Abu Dhabi's IHC says its outlook on Adani Group investments is unchanged
The Hindu
IHC maintains confidence in Adani Group amid U.S. indictment, emphasizing investments in green energy and sustainability sectors.
International Holding Co's (IHC) outlook on investments in India's Adani Group remains unchanged, the Abu Dhabi conglomerate said following the U.S. indictment of billionaire Gautam Adani.
"Our partnership with the Adani Group reflects our confidence in their contributions to the green energy and sustainability sectors," IHC said in a statement on Wednesday (November 27, 2024).
"As with all our investments, our team continues to evaluate relevant information and developments. At this time, our outlook on these investments remains unchanged."
Last week, U.S. authorities accused Mr. Adani, his nephew and executive director Sagar Adani and the managing director of Adani Green, Vneet S. Jaain, of being part of a scheme to pay bribes of $265 million to secure Indian power supply contracts.
The ports-to-power conglomerate denied the charges as "baseless" and vowed to seek "all possible legal recourse".
In October last year, IHC boosted its stake in Adani Enterprises to more than 5% after it sold down its investments in two other Adani companies. At the time, IHC said Adani Enterprises, the group's flagship company, was "uniquely poised to capitalise on India's robust growth journey".
The increased investment came after short seller Hindenburg Research accused the conglomerate in January last year of stock manipulation and significantly high debt levels. Adani Group denied those allegations.
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