Enterprise

Adani Enterprises stock in news as IHC buys additional shares


Shares of Adani Enterprises Ltd will be in focus on Wednesday morning after UAE-based International Holding Company (IHC) said it has increased stake in the Adani group flagship to over 5 per cent. With this, IHC’s holding in the Adani group’s flagship company is now valued at about Rs 14,000 crore, based on Tuesday’s closing price. IHC recently exited Adani Energy Solutions Ltd and Adani Green Energy Ltd.

Adani Enterprises said the fresh development validated its standing as a global leader in incubating new businesses. It said this particularly regarding sustainable infrastructure, developing global aviation infrastructure and equitable energy transition. In a filing to BSE post market hours of Tuesday, the Adani group firm said it views IHC’s increased stake as a “ringing endorsement” of its robust capex plans, governance and transparency.

This inter-generational relationship with IHC, Adani Enterprises said, reflects well on the country’s dynamic growth potential and offers substantial returns to Adani stakeholders.

IHC, on the other hand, said the increased stake reflects its conviction in the world leading incubation model of Adani Enterprises. the Abu Dhabi-based company said the inherent strength of Adani Enterprises’ airports, green hydrogen, data centres and many other verticals can help the Adani group company capitalise on India’s robust growth journey. IHC said it continues to explore unique investment opportunities in India with the goal to maximise stakeholders’ return.

IHC had in April last year invested about $500 million each in Adani Green Energy and Adani Transmission, and a further $1 billion in Adani Enterprises.

On Tuesday, Adani Enterprises settled 0.9 per cent lower at Rs 2,390 on BSE.

 

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