Abu Dhabi – Mubasher: International Holding Company (IHC) plans to invest AED 1.40 billion ($400 million) in Adani Enterprises Limited (AEL), which is part of India-based Adani Group.

IHC would endorse the further public offering (FPO) of Adani Enterprises through the ADX-listed firm’s subsidiary Green Transmission Investment Holding RSC Limited, according to a press release.

This marks the second investment deal between Adani Group and IHC after the latter had pumped AED 7.30 billion ($2 billion) into the former’s portfolio, including Adani Green Energy Limited (AGEL), Adani Transmission Limited (ATL), and Adani Enterprises.

The transaction aligns with the UAE-based company’s objectives to expand and diversify its investments worldwide, with a special focus on Europe, Africa, Asia, and South America Markets this year.

Meanwhile, IHC aims to enlarge its global acquisition agreements by 70% in 2023, targeting the clean energy and food processing sectors.

Syed Basar Shueb, CEO of IHC, noted: "Our interest in Adani Group is driven by our confidence and belief in the fundamentals of Adani Enterprises Ltd; we see a strong potential for growth from a long-term perspective and added value to our shareholders."  

"The advantage of the FPO is the historical reference for the company's earnings report, company's management, business practices, and much data to bank on before making any investment decision,” Shueb added.

In the first nine months (9M) of 2022, IHC logged net profits attributable to the shareholders worth AED 10.82 billion, higher than AED 4.72 billion in the January-September 2021 period.