IHC to sell stake in Adani units as part of portfolio rebalancing strategy

BENGALURU (Reuters) - Abu Dhabi conglomerate International Holding Company (IHC) said on Thursday it would sell its stake in India's Adani Green Energy and Adani Energy Solutions as part of its portfolio rebalancing strategy.

It did not disclose the name of the buyer or the extent of the investment it was selling. Adani Green Energy and Adani Energy Solutions did not immediately reply to Reuters requests for comment.

IHC said its units Green Energy Investment Holding and Green Transmission Investment Holding have signed an agreement to sell their investments in the two Adani group companies.

Green Energy holds a 1.26% stake in Adani Green and Green Transmission has a 1.41% stake in Adani Energy Solutions, according to Bombay Stock Exchange data.

 

Last year, Adani group had announced a $2 billion investment from IHC as primary capital in three Adani group companies, which included investments of 38.50 billion rupees ($463 million) each in Adani Green and Adani Energy Solutions.

Earlier this month, Adani Green Energy said French oil major TotalEnergies will invest $300 million to form a joint venture with Adani Green Energy to build renewable capacity in India.