International Holding Company PJSC (IHC) has finalised a $2 billion investment in Adani Portfolio companies aiming to grow India’s non-fossil energy industry.
The INR 15,400 Cr ($2 billion) primary equity transaction is for three Adani Portfolio companies which aim to generate 9 per cent of India’s non-fossil energy capacity by 2030.
The capital has been provided to Adani Green Energy Limited (AGEL), Adani Transmission Limited (ATL) and Adani Enterprises Limited (AEL).
“This strategic expansion of our business aligns with IHC’s commitment to broadening and diversifying our investment portfolio,” said Syed Basar Shueb, CEO and Managing Director of IHC.
“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 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.”
Following the Indian government announcement to reach 500 GW non-fossil fuel capacity by 2030, IHC’s investment aims to support and accelerate the Adani Group’s growth plan and supply the country with 25 GW by 2025 and 45 GW by 2030.
“This transaction marks the further strengthening of the India – UAE relationship and highlights the long history of business and trust between our peoples,” added Sagar Adani, Executive Director of AGEL.
“We share IHC’s strategic vision for India, Middle East and Africa as we embark on this inter-generational relationship.”