Not Engaged In Any Discussion With Abu Dhabi's TAQA For $2.5 Bn Investment, Says Adani

Adani Group company Adani Energy Solutions has ruled out reports that suggested Abu Dhabi's TAQA may invest up to $2.5 billion in the conglomerate's power units. The company issued a BSE filing regarding the same.

According to the exchange filing, "We refer to the article published on the Economic times on August 18, 2023 with the title "Three Adani group stocks jump up to 12% as Abu Dhabi investor shows interest". In this regard, we wish to clarify that the Company is not engaged in any discussion with Abu Dhabi National Energy Co. PJSC (TAQA), for their investment in the Company."

Earlier today an Economic Times report, quoting sources, stated that Abu Dhabi National Energy Company PJSC, known as TAQA, is evaluating an investment of up to $2.5 billion in the power businesses of Gautam Adani.

"The investment, anywhere between $1.5 billion to $2.5 billion, could be made in single or multiple group businesses, including picking up a near-20% stake in Adani Energy Solutions the report said, sending shares of the company up as much as 8.73%," added the Economic Times report.

The Adani's power and energy businesses include entities like Adani Energy Solutions, previously known as Adani Transmission Ltd, Adani Power and Adani Green Energy.
Shares of Adani Energy Solutions, earlier known as Adani Transmission Ltd gained 6.04%. Current market price of Adani Transmission share is Rs 871.30 apiece on BSE. Its 52-week high price is Rs 4238.55 apiece and 52-week low price is Rs 630.00 apiece, respectively. It has a market capitalisation of Rs 97,192.88 crore. Adani Transmission share fell 66% year-to-date and 76% in last 1-year.

Meanwhile, all Adani Group stocks witnessed a rally on Friday. Adani Energy Solutions signed a deal with Megha Engineering & Infrastructure Ltd to acquire KPS 1 Transmission Ltd. It is interesting to note that market capitalisation of Adani Enterprises soared above 3 lakh crore for the first time in three months after today's rally. Current market capitalisation of Adani Enterprises is Rs 2,94,034.79 crore.