Abu Dhabi-based IHC raises stake in billionaire Adani’s flagship to more than 5 pct

International Holding Co. has increased its shareholding in billionaire Gautam Adani’s flagship firm, days after the Abu Dhabi-based investor decided to sell stakes in two other Adani Group companies as part of a portfolio rejig.

IHC, which had invested almost $2 billion in three Adani companies last year, raised its stake in Adani Enterprises Ltd. to more than 5 percent but didn’t provide additional details. It said this “strategic increase reflected its conviction in the ability of the Adani firm to incubate new businesses successfully.”

IHC announced plans last week to sell its investment in Adani Green Energy Ltd. and Adani Transmission Ltd., now renamed as Adani Energy Solutions Ltd. without disclosing the name of the buyer or any financial details of the transaction.

“IHC continually strives to enhance shareholder value. Our disclosure to the market aligns with the company’s strategy to rebalance its investment portfolio,” its spokesperson had said in a September 29 statement. “Our partnership with Adani and dedication to the Indian market remain steadfast.”