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ADNOC sets up international investment arm XRG
VCCircle
·
8m ago
Medial
ADNOC, the United Arab Emirates state oil group, has launched an investment company called XRG, with an initial value of over $80 billion. XRG will focus on lower-carbon energy and chemicals and aims to double its asset value in the next decade. The company will make global investments in areas such as energy transformation and emerging economies. ADNOC sees gas, chemicals, LNG, and renewables as pillars for its future growth. The launch of XRG follows ADNOC's recent acquisition of German plastics and chemicals maker Covestro and aims to accelerate the oil company's international growth.
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ADNOC eyes international listing of investment arm XRG
VCCircle
·
5m ago
Medial
Abu Dhabi National Oil Company (ADNOC) is considering listing its international investment arm, XRG, on an exchange outside the UAE, potentially becoming one of the largest listed energy companies globally. Early discussions involve Bank of America advising on strategy. XRG, with $80 billion in assets, aims for global deals in chemicals, natural gas, and renewables. Potential listing venues include London or New York. This aligns with ADNOC's international growth strategy and diversification from oil revenue.
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UAE president names Blackstone's Gray, others to board of ADNOC investment arm XRG
VCCircle
·
7m ago
Medial
The United Arab Emirates President has approved the board of directors for XRG, the new international investment arm of ADNOC, the state oil giant. The board includes Blackstone's Jon Gray and former BP CEO Bernard Looney, as well as other prominent figures from finance and energy. XRG, which is worth over $80 billion, will focus on lower-carbon energy, including gas and chemicals. ADNOC has been actively pursuing growth opportunities in the gas, LNG, and chemicals sectors, as well as renewables.
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Abu Dhabi's ADNOC to buy minority stake in ExxonMobil's Texas project
VCCircle
·
11m ago
Medial
Abu Dhabi National Oil Company (ADNOC) will acquire a 35% stake in ExxonMobil's low-carbon hydrogen project in Texas. The project has been delayed by a year and is now expected to start in 2029. The investment by ADNOC is seen as a vote of confidence in the project, which ExxonMobil has threatened to cancel if US government tax credits are restricted. The final investment decision has also been pushed back to 2025. The value of the transaction has not been disclosed.
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ADNOC to acquire German chemicals company Covestro for $16 bn
VCCircle
·
10m ago
Medial
- Abu Dhabi's ADNOC acquires German chemicals company Covestro for $16 billion, making it ADNOC's largest-ever acquisition. - The deal aims to reduce the Gulf state's dependence on oil and increase investment in cleaner energy sources. - ADNOC plans to expand its presence in petrochemicals, gas, and renewable energy through the acquisition. - The transaction includes a cash deal of 62 euros per share and the assumption of around 3 billion euros in debt. - Covestro is seen as a growth platform for ADNOC, with expectations that the chemicals sector will outpace GDP growth. - The acquisition includes measures to limit ADNOC's control over Covestro, such as maintaining labor representation and securing management's strategic direction.
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Mahindra's EV arm attracts another offshore investor
VCCircle
·
6m ago
Medial
Mahindra & Mahindra's electric vehicle arm, Mahindra Electric Automobile Ltd (MEAL), has attracted a new offshore investor. This follows previous investments from British International Investment and Singapore's Temasek. The company aims to raise up to Rs 12,000 crore to boost its electric vehicle division. This investment highlights the growing interest and confidence in Mahindra's EV initiatives as the company continues to expand its presence in the electric vehicle market.
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Alpha Dhabi Holding to sell stake in oilfield services firm to JV with ADNOC Drilling
VCCircle
·
1y ago
Medial
Alpha Dhabi Holding, a subsidiary of Abu Dhabi's International Holding Company (IHC), plans to sell its controlling stake in an oilfield services firm to the joint venture it formed with ADNOC Drilling, a unit of Abu Dhabi National Oil Company. The joint venture, called Enersol, will purchase Alpha Dhabi Holding's stake in the company.
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AI added $500 million of extra value in 2023: Abu Dhabi Oil Company
Economic Times
·
1y ago
Medial
Abu Dhabi National Oil Company (ADNOC) has announced that it generated an additional $500 million in value in 2023 through the integration of over 30 artificial intelligence tools across its operations. The AI tools were used from field operations to corporate decision-making, resulting in improved efficiency and prevented up to 1 million tons of carbon dioxide emissions. ADNOC is focusing on integrating AI further to future-proof its business and maximize value from its assets. The company utilized tools developed by AIQ, a joint venture with Abu Dhabi-based company G42, to optimize processes and drive automation.
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LuLu group puts 217-room Marriot on block for ₹400 crore
Livemint
·
1y ago
Medial
An under-construction 5-star hotel near Bengaluru airport is up for sale for an estimated ₹400 crore. The hotel, owned by Twenty Fourteen Hotels India Pvt. Ltd, is 75% complete and is expected to be finalized within two months. The property, which was supposed to be ready by 2019, faced delays due to the mounting debt of Twenty14 Holdings, the hospitality investment arm of LuLu Group International. The hotel will be operated by Marriott International. The buyer is willing to pay ₹350 crore for the property, but additional funds will be needed to complete the construction.
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IFC set to invest in Moroccan warehousing and logistics firm
VCCircle
·
1y ago
Medial
The International Financial Corporation (IFC), the private investment arm of the World Bank, has announced plans to acquire a minority stake in a Moroccan warehousing and logistics company. The investment will be used to support the company's organic growth and potential acquisitions. The IFC will acquire a 17% stake in Building... [Truncated]
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HDFC Capital Picks Up Minority Stake In Proptech Startup TruBoard
Inc42
·
1y ago
Medial
HDFC Group's real estate private equity arm has acquired an 8.5% stake in a proptech startup. The deal, involving an investment of INR 7.28 Lakh, will enable the startup to expand into international markets, particularly in the residential and commercial real estate sectors.
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