 "Abu Dhabi-based firm IHC to invest $400 mn in Adani Enterprises FPO")
Abu Dhabi-based conglomerate International Holding Company (IHC) announced on Monday that it would be investing AED (United Arab Emirates dirham) 1.4 billion (USD 400 million) into the Adani Enterprises’ Further Public Offering (FPO).
The company said in a statement that its first investment of the year comes as it continues to scale and diversify its investments locally and internationally, focusing on Europe, Africa, Asia and South America markets in 2023.
Sayed Basar Shueb, Chief Executive Officer, IHC said, “Our interest in Adani Group is driven by our confidence and belief in the fundamentals of Adani Enterprises limited; we see a strong potential for growth from a long-term perspective and added value to our shareholders.”
IHC had invested almost $2 billion in Adani’s companies last year.
IHC was founded in 1998 as part of an initiative to diversify and develop non-oil business sectors in the UAE and has grown to become the most valuable listed holding company in the Middle East with a market cap of AED 648 billion as of Sep 30, 2022.
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