Shares of the Adani Group are expected to remain in the spotlight on Thursday, November 29, after Abu Dhabi’s International Holding Company (IHC) reiterated its confidence in the Indian conglomerate. This follows a U.S. indictment accusing Adani Group executives, including billionaire Gautam Adani, of bribery and investor fraud.
In a statement released on Wednesday, IHC stated, “Our partnership with the Adani Group reflects our confidence in their contributions to the green energy and sustainability sectors. As with all our investments, our team continues to evaluate relevant information and developments. At this time, our outlook on these investments remains unchanged.”
In October last year, Abu Dhabi’s International Holding Company (IHC) increased its stake in Adani Enterprises, the flagship company of the Adani Group, to over 5%. This move came after IHC divested its investments in two other Adani companies.
IHC Strengthens Stake in Adani Enterprises
At the time, IHC praised Adani Enterprises, stating it was “uniquely poised to capitalize on India’s robust growth journey.” The investment followed a turbulent period for the Adani Group.
Also ReadAdani Green Energy Share Price Today Live Updates, 28 Nov, 2024: Adani Green Energy on the radar
In January of the same year, short seller Hindenburg Research accused the conglomerate of stock manipulation and carrying unsustainable levels of debt. The Adani Group strongly denied these allegations, calling them baseless.
Focus on Technology Collaboration
Beyond its stake increase, IHC also expanded its collaboration with the Adani Group by forming a technology joint venture with an IHC subsidiary. The partnership aimed to create a platform leveraging artificial intelligence (AI) and enterprise blockchain technology to drive the digitization of India’s economy.
Strategic Investments Amid Challenges
The increased investment and joint venture highlight IHC’s confidence in the Adani Group, even as the conglomerate faces ongoing scrutiny over its financial practices. The partnership reflects a focus on long-term growth opportunities in technology and infrastructure within India.
Adani Group Denies Charges, Vows Legal Recourse
The Adani Group has denied the allegations, calling them “baseless” and committing to pursue “all possible legal recourse” to defend itself. A company spokesperson emphasized that the charges are unfounded and asserted the group’s commitment to ethical practices and transparency.
Details of the U.S. Case
According to U.S.
» Read More
