Abu Dhabian IHC raises stake in Indian Adani Enterprises

Abu Dhabian IHC raises stake in Indian Adani Enterprises

Abu Dhabi conglomerate International Holding Co (IHC) said on Tuesday it has increased its stake in India's Adani Enterprises to more than 5%, days after it sold its stakes in two other Adani Group companies.
IHC said its stake increase reflected its belief in Adani Enterprises' (AEL) ability to "incubate" and scale up airports, data centres and green hydrogen businesses. "AEL is poised to uniquely capitalize on India's robust growth journey," IHC said in a statement.
With the new investments, the value of IHC's holding in the Adani group's flagship company now stands at around 140 billion rupees ($1.68 billion), based on Tuesday's closing price of its shares, the Adani Group said separately in a statement.
It said IHC increased stake was a "ringing endorsement of the group's robust capex plans, governance and transparency."