Tag: BusinessNews

Abu Dhabi-based IHC raises stake in Adani Enterprises to over 5%

In its filing, the IHC said that it believes “the inherent strength of airports, data centres, green hydrogen and various other verticals being incubated under Adani Enterprises is poised to uniquely capitalise on India’s robust growth journey”

In a filing to Abu Dhabi stock exchange, IHC said, “This strategic increase reflects IHC’s conviction in the world leading incubation model of AEL”

Days after selling its stake in two of the Adani Group companies, Abu Dhabi-based conglomerate International Holding Company (IHC) on October 3 said it has raised its stake in the group’s flagship Adani Enterprises Ltd to above 5 percent.

In a filing to the Abu Dhabi stock exchange, IHC said, “This strategic increase reflects IHC’s conviction in the world leading incubation model of AEL.”

Stating it has increased its stake in AEL to above 5 percent, it said it believes that “the inherent strength of airports, data centres, green hydrogen and various other verticals being incubated under AEL is poised to uniquely capitalise on India’s robust growth journey.”

“IHC continues to explore unique investment opportunities in India with the goal to maximise stakeholders’ return,” the filing added.

Last week, IHC stated that as part of a “portfolio rebalancing strategy,” it will sell its 1.26 percent stake in Adani Green Energy Ltd and 1.41 percent stake in Adani Energy Solutions.

Source: https://www.moneycontrol.com/news/business/companies/ihc-raises-stake-in-adani-enterprises-to-over-5-11471281.html

Bain Capital to acquire 90% stake in Adani Capital, Adani Housing

Bain Capital, the US-based investment company, announced on July 23 that it has signed a pact to acquire 90% of Adani Capital and Adani Housing.

Under the deal, Bain will buy out all of the Adani family’s private investments in the company.

The transaction is expected to close in the fourth quarter of this year. The aim of the deal is to position Adani Capital as a standalone company to expand its lending operations.

Bain’s investment comes after other global investments by companies like GQG which raised its stake in Gautam Adani’s conglomerate by about 10% in May.

Gaurav Gupta, who will continue to serve as its Managing Director and CEO of Adani Capital, will retain the remaining 10% stake in the company.
“With Bain committing Rs 1,000 crore of capital in the company, we are now equipped to grow 4x from here,” Gupta said in a statement.

Source: https://economictimes.indiatimes.com/industry/banking/finance/ashok-paranjpe-joins-sicoms-board-as-an-independent-director/articleshow/102022613.cms

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