The Adani Group logo is seen on the facade of its corporate headquarters on the outskirts of Ahmedabad, India, January 27, 2023. REUTERS/Amit Dave/File Photo/File Photo Acquire license rights
MUMBAI, Oct 3 (Reuters) – Abu Dhabi conglomerate International Holding Co (IHC) (IHC.AD) said on Tuesday it has increased its stake in India’s Adani Enterprises (ADEL.NS) to more than 5%, days after it sold its stake in two other Adani Group companies.
IHC said the increase in its stake in Adani Enterprises Ltd (AEL) reflected its belief in the Indian company’s ability to “incubate” and scale up airports, data centers and green hydrogen businesses.
“AEL is poised to uniquely capitalize on India’s strong growth path,” IHC said in a statement.
Adani Enterprises is the flagship of billionaire Gautam Adani’s business, which is currently facing fraud allegations raised by US short-seller Hindenburg Research in January that the apples-to-airports conglomerate engaged in stock manipulation and had racked up significantly high debt. .
The Adani Group has denied all allegations and the Indian markets regulator is investigating the matter on the orders of the Supreme Court of India.
Last Thursday, IHC said it had agreed sell its investments in Adani Green Energy (ADNA.NS) and Adani Energy Solutions (ADAI.NS) as part of a strategy to rebalance your portfolio.
Reporting by Dhwani Pandya; Editing by Susan Fenton
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