- On Tuesday, Abu Dhabi conglomerate International Holding Company (IHC) announced that it has increased its stake in Adani Enterprises Ltd to above 5%, just days after selling its stakes in two other Adani Group companies. Following this move, the value of IHC's holding in Adani Group's flagship company has reached approximately Rs 14,000 crore (aproximately $1,682,132) based on Tuesday's closing share price, as stated by the Adani Group.
- A spokesperson from the Adani Group expressed delight at IHC's decision to increase its investment in Adani Enterprises Ltd, emphasizing Adani Enterprises Ltd's role as a global leader in incubating new businesses, especially in sustainable infrastructure, global aviation infrastructure development, and equitable energy transition. The spokesperson also highlighted the endorsement of the Adani Group's capital expenditure plans, governance, and transparency, considering IHC's increased stake.
Why it matters
In April 2022, IHC had invested approximately $500 million each in Adani Green Energy and Adani Transmission, along with an additional $1 billion in Adani Enterprises. IHC's CEO, Syed Basar Shueb, had described this decision as a long-term investment in India.
