Abu Dhabi's International Holding Company PJSC (IHC) has completed its ₹15,400-crore investment transaction in Adani Green Energy (AGEL), Adani Transmission (ATL) and Adani Enterprises (AEL), the Adani Group said recently. IHC has invested ₹3,850 crore each in AGEL and ATL and ₹7,700 crore in AEL via the preferential allotment route. The companies had announced the investment on April 8.
"This strategic expansion of our business aligns with IHC's commitment to broadening and diversifying our investment portfolio," IHC chief executive and managing director Syed Basar Shueb said. "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 is equal to 4.87% of the total trade between the UAE and India which had reached $41 billion between 2020 and 2021, the company said in a news release.
Sagar Adani, executive director of Adani Green Energy, said: "This transaction marks the further strengthening of the India-UAE relationship and highlights the long history of business and trust between our people. We share IHC's strategic vision for India, the Middle East and Africa as we embark on this inter-generational relationship."
IHC's investment will support and accelerate Adani Group's growth plans to supply the country with 45GW power (9% of India's non-fossil energy) by 2030.
Adani Electricity Mumbai, the distribution arm of Adani Transmission, has legally covenanted targets to increase the renewable energy penetration from 3% in FY21 to 60% by FY27. IHC's investment will support ATL in this transformation.
AEL, through its wholly-owned subsidiary Adani New Industries, has undertaken to invest $50 billion over the next nine years.
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