It reiterated that pilgrims require a Haj visa and it can be obtained through recognised official channels
International Holding Company (IHC), the Abu Dhabi-based conglomerate, signed Dh7.3 billion ($2 billion) investment agreement with Indian multinational conglomerate Adani Group, as primary capital in three Adani portfolio companies — Adani Green Energy Ltd (AGEL), Adani Transmission Ltd (ATL) and Adani Enterprises Ltd (AEL) which are listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) in India — through the preferential allotment route.
The boards of AGEL, ATL, and AEL met and approved the transaction and the investment is subject to shareholder and regulatory approvals and shall comply with Sebi regulations.
Sagar Adani, executive director, AGEL, said: “We are delighted to commence this inter-generational relationship with IHC. We are deeply committed to the shared vision and values of investment in sustainable infrastructure, green energy, and energy transition. This is a landmark transaction and marks a start of a wider relationship between Adani Group and IHC and attracting further investment from UAE into India.”
The three Adani companies – AGEL, ATL and AEL – are market leaders in their business sectors and span the Adani Group’s green portfolio. Every one of these three businesses has the core aspects of ESG woven into their operations. This investment is testament to the IHC’s and the Adani Portfolio’s shared vision and commitment of investing in sustainable companies that are leading the charge in energy transition.
Syed Basar Shueb, CEO and managing director of IHC, said “This will be a long-term investment in India as the country is driving much innovation globally, including the green energy sector. The opportunity to earn a compelling return on investment in green energy has never been greater. We are confident that Adani companies will play a significant role in unleashing India’s total green energy potential, reflecting positively on our shareholders’ commitment.”
IHC will invest Dh1.83 billion ($500 million) in AGEL, Dh1.83 billion ($500 million) in ATL and Dh3.67 billion in AEL ($1 billion), in compliance with Sebi regulations. The transaction is expected to be completed in a month after all necessary approvals are obtained. The capital will be utilised for pursuing the growth of the respective businesses, further strengthening of the balance sheet and for general corporate purposes.
IHC is included in FTSE ADX 15 Index (FADX 15), which represents the top 15 largest and most liquid companies on the ADX. In 2021 IHC total assets reached Dh87 billion while total revenue grew 303 per cent reaching Dh28,562 billion for the same period.
IHC has a clear objective of enhancing its portfolio through acquisitions, strategic investments, and business combinations. Comprising more than 30 entities, 21, 613 employees, IHC seeks to expand and diversify its holdings across a growing number of sectors, including real estate, agriculture, healthcare, food and beverage, utilities, industries, it and communications, retail and leisure, and capital.
— business@khaleejtimes.com
It reiterated that pilgrims require a Haj visa and it can be obtained through recognised official channels
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