International
IHC and Adani Group reach $2 billion clean energy investment deal
Seetao 2022-05-18 16:38
  • UAE will join hands with India to develop new energy industry chain
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Abu Dhabi International Holdings completed a $2 billion investment deal with India's Adani Group led by Gautam Adani. As part of the transaction, IHC will invest in three green energy-focused companies under the Adani Group, including Adani Green Energy, Adani Transmission and Adani Enterprises, all listed on the Bombay Stock Exchange and the National Stock Exchange of India .

UAE enters Asian energy market

Syed Basar Shueb, Chief Executive Officer and Managing Director of IHC, said: "This strategic expansion of our business is in line with IHC's commitment to expanding and diversifying our portfolio. There is no doubt that this transaction will directly and positively Influence India's overall ambitions and long-term plans for clean energy."

India, Asia's third-largest economy, aims to increase its non-fossil fuel capacity by 500 gigawatts by 2030, and IHC's investment will support and accelerate Adani Group's growth plans to provide the The country supplies 45 GW of electricity.

The agreement is also expected to further strengthen economic ties between the UAE and India, as they focus on increasing non-oil trade to $100 billion within five years following the signing of the Comprehensive Economic Partnership Agreement in 2022. "This deal represents 4.87% of the total trade between the UAE and India, which has reached US$41 billion between 2020 and 2021," said Mr Shub, "The partnership between IHC and Adani Group is a great reflection of the UAE Economic ties with India outside the oil sector. "

IHC is majority-owned by Abu Dhabi-based PAL Group of Companies. The group includes more than 30 entities with 22,345 employees and is in the process of diversifying its holdings into real estate, agriculture, healthcare, food and beverage, utilities, retail and leisure. It is also included in the FTSEADX 15 Index, which represents the 15 largest and most liquid companies in the ADX. In 2021, IHC acquired a controlling stake in Abu Dhabi investment firm Al Qudra Holding and a 60% stake in Afkar Financia land Property Investments. It also holds a 48% stake in Emirates Driving Company and a 60% stake in Royal Horizon Holding and its subsidiaries, among others. Keywords: engineering construction, engineering news

Sagar Adani, executive director of Adani Green Energy, said: “This transaction marks a further strengthening of India-UAE relations and highlights the long history of commerce and trust between the peoples of our two countries.” IHC said the transaction was made through Abu Dhabi One bank and Standard Chartered Bank coordinated with Norton Rose, a UAE company law group, and AZB Partners, an Indian firm.Editor/XingWentao

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