IHC raises stake in Adani Enterprises to over 5%

Days after selling its stake in two of Adani group companies, Abu Dhabi conglomerate International Holding Company (IHC) on Tuesday said it has raised stake in the group's flagship Adani Enterprises Ltd to above 5 per cent.

In a filing to Abu Dhabi stock exchange, IHC said, 'This strategic increase reflects IHC's conviction in the world leading incubation model of AEL.'

Stating it has increased its stake in AEL to above 5 per cent, it said it believes that 'the inherent strength of airports, data centres, green hydrogen, and various other verticals being incubated under AEL and that AEL is poised to uniquely capitalise on India's robust growth journey.' "IHC continues to explore unique investment opportunities in India with the goal to maximise stakeholders' return," it added.

Last week, IHC had stated that as part of a 'portfolio rebalancing strategy' it will sell its 1.26 per cent stake in Adani Green Energy Ltd and 1.41 per cent stake in Adani Energy Solutions.