall vision for long-term clean energy initiatives.
The agreement accounts for 4.87 percent of overall trade between the UAE and India, which is expected to reach USD 41 billion between 2020 and 2021; the cooperation between IHC and Adani Group demonstrates the UAE and India's economic links beyond the oil industry." India's overall power generating capacity exceeds 390 GW, with renewables accounting for more than 100 GW.
The Indian government promised this year at the United Nations Climate Change Conference that India's non-fossil fuel capacity would be 500 GW by 2030. IHC's investment will help Adani Group achieve its goal of supplying the country with 45 GW (9 percent of non-fossil energy) by 2030. Adani Electricity Mumbai Limited, Adani Transmission Limited's distribution arm, has legally committed to increasing renewable energy penetration from 3% in FY21 to 60% by FY27.