Abu Dhabi conglomerate International Holding Co (IHC) has increased its stake in India’s Adani Enterprises to more than 5%, days after it sold its stakes in two other Adani Group companies.
With the new investments, the value of IHC’s holding in the Adani group’s flagship company now stands at around 140 billion rupees ($1.68 billion), based on Tuesday’s closing price of its shares.
Billionaire Gautam Adani’s business is facing allegations raised by U.S. short-seller Hindenburg Research in January that the apples-to-airports conglomerate engaged in stock manipulation and had amassed significantly high debt. The Adani Group has denied all allegations. India’s markets regulator is investigating under orders of the Supreme Court.
Last week, IHC had agreed to sell its investments in Adani Green Energy and Adani Energy Solutions as part of a strategy to rebalance its portfolio. Last year, IHC invested $2 billion in three Adani Group companies, which included an investment of 77 billion rupees ($926 million) in Adani Enterprises for a 3.52% stake.
