International holding company PJSC (IHC), an Abu Dhabi-based investment firm, said on Tuesday that it had completed investments of Rs 15,400 crore ($ 2 billion) in three Adani portfolio companies.
The investment was first announced on April 8, It is expected to end in a month.
IHC has invested Rs 3,850 crore in Adani Green Energy, Rs 3,850 crore in Adani Transmission and Rs 7,700 crore in Adani Enterprise, all of Indian stocks, through a preferred allocation route, the companies said in a joint statement.
“The deal represents 4.87% of total trade between the UAE and India, reaching $ 41 billion between 2020 and 2021,” said Syed Basar Shuaib, CEO and managing director of IHC.
India’s total power generation capacity is over 390 GW and renewable power is over 100 GW. At the UN Climate Change Conference last year, the Indian government announced that India’s non-fossil fuel capacity would reach 500 gigawatts by 2030. The IHC’s investment will support and accelerate Adani Group’s growth plan to supply the country with 45 GW (9% of India’s non-fossil energy) by 2030, the statement added.
Adani Electricity Mumbai, Adani Transmission Distribution Branch has set legal targets to increase renewable energy penetration by 60% from 3% in FY21 to FY27. IHC’s investment will support Adani’s transmission journey, it added.
Adani Enterprise, through its wholly-owned subsidiary Adani New Industries, has taken the initiative to invest $ 50 billion over the next nine years to focus on the deconstruction of a new green hydrogen vertical industrial power and mobility.
The capital will be used for business growth, strengthening the balance sheet and for general corporate purposes, the companies said in April.