Three Adani group stocks jump up to 5% as Abu Dhabi investor shows interest

economictimes.indiatimes.com:

Adani Green Energy, Adani Energy Solutions and Adani Power jumped up to 5% in Friday's trade on BSE amid reports that Abu Dhabi National Energy Co. PJSC (TAQA) is looking to double down in India and is evaluating a large exposure in the expansive power businesses of Gautam Adani that span thermal generation to transmission, clean energy and green hydrogen. TAQA, among the largest integrated utilities in Europe, West Asia and Africa and also the second-largest stock on Abu Dhabi Securities Exchange (ADX), is keen to deploy $1.5-2.5 billion in Adani Group firms or in a single entity, people familiar with the matter told ET.

However, both sides believe there is maximum synergy between TAQA and Adani Energy Solutions, formerly Adani Transmission, to forge a strategic alliance and work together on projects in North Africa and West Asia. TAQA is keen to pick up a stake of as much as 19.9% through a combination of primary infusion into the company and the secondary purchase of shares from promoter family entities. The current value of Adani Energy Solutions is Rs 91,660 crore with promoters owning a 68.28% stake.

At current prices, a nearly 20% stake would be valued nearly Rs 18,240 crore ($2.19 billion). GQG Partners and its affiliates already own around 5.5% in Adani Energy Solutions as per June disclosures. At 10.11 am, shares of Adani Energy Solutions were trading 3% higher at Rs 846.5 on BSE.

However, in the last one year, the stock has declined over 75%. Meanwhile, shares of Adani Green Energy also rose over 5% to Rs 980.6 on BSE as its associate firm, Mundra Solar Energy, received approval for its solar photovoltaic manufacturing plant at Mundra, Gujarat from the Solar Energy Corp. of India (SECI).