India’s Adani, Abu Dhabi’s TAQA deny $2.5b investment news
Adani Energy Solutions, a subsidiary of Adani Group, has denied engagement in any discussions with Abu Dhabi’s TAQA regarding a potential investment of up to $2.5 billion in its power businesses. The report, originating from Economic Times, suggests that TAQA, also known as Abu Dhabi National Energy Company PJSC, is considering investing in various group businesses, including possibly acquiring a near-20% stake in Adani Energy Solutions. This news led to an 8.73% increase in Adani Energy Solutions’ share price. However, TAQA has refuted the claims of any ongoing transaction.
Adani’s power and energy ventures encompass entities like Adani Energy Solutions, Adani Power, and Adani Green Energy. Both parties reportedly view significant synergy between TAQA and Adani Energy Solutions. The investment is projected to be made through a combination of primary infusion and secondary share purchases from the promoter family entities. Currently, the promoters own 62.52% of the company, with Gautam Adani’s family trust holding 53.93%. An anticipated 20% stake in Adani Energy Solutions could amount to approximately Rs 18,343 crore, based on recent closing levels at Rs 822.20.
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