Abu Dhabi National Energy Co PJSC (TAQA) is evaluating an investment of up to $2.5 billion in the power businesses of Gautam Adani that spread across different verticals from thermal general to clean energy and green hydrogen, reported The Economic Times citing sources.
TAQA is the second-largest stock on the Abu Dhabi Securities Exchange (ADX). Established in 2005, TAQA is an international energy and water company operating in 11 countries across four continents. The company has investments in the UAE, Saudi Arabia, Canada, Ghana, India, Iraq, Morocco, Oman, the Netherlands, the UK, and the US.
By partnering with Adani, TAQA can gain a strong foothold in this rapidly developing market.
According to the report, TAQA is interested in acquiring a 19.9 per cent stake in Adani Group companies through a combination of primary infusion into the company and the secondary purchase of shares from promoter family entities.
Adani Energy Solutions’ current value is Rs 91,660 crore with promoters owning a 68.28 per cent stake. At current prices, a 20 per cent stake would lead to an investment of Rs 18,240 crore. On Thursday, the shares closed at Rs 821.70 per share.
Both companies are looking for a strategic partnership and will work together on projects in North Africa and West Asia, according to the report.
On Wednesday, US-based boutique investment firm GQG Partners infused $1.1 billion into Adani Power to acquire 8.1 per cent of the company. GQG Partners and two other investors purchased 31.2 crore shares of Adani Power in the largest-ever secondary market equity deal at an average price of Rs 279.17, stock market data showed.
According to bulk deal data on BSE, the shares were bought from two Adani family entities: Worldwide Emerging Market Holding and Afro Asia Trade and Investments Ltd.