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NEW DELHI: The International Holding Company (IHC), Abu Dhabi’s sovereign wealth fund managing assets worth $100 billion globally, has reaffirmed its support for the Adani Group despite recent legal allegations against the conglomerate’s leadership. The IHC has invested $1.7 billion in Adani’s diverse ventures, including renewable energy and infrastructure.
In a statement on Thursday, the IHC emphasized its confidence in Adani’s contributions to the green energy and sustainability sectors. “Our partnership with the Adani Group reflects our trust in their impact. As always, our team continues to monitor developments closely, but for now, our outlook remains positive,” the company said.
The reassurance follows a US indictment accusing Adani Group Chairman Gautam Adani and seven associates of bribery, allegations that the group has dismissed as unfounded and intends to challenge in court.
Steady Support from Sri Lanka and Tanzania
Meanwhile, Adani’s key international projects have received backing from Sri Lankan and Tanzanian authorities, quashing speculations about potential disruptions.
Sri Lanka’s Ports Authority Chairman, Admiral Sirimewan Ranasinghe (Retd.), stated that the $1 billion Colombo Port container terminal project, led by an Adani consortium, is proceeding as planned. “There’s been no discussion or intention to cancel the deal,” Ranasinghe clarified on Wednesday. He also noted that the project’s legitimacy is reinforced by a $535-million loan from the US International Development Finance Corporation.
Similarly, Tanzania confirmed its continued partnership with Adani Ports, ensuring compliance with national laws and expressing no concerns regarding ongoing agreements.
IHC’s Strategic Investments in Adani
The IHC has emerged as one of Adani Group’s largest international investors. In 2022, the fund invested $500 million each in Adani Green Energy Ltd. (AGEL) and Adani Transmission Ltd. (ATL), alongside a $1 billion investment in Adani Enterprises Ltd. (AEL). While IHC later reduced its stakes in AGEL and ATL, it increased its holdings in AEL to over 5%, signifying its confidence in the company’s flagship operations.
The continued endorsements from IHC and the governments of Sri Lanka and Tanzania highlight the stability and trust in Adani’s global ventures despite ongoing legal challenges. These affirmations underline the group’s resilience and the enduring appeal of its projects in renewable energy and infrastructure.
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