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Abu Dhabi conglomerate invests almost $2 billion in Indian tycoon's businesses
Three of billionaire Gautam Adani's companies will issue preferential shares to IHC
Abu Dhabi-based International Holding Company has invested almost $2 billion in three companies owned by Indian tycoon Gautam Adani.
According to Bloomberg, Adani Enterprises Ltd will raise 77 billion rupees by issuing preferential shares to the Emirati public joint-stock company.
IHC will also receive 38.5 billion rupees worth of preferential shares in Adani Green Energy Ltd and Adani Transmission Ltd.
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Led by the richest man in Asia, the Adani group seeks to invest as much as $70 billion in the green energy value chain over the next 10 years. Deals to this effect are expected to be completed in one month after getting all the necessary approvals.
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The transaction follows several M&A deals the Firm advised on in the region this year, reinforcing its position as the leading M&A house in the region
The holding firm said transportation and other segment benefited from the significant surge in travel and tourism activities