International Holding Company (IHC), an Abu Dhabi-based diversified conglomerate, announced to invest AED 1.4 billion through its subsidiary Green Transmission Investment Holding RSC Limited in the Adani Enterprises Further Public Offering (FPO). This is IHC’s second investment with Adani Group, following a $2 billion investment in three green-focused Adani Group companies last year.
IHC was established in 1998 as part of an initiative to diversify and grow non-oil business sectors in the UAE. IHC intends to increase its global acquisition by 70 per cent by 2023 with a particular emphasis on the clean energy and food processing sectors.
Recently in January 2023, the Adani Renewable Energy Two Limited signed a binding agreement to acquire a 50 per cent equity stake in Rajasthan’s Essel Saurya Urja Company (ESUCRL). According to Adani Group, ESUCRL owns and operates a 750 MW solar park in Rajasthan and the acquisition will allow the company to expand its presence in the state. The transaction is expected to close on February 28, 2023.