Sun, 03 Jul 2022

Ahmedabad (Gujarat) [India], May 17 (ANI): Abu Dhabi-based global strategic investment firm International Holding Company (IHC) has invested Rs 15,400 crore ($2 billion) in three Adani portfolio companies - Adani Green Energy Limited, Adani Transmission Limited and Adani Enterprises Limited, Adani Group said on Tuesday.

IHC has provided capital to Adani Green Energy Ltd, Adani Transmission Ltd, and Adani Enterprises Ltd, which are all listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) in India - through the preferential allotment route.

"This strategic expansion of our business aligns with IHC's commitment to broadening and diversifying our investment portfolio. There is no doubt that this transaction will directly and positively impact India's overarching ambition for long-term plans for clean energy," said Syed Basar Shueb, CEO and Managing Director of IHC.

"The deal represents 4.87 per cent of the total trade between the UAE and India, which has reached $41 billion between 2020 and 2021; the partnership between IHC and Adani Group greatly reflects the economic ties between the UAE and India beyond the oil sector," Shueb said.

India's total electricity generating capacity is more than 390 GW, and renewables exceed 100 GW. Last year at the United Nations Climate Change Conference, the Indian government announced that by 2030 India's non-fossil fuel capacity would be 500 GW. 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.

"We are delighted to complete this landmark transaction with IHC. We value IHC's pioneering role as a strategic investor in sustainable energy, healthcare, food, infrastructure and Energy Transition in the UAE," said Sagar Adani, Executive Director of Adani Green Energy Ltd.

"This transaction marks the further strengthening of the India - UAE relationship and highlights the long history of business and trust between our peoples. We share IHC's strategic vision for India, Middle East and Africa as we embark on this inter-generational relationship," Sagar Adani added.

Adani Electricity Mumbai Limited, the distribution arm of Adani Transmission Limited has legally covenanted targets to increase the renewable energy penetration from 3 per cent in FY21 to 60 per cent by FY27. IHC's investment will support ATL in this transformational journey.

Adani Enterprises Limited, through its wholly-owned subsidiary Adani New Industries Limited has undertaken to invest $50 billion over the next 9 years forming a new green hydrogen vertical focused on decarbonisation of industrial energy and mobility. (ANI)

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