Finance IHC stands by Adani investments despite US indictment By Gavin Gibbon November 28, 2024, 4:33 PM Reuters Workers at an Adani solar plant. IHC says it is confident in the company's contributions to renewable energy IHC has $2bn in Adani 8 people at Adani indicted IHC’s outlook unchanged Abu Dhabi’s International Holding Company (IHC) is standing firm on its outlook for investments in the Adani Group despite an indictment against its billionaire owner Gautam Adani and seven others in the US. The conglomerate, led by its chair and the UAE’s national security adviser Sheikh Tahnoon bin Zayed Al Nahyan, has been one of several investors from the region in Adani’s companies. “Our partnership with the Adani Group reflects our confidence in their contributions to the green energy and sustainability sectors,” a statement from the company said. “As with all our investments, our team continues to evaluate relevant information and developments. At this time, our outlook on these investments remains unchanged.” IHC’s shares were trading at AED402.10 on the Abu Dhabi Exchange on Thursday, up 0.5 percent for the day. While the stocks are up around 1 percent this year, the shares have soared more than 7000 percent in the last five years. In 2022 IHC invested $2 billion in three Adani Group firms – Adani Green Energy, Adani Energy Solutions and Adani Enterprises. In October, last year IHC increased its stake in India’s Adani Enterprises Limited to more than 5 percent, worth more than $18 million, after selling stakes in two other Adani Group companies – Adani Green Energy Ltd and Adani Energy Solutions as part of its portfolio rebalancing strategy. US charges billionaire Gautam Adani in $265m bribery case Real-estate growth pushes IHC revenue up by 49% Abu Dhabi’s Adtic invests with Accor in Egyptian hotel Adani and the seven others, including his nephew Sagar Adani, have been indicted in connection with an alleged $265 million bribery scheme tied to India’s largest solar power project. The indictment accuses the Adanis and Vneet Jaain, a former CEO of Adani Green Energy, of paying bribes to Indian government officials to secure contracts expected to generate $2 billion in profit over 20 years. Adani, 62, and the others also face charges of securities fraud and wire fraud conspiracy for allegedly misleading investors and lenders to raise more than $3 billion in loans and bonds. A spokesperson for the Adani Group has rejected the allegations, calling them baseless.In recent years, the Adani Group has expanded its Gulf presence, forming joint ventures with Abu Dhabi’s Edge defence group, entering logistics agreements with AD Ports and securing investments from the Abu Dhabi Investment Authority and Qatar Investment Authority.
