IHC to invest Dh1.4b in Adani follow-on public offering

The conglomerate earlier invested Dh7.3b in the Indian group’s companies

We are watching the international market closely for new prospects, and we will continue exploring further opportunities.”

Syed Basar Shueb | CEO of IHC

Diversified Abu Dhabibased conglomerate International Holding Company will invest Dh1.4 billion (around $380 million) into the Adani Enterprises followon public offering through its subsidiary Green Transmission Investment Holding RSC Limited, it said yesterday.

IHC’s first investment of the year comes as the company continues to scale and diversify its investments locally and internationally, focusing on Europe, Africa, Asia, and South America Markets in 2023.

“Our interest in Adani Group is driven by our confidence and belief in the fundamentals of Adani Enterprises Ltd. We see a strong potential for growth from a long-term perspective and added value to our shareholders,” said IHC CEO Syed Basar Shueb.

Second investment deal

This is the second investment deal IHC has completed with India’s Adani Group after last year’s Dh7.3 billion investment in three green-focused companies of the Adani Group, including Adani Green Energy, Adani Transmission, and Adani Enterprises, which are all listed on the Bombay Stock Exchange and National Stock Exchange of India.

“We are watching the international market closely for new prospects, and we will continue exploring further opportunities outside our traditional market in 2023.”

IHC aims to increase its global acquisition by 70 per cent in 2023, with the clean energy and food processing sectors being a key focus.

The Abu Dhabi-listed IHC had a market cap of Dh648 billion as of September 30, 2022.