During Friday’s trading session on the BSE, shares of companies under the Adani Group, including Adani Green Energy, Adani Energy Solutions, and Adani Power, witnessed a notable increase of as much as 12%. This uptick was attributed to reports indicating the interest of Abu Dhabi National Energy Co. PJSC (TAQA) in intensifying its presence in India.
TAQA is said to be considering substantial involvement in Gautam Adani’s extensive power ventures, encompassing various domains such as thermal generation, transmission, clean energy, and green hydrogen.
However, as the day progressed, the Adani Group refuted any ongoing discussions with TAQA, stating, “In this context, we would like to clarify that at this stage, there is no such matter that requires disclosure.”
TAQA, a prominent integrated utilities company spanning Europe, West Asia, and Africa, and holding the second-largest stock position on the Abu Dhabi Securities Exchange (ADX), expresses a strong interest in investing between $1.5 billion to $2.5 billion either across various Adani Group companies or within a singular entity. Insiders familiar with the situation informed ET of this intention. Nevertheless, both parties share the perspective that the most significant synergy can be achieved through collaboration between TAQA and Adani Energy Solutions, previously recognized as Adani Transmission. This strategic partnership aims to collaboratively undertake initiatives in North Africa and West Asia
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TAQA aims to secure a substantial interest, potentially up to 19.9%, through a dual approach involving fresh capital infusion into the company and the acquisition of shares from the promoter family entities. Presently, Adani Energy Solutions holds an estimated valuation of Rs 91,660 crore, with the promoters retaining a 68.28% ownership stake. Considering prevailing market values, an approximate 20% stake would be valued at around Rs 18,240 crore ($2.19 billion).
Notably, GQG Partners and its affiliated entities have already accumulated a 5.5% ownership in Adani Energy Solutions, as reported in June disclosures.
As of 12:11 pm, Adani Energy Solutions shares were trading with a 6% increase at Rs 874.60 on the BSE. However, over the course of the past year, the stock has witnessed a decline of more than 75%.