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Abu Dhabi’s IHC plans to invest $381 million in Adani Group – Times of India

NEW DELHI: Abu Dhabi conglomerate International Holding Company (IHC) on Monday said it will invest 1.4 billion dirhams ($381.17 million) in Adani Enterprises’ follow-on public offer, Reuters reported.
“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,” IHC CEO Syed Basar Shueb said in a statement.
IHC invested $2 billion in Adani Group companies last year, including Adani Enterprises.
The Abu Dhabi conglomerate is chaired by Sheikh Tahnoun bin Zayed Al Nahyan, the UAE’s national security adviser and a brother of the UAE’s president. It has seen a meteoric rise to dominate Abu Dhabi’s stock market, with two of its subsidiaries among the top four companies by valuation.
IHC is looking to boost its global acquisitions by 70% this year, with a focus on the clean energy and food processing sectors, it said.
The development comes amid US short seller Hindenburg Research levelling serious allegations of stock manipulation by the Gautam Adani-led group.
The allegation has been roundly rejected by Adani Group, which called it an attack on India and its institutions.
Adani Enterprises is seeking to raise $2.5 billion with its FPO. It said earlier said that it would go ahead with its offer despite the report.
(With inputs from Reuters)