Abu Dhabi-based IHC increases stake in Adani Enterprises to over 5%

International Holding Company (IHC), an Abu Dhabi-based conglomerate, announced on October 3 that it has increased its stake in the group's flagship Adani Enterprises Ltd. to more than 5%, just days after selling its stake in two of the Adani Group companies.

In a filing to the 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 percent, it said it believes that "the inherent strength of airports, data centres, green hydrogen and various other verticals being incubated under 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," the filing added.

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