Three Adani Group companies receive $2 billion from Abu Dhabi’s IHC

Abu Dhabi-based global strategic investment company, International Holding Company PJSC (IHC), announced today the completion of a Rs 15,400 crore ($2 billion) investment transaction in the Adani Portfolio companies, Adani Green Energy Limited (AGEL), Adani Transmission Limited (ATL) and Adani Enterprises Limited (AEL).

IHC has provided capital to Adani Green Energy Ltd., Adani Transmission Ltd., and Adani Enterprises Ltd through the preferential allotment route.

In an earlier announcement, Adani had said IHC would invest Rs 3,850 crore in AGEL, Rs 3,850 crore in ATL and Rs 7,700 crore in AEL.

"The deal represents 4.87% of the total trade between the UAE and India, which has reached USD 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,” said Syed Basar Shueb, CEO and Managing Director of IHC

India's total electricity generating capacity is more than 390 gigawatt, and renewables exceed 100 gigawatt.

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 gigawatt.

IHC’s investment will support and accelerate Adani Group’s growth plan to supply the country with 45 gigawatt (9% of India's non-fossil energy) by 2030.

Adani Electricity Mumbai Limited, the distribution arm of Adani Transmission Limited has legally covenanted targets to increase the renewable energy penetration from 3% in FY21 to 60% by FY27, the statement said.

IHC’s investment will support ATL in this transformational journey, it added.

Adani Enterprises Limited, through its wholly owned subsidiary Adani New Industries Limited has undertaken to invest $50 billion (Rs 3.88 lakh crore) over the next 9 years forming a new green hydrogen vertical focused on decarbonisation of industrial energy and mobility.

International Holding Company PJSC engages in investing, trading, processing, and packing seafood products in the Middle East, Europe, and the Americas. It operates through utilities, real estate, digital, industrial, food, and capital segments.

The chairman of IHC is Sheikh Tahnoun bin Zayed Al Nahyan, UAE’s national security adviser and brother of the country’s crown prince Mohamed bin Zayed bin Sultan Al Nahyan.

The three Adani companies – AGEL, ATL and AEL – span the Adani Group’s green portfolio.