Abu Dhabi National Energy Company PJSC, known as TAQA, is evaluating an investment of up to $2.5 billion in the power businesses of Indian billionaire Gautam Adani, newspapers, citing sources.
The investment, anywhere between $1.5 billion to $2.5 billion, could be made in single or multiple group businesses, including picking up a near-20% stake in Adani Energy Solutions the report said.
TAQA may acquire a stake through a combination of primary infusion and secondary purchase of shares from promoter family entities.
The company’s founding shareholders, or promoters, hold a 62.52% stake in the company, which includes Gautam Adani’s family trust’s ownership of 53.93%.
A likely 20% stake in Adani Energy Solutions will amount to 183.43 billion rupees ($2.21 billion), according to Thursday’s closing levels at 822.20 rupees.
The Adani Group and TAQA did not immediately respond to Reuters request for comment.