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This is the Qatari fund‘s second investment in Adani’s energy utility venture. In 2020, Qatar Investment Authority (QIA) infused Rs 3,200 crore ($450 million) for a 25.1% stake in Adani Electricity, which supplies power to large parts of Mumbai.
The latest investment from the $450-billion Qatari fund serves as a vote of confidence for Adani, who has been making a comeback after a report by Hindenburg Research rocked his infrastructure empire earlier this year.
This would also mark another major investment in Adani’s renewable unit, Adani Green Energy, after GQG Partners. Australia-listed GQG owns 6.32% in Adani Green, which has a market capitalisation of just over Rs 1.5 lakh crore. It had checked into Adani Green a little over a month after Hindenburg’s report. France’s TotalEnergies owns a 19.7% interest in Adani Green.
QIA’s move comes after its reported interest in acquiring a stake in Mukesh Ambani’s retail business. The Qatari fund has exposure to Ambani’s Reliance Industries (RIL). Through Bodhi Tree Systems, the fund holds a stake in RIL’s media and entertainment business.
INQ Holding, a wholly owned subsidiary of QIA, bought 4.3 crore shares or 2.7% of Adani Green at Rs 920 apiece, BSE data showed. Infinite Trade and Investment, a promoter entity of Adani Green, sold 4.5 crore shares or 2.8% at Rs 920 apiece. Infinite Trade’s holding in the renewable energy unit has reduced to 0.6% from 3.4% after the transaction. Promoters held a 56.3% stake in Adani Green at the end of the June quarter.
Adani Green, which reported a 51% jump in Q1FY24 profit, has an operational portfolio of 8.3GW renewable energy capacity. It aims to build 45GW capacity by financial year 2030. Shares of Adani Green closed nearly 5% lower at Rs 965 apiece on the BSE on Monday.
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