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Taqa to invest up to $2.5bn in Gautam Adani’s power units

India says connecting its power grid to Saudi Arabia and the UAE will help it supply power to Europe
India says connecting its power grid to Saudi Arabia and the UAE will help it supply power to Europe

Abu Dhabi National Energy Company (Taqa) is assessing an investment of $1.5 billion to $2.5 billion in the power businesses of Indian billionaire Gautam Adani, a local Indian daily reported.

The Abu Dhabi Securities Exchange-listed company plans to invest in one or multiple Adani Group companies, the Economic Times, a financial daily, reported, citing informed sources.

The move includes taking a near-20 percent stake in Adani Energy Solutions, a power transmission company, through a mixture of primary infusion and the secondary share purchase from promoter family entities.

The stake is likely to cost Rs183.43 billion ($2.21 billion) based on Thursday’s closing at Rs 821.70.

Adani’s power and energy businesses include Adani Energy Solutions, Adani Power and Adani Green Energy.

The founding shareholders hold a 62.52 percent stake in the Adani Group, which includes Gautam Adani’s family trust’s ownership of 53.93 percent.

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