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After GQG, Abu Dhabi's IHC backs Adani over US indictment
Livemint
·
8m ago
Medial
International Holding Company (IHC), the investment arm of Abu Dhabi's ruling family, has expressed its confidence in the Adani group despite the recent indictment of Gautam Adani and others by US federal prosecutors for alleged bribery. IHC, the third-largest foreign investor in Adani with a $2.5 billion investment, stated that its strategy is focused on long-term growth and sustainability. Other major investors in Adani include TotalEnergies and GQG Partners. Adani group denies all charges and has suffered a significant loss in market capitalization following the indictment.
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Abu Dhabi's IHC keeps outlook on Adani Group investments unchanged
VCCircle
·
8m ago
Medial
Abu Dhabi-based conglomerate International Holding Co (IHC) has stated that its outlook on investments in India's Adani Group remains unchanged despite the recent U.S. indictment of billionaire Gautam Adani and other executives. Last week, Adani and others were accused by U.S. authorities of being part of a scheme to pay bribes to secure Indian power supply contracts. IHC continues to have confidence in the Adani Group's contributions to the green energy and sustainability sectors. The group has denied the charges and plans to seek legal recourse.
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TotalEnergies halts Adani investments; GQG bets on Indian govt backing amid US bribery charges | Company Business News
Livemint
·
8m ago
Medial
French energy company TotalEnergies has decided not to invest additional capital in Adani Group companies following the indictment of top executives in a $250m bribery case. However, major investor GQG Partners remains optimistic and expects the Indian government to support the conglomerate. GQG Partners acknowledge the seriousness of the allegations against individuals, but believes the fundamentals of the invested companies remain sound. The US Department of Justice and Securities and Exchange Commission have charged Adani Group founder Gautam Adani and others with allegedly paying bribes to Indian government officials.
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Gautam Adani ‘bribery’ case: GQG refuses to sell Adani shares; here’s why | Company Business News
Livemint
·
8m ago
Medial
GQG Partners, a major foreign investor in the Adani Group, has announced that it will not sell its stake in the conglomerate. The investment giant stated that its exposure to Adani Group stocks is manageable despite market volatility. GQG Partners has a total exposure of $9.7 billion to the Adani Group, representing 6.1% of its total assets. The company believes that the recent indictment against the Adani Group's chairman and others will not have a material impact on the business. GQG Partners stated that it will continue to monitor the situation and assess any new developments.
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Abu Dhabi's IHC to sell its investments in Adani's 2 companies
Livemint
·
1y ago
Medial
Abu Dhabi conglomerate International Holding Company (IHC) has announced its plans to sell its investments in Adani Green Energy and Adani Energy Solutions, two companies within the Adani Group. The IHC holds over one percent stakes in both firms, with a combined value of ₹3,327 crore. The buyer and financial details of the transaction have not been disclosed. The IHC is currently in the process of obtaining the necessary regulatory approvals to proceed with the sale.
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Abu Dhabi's IHC arm offers to acquire Vedanta Resources' Zambian copper business
VCCircle
·
1y ago
Medial
Abu Dhabi's International Resources Holding (IRH) has made an offer of over $1bn to acquire a 51% stake in Vedanta Resources' Zambian copper assets. IRH aims to expand its copper mining business in Africa and is already planning to bid for a stake in Lubambe Copper Mine. The offer is non-binding and talks are ongoing, with Vedanta potentially reluctant to give up a majority interest. UAE and Saudi Arabia aim to secure metal supplies from Africa to participate in the green energy transition.
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GQG’s Jain cuts AI exposure on data centre woes, backs utilities
Economic Times
·
1m ago
Medial
Rajiv Jain, of GQG Partners, is reducing investments in artificial intelligence due to declining data-centre demand, but remains optimistic about the utility sector. Concerns include overstated demand figures from hyper-scalers in Asia. Despite previous successful bets, like investing in Adani Group post-controversy, Jain prefers utilities now, citing their potential for growth through ongoing investments in power infrastructure over AI investments.
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Adani may see wider impact from US setback
Livemint
·
8m ago
Medial
The Adani Group, an Indian conglomerate, has denied bribery charges following an indictment in the US. The US Department of Justice accused the company's founder, Gautam Adani, and other executives of bribing Indian officials to secure green power supply agreements. The US Securities and Exchange Commission also accused the Adani Group of securities fraud. Investors in Adani group companies lost ₹2.24 trillion ($29.9 billion) as shares plunged. The indictment could result in hefty fines and legal battles, potentially damaging the group's creditworthiness and access to investors. Ratings firm Moody's highlighted the negative implications this could have on the company's creditworthiness.
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Abu Dhabi's IHC to hold buyback of up to $1.36 bn
VCCircle
·
1y ago
Medial
Abu Dhabi's International Holding Company (IHC) has announced a share buyback of up to $1.36 billion, following a nearly doubling of its first-quarter profit. The company reported a net profit of AED 8.02 billion ($2.18 billion) for Q1 2022, up from AED 4.27 billion in the same period last year. Strong performances in core divisions including real estate, construction, and technology contributed to the revenue growth. The decision to buy back shares is driven by the company's strong financial standing, characterized by significant cash flow and a strong balance sheet.
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Abu Dhabi wealth fund ADQ, Orion team up to invest $1.2 bn in metals, mining
VCCircle
·
6m ago
Medial
Abu Dhabi's sovereign wealth fund ADQ and Orion Resource Partners are forming a joint venture to invest $1.2 billion in the metals and mining sector. Based in Abu Dhabi, this 50-50 partnership will focus on emerging markets in Africa, Asia, and Latin America over four years. The investment will utilize various asset classes, including equity and debt. This initiative supports Abu Dhabi's economic diversification efforts by securing critical raw materials for future industries.
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Adani bribery case: whistleblowers, WhatsApp texts, and ‘incentives’
Livemint
·
8m ago
Medial
The US Department of Justice has indicted billionaire Gautam Adani and seven others from the Adani group in a $250 million bribery scam. The charges come after a two-year probe triggered by whistleblower complaints alleging financial impropriety. The Adani group, which denied the allegations, saw the stocks of its company sink following the indictment. The probe revolves around payments made to Indian government officials in relation to power purchase agreements. The charges pose challenges for the group's foreign fundraising efforts and come after previous allegations of stock market manipulation and accounting fraud.
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