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Abu Dhabi’s IHC to invest $381 mn in Adani Enterprises
The Indian conglomerate owned by Gautam Adani, has faced a deepening market rout that has led to losses of $65 billion in the group’s stock values
Abu Dhabi conglomerate International Holding Company on Monday said it will invest 1.4 billion dirhams ($381.17 million) in Adani Enterprises’ follow-on public offer.
The Indian conglomerate owned by Asia’s richest man, Gautam Adani, has faced a deepening market rout that has led to losses of $65 billion in the group’s stock values after Adani’s rebuttal of a U.S. short-seller’s criticism failed to pacify investors.
“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 Enterpsies
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