MUMBAI: Money is flowing from Abu Dhabi to three companies owned by Indian billionaire Gautam Adani. International Holding Company (IHC), an Abu Dhabi-based conglomerate, is coming up with huge investments in the Adani group with preferential share allotment.
Adani Green Energy Ltd (AGEL) and Adani Transmission Ltd (ATL) and Adani Enterprises Ltd (AEL) have already approved the investments. However, the investment is subject to SEBI regulations and other regulatory approvals.
IHC will invest Rs 3,850 crore each in Adani Green Energy Ltd and Adani Transmission Ltd, and Rs 7,700 crore in Adani Enterprises Ltd. According to international media reports, the transaction is expected to be completed in a month after obtaining all necessary approvals.
“This will be a long-term investment in India as the country is driving much innovation globally, including the green energy sector”, said Syed Basar Shueb, IHC CEO and Managing Director. IHC was started in 1998 with the goal of investing in non-oil companies.