siliconindia | | June 20228BY SI TEAMAbu Dhabi-based International Holding Company PJSC (IHC) on Tuesday completed its Rs.15,400 crore investment transaction in three Adani portfolio firms­ Adani Green Energy (AGEL), Adani Transmission (ATL) and flagship, Adani Enterprises (AEL). IHC has invested Rs.3,850 crore each in AGEL and ATL and Rs.7,700 crore in AEL, a statement from Adani said. IHC provided capital to the three companies via the preferential allotment route. 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 Indian conglomerate said in a statement.It, however, did not say how much these investment would translate into equity stakes. Syed Basar Shueb, CEO and Managing Director of IHC, said, "This strategic expansion of our business aligns with IHCs 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". The deal, he said, represents 4.87 percent 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", he said. India's total electricity generating capacity is more than 390 GW, and renewables exceed 100 GW. "IHCs investment will support and accelerate Adani Group's growth plan to supply the country with 45 GW (nine percent of India's non-fossil energy) by 2030", the statement said.Sagar Adani, Executive Director of AGEL, said the group values IHCs pioneering role as a strategic investor in sustainable energy, healthcare, food, infrastructure and energy transition in the UAE. "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 IHCs strategic vision for India, Middle East and Africa as we embark on this inter-generational relationship", he said. Adani Electricity Mumbai, the distribution arm of ATL has legally covenanted targets to increase the renewable energy penetration from 3 per cent in FY21 to 60 percent by FY27. IHCs investment will support ATL in this transformational journey. AEL through its wholly-owned subsidiary Adani New Industries Limited has undertaken to invest $50 billion over the next nine years forming a new green hydrogen vertical focused on decarburization of industrial energy and mobility. IN FOCUSABU DHABI'S IHC INVESTS RS.15,400 CRORE IN THREE ADANI COMPANIESThe partnership between IHC and Adani Group greatly reflects the economic ties between the UAE and India beyond the oil sector
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