Skip to content Skip to Search
Skip navigation

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.

Latest articles

reducing inflation Egypt Mohamed Maait finance minister

Reducing inflation is Egypt’s top priority, says minister

Reducing inflation in Egypt to align with the central bank’s target is the government’s main priority, the country’s finance minister, Mohamed Maait, has announced. Inflation in Egypt fell to 33 percent in March from 38 percent in September, passing the central bank’s target range of a 5 to 9 percentage point fall. Maait, speaking at […]

Turkey textiles

Hit by rising costs, Turkey’s textile producers move overseas

Textile manufacturers in Turkey, struggling with pricing pressures and labour costs, are moving their operations overseas, although at least some in the sector see a turnaround by the year’s end. The Istanbul Chamber of Industry sectoral purchasing managers’ index for March showed sentiment among textile manufacturers was the lowest among the 10 sectors covered by […]

Mubadala-backed Getir weighs asset sales

Turkey’s grocery delivery startup Getir is considering asset sales as part of its ongoing restructuring talks, according to a media report. The company, operating in five markets, including the UK, aims to sell off assets such as US online grocer FreshDirect, acquired last year, and BiTaksi, a ride-hailing app in Turkey, Sky News reported, citing unnamed […]

The total value of projects under construction in Masdar City is estimated at AED1 billion

Masdar City has up to $1bn of projects at design phase

Masdar City, Abu Dhabi’s sustainability-focused urban community, is working on projects in critical sectors of the UAE, backed by investments of between AED3 and AED4 billion ($817 million and $1 billion). The projects include energy, artificial intelligence (AI), space, life sciences and agriculture, the UAE state-run Wam news agency reported, quoting CEO Ahmed Baghoum. He […]