International Holding Company (IHC) will sell its stake in two Adani Group companies, the Abu Dhabi-based firm said in a note to the markets.
IHC said it has “entered into a definitive agreement with a buyer to dispose of its FDI (foreign direct investment) in Adani Green Energy Ltd and Adani Transmission Ltd”.
IHC did not name the buyer. It also did not say the sale price.
IHC said the stake sale were part of its “overall portfolio rebalancing strategy”, and that it was completing regulatory paperwork to complete the transaction.
The company emphasised that “its partnership with Adani and dedication to the Indian market remain steadfast.”
IHC in April 2022 invested about $500 million each in Adani Green Energy, and Adani Transmission, and a further $1 billion in the group’s flagship Adani Enterprises.
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