Adani said in a statement that Adani International Holdings Limited (IHC) on Tuesday completed the acquisition of three Adani companies – Adani Green Energy (AGEL), Adani Transmission (ATL) and flagship Adani Enterprises Limited (AEL) in a Rs 15,400 crore investment deal.

IHC invests through a priority route. Syed Basar Shueb, CEO and Managing Director of IHC, said: “This strategic expansion of our business aligns with IHC’s commitment to expand and diversify our portfolio. There is no doubt that this transaction will directly and positively impact India’s long-term overall ambition toward a clean energy plan. This deal represents 4.87% of total trade between the UAE and India, reaching $41 billion between 2020 and 2021; IHC’s partnership with Adani Group reflects the UAE’s economic ties with India’s oil sector.

Sagar Adani, Executive Director of Adani Green Energy Ltd, said: “We are delighted to complete this landmark transaction with IHC. We value IHC’s pioneering role as a strategic investor in sustainable energy, healthcare, food, infrastructure and energy transition in the UAE. “This transaction marks a further strengthening of India-UAE relations and highlights the long history of commerce and trust between the two peoples. As we set out to build this intergenerational relationship, we shared IHC’s strategic vision for India, the Middle East and Africa.

Adani Electricity Mumbai, the distribution arm of Adani Transmission, has agreed to increase the penetration of legally renewable energy from 3% in FY21 to 60% in FY27. IHC’s investment will help ATL in this transformation. India’s total power generation capacity is over 390GW, and renewable power is over 100GW. IHC’s investment will support and accelerate Adani Group’s growth plan to supply the country with 45 GW (9% of India’s non-fossil energy) by 2030.