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.
“We are delighted with IHC's decision to enhance its investment in Adani Enterprises Ltd (AEL), which further validates AEL’s standing as a global leader in incubating new businesses, particularly in sustainable infrastructure, developing global aviation infrastructure and equitable energy transition. We see IHC’s increased stake as a ringing endorsement of our robust capex plans, governance and transparency. This inter-generational relationship with IHC reflects well on India’s dynamic growth potential and offers substantial returns to our stakeholders,” a spokesperson of the Adani Group said.
Shares of Adani Enterprises closed at Rs 2387.10, down by 1.11 percent, on October 3.
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