Abu Dhabi's International Holding Company increases stake in Adani Enterprises by 5%
Mumbai: After divesting its shares in two Adani Group firms, Abu Dhabi's International Holding Company (IHC) announced on Tuesday that it has increased its stake in the group's primary entity, Adani Enterprises Ltd, to over 5 percent, reported Moneycontrol.
In a filing to the Abu Dhabi stock exchange, IHC said, "This strategic increase reflects IHC's conviction in the world leading incubation model of AEL."
IHC said it believes that "the inherent strength of airports, data centres, green hydrogen and various other verticals being incubated under AEL is poised to uniquely capitalise on India's robust growth journey."
"IHC continues to explore unique investment opportunities in India with the goal to maximise stakeholders' return," the filing added.
IHC recently announced its intention to divest its holdings in Adani Green Energy Ltd (1.26 percent stake) and Adani Energy Solutions (1.41 percent stake) as part of a strategy to rebalance its portfolio.
“We are delighted with IHC's decision to enhance its investment in Adani Enterprises Ltd (AEL), which further validates AEL’s standing as a global leader in incubating new businesses, particularly in sustainable infrastructure, developing global aviation infrastructure and equitable energy transition. We see IHC’s increased stake as a ringing endorsement of our robust capex plans, governance and transparency. This inter-generational relationship with IHC reflects well on India’s dynamic growth potential and offers substantial returns to our stakeholders,” a spokesperson of the Adani Group said, reported Moneycontrol.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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