MUMBAI: Qatar’s sovereign wealth fund has invested Rs 3.920 crore ($474 million) for a 2.7% stake in billionaire Gautam Adani s renewable energy unit as the oil-rich Gulf investor increases its bet on the fast-growing Indian market.
This is the Qatari fund’s second investment in Adani energy utility venture in 2020, Qatar investment Authority (QIA infused Rs 3.200 crore ($450 million) for a 25 stake in Adani Electricity, which supplies power to large parts of Mumbai.
The latest investment from the $450 Billion in Qatar fund serves as a vote of confidence for Adani, who has been making a comeback after 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 COG Partners Australia-listed GQC owns 6.32% in Adani green, which has a market capitalisation of just over Rs 15 lakh crore it had checked into Adani Green little over a month after Hindenburg’s report. Frances Total Energies owns and The interest in Adani Green.
QIA’S move comes after its reported interest in acquiring a stake in Mukesh Ambani’s retail business. The Qatar 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 43 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 holding it 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.