News APP

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  gplay  » Business » Abu Dhabi's IHC exits two Adani firms

Abu Dhabi's IHC exits two Adani firms

Source: PTI
September 28, 2023 23:04 IST
Get Rediff News in your Inbox:

Abu Dhabi's International Holding Company, one of the first high-profile investors in billionaire Gautam Adani's conglomerate, has decided to sell its stake in two Adani companies.

Gautam Adani

Photograph: Amit Dave/Reuters

In a disclosure, IHC said it has "entered into a definitive agreement with a buyer to dispose of its FDI investment in Adani Green Energy Ltd and Adani Transmission Ltd".

It, however, did not name the buyer.


IHC had in April 2022 invested about $500 million each in renewables arm Adani Green Energy and power company Adani Transmission, and a further $1 billion in the group's flagship Adani Enterprises.

At that time, IHC's chief executive Syed Basar Shueb described the decision to back Adani as a "long-term investment in India".

IHC said the Adani disposals were part of its "overall portfolio rebalancing strategy", and that it was completing regulatory paperwork to complete the transaction.

It made no reference to its stake in Adani Enterprises.

The sale comes eight months after US short-seller Hindenburg Research accused Adani Group of accounting fraud and stock market manipulation. Adani has denied all allegations.

The allegations triggered a sell-off that at one point knocked USD 150 billion off the combined stock market value of Adani's 10 listed companies.

Stocks have since recovered some of their losses.

IHC did not disclose the sale price.

Get Rediff News in your Inbox:
Source: PTI© Copyright 2023 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.

Moneywiz Live!