Abu Dhabi's TAQA may invest up to $2.5 bln in Adani's power units - ET | Reuters
Abu Dhabi National Energy Company PJSC, known as TAQA, (TAQA.AD) is evaluating an investment of up to $2.5 billion in the power businesses of Indian billionaire Gautam Adani, newspaper Economic Times reported on Friday, 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 (ADAI.NS) the report said, sending shares of the company up as much as 8.73%.
TAQA said there is "no truth to the speculated transaction" in an emailed response to Reuters, while the Adani Group did not immediately respond.
Adani's power and energy businesses include entities like Adani Energy Solutions, formerly known as Adani Transmission, Adani Power (ADAN.NS) and Adani Green Energy (ADNA.NS), but both sides reportedly believe there is maximum synergy between TAQA and Adani Energy Solutions.
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