International Holding Company (IHC), the Abu Dhabi-based conglomerate, will invest $2 billion as primary capital in three Adani companies — Adani Green Energy, Adani Transmission and Adani Enterprises.
IHC was founded in 1998, as part of an initiative to diversify and grow non-oil business sectors in the UAE.
On Friday, the boards of the three Adani companies’ Boards met and approved the transaction.
“We are committed to the shared vision and values of investment in sustainable infrastructure, green energy and energy transition,” Sagar Adani, Executive Director of Adani Green Energy, said in a news statement.
IHC said it will invest Rs 3,850 crore in Adani Green Energy, Rs 3,850 crore in Adani Transmission and Rs 7,700 crore in Adani Enterprises, in compliance with SEBI regulations. The transaction is expected to be completed in a month.
Adani Group companies will use the capital for pursuing the growth of their businesses, strengthening of the balance sheet and for general corporate purposes.
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. Adani companies will play a significant role in unleashing India’s total green energy potential, reflecting positively on our shareholders’ commitment.”