Thursday, February 22, 2024

Adani Group’s Abu Dhabi backer says no plan to join any new share sale.

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Adani Group’s Abu Dhabi backer, the sovereign wealth fund Abu Dhabi Investment Authority (ADIA), has confirmed that it has no plans to participate in any new share sale by the group. The statement came after reports emerged that Adani Group was planning to raise funds by selling a stake in its airport business to ADIA.

In a statement, ADIA said that it had not received any proposal from Adani Group regarding a new share sale. The sovereign wealth fund also clarified that it had not participated in any previous share sale by the group, including the recent sale of shares in Adani Ports and Special Economic Zone.

The statement by ADIA came after reports emerged that Adani Group was in talks to sell a stake in its airport business to the sovereign wealth fund. The reports had raised concerns among investors about the level of debt and leverage in Adani Group, and the impact of any new share sale on the group’s financial position.

Adani Group has been facing scrutiny and protests in India and internationally over its business practices, including its involvement in the controversial Carmichael coal mine project in Australia. The group has denied any wrongdoing and has defended its business practices, saying that it is committed to sustainable development and environmental protection.

In conclusion, the statement by ADIA that it has no plans to participate in any new share sale by Adani Group is likely to provide some relief to investors and stakeholders. However, concerns about the group’s debt levels and business practices are likely to continue, and the group will need to address these issues in order to maintain investor confidence and support.

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