TAQA which is the Abu Dhabi National Energy Co PJSC, is reportedly evaluating making an investment of up to 2.5bn dollars in Gautam Adani’s power business. The latter’s power business is spread across a span of various verticals from green hydrogen to clean energy (according to various sources).
TAQA is considered to be the second biggest stock on the ADX (Abu Dhabi Securities Exchange). It was originally established back in the year 2005 and is an international water and energy company that operates across 4 continents and in 11 countries. The company reportedly has investments in the Netherlands, Saudi Arabia, Morocco, Canada, UAE, Iraq, the US, India, the UK, Ghana, and Oman.
This is going to be a beneficial synergy between TAQA and Adani. They will be able to gain a strong foothold regarding this in the present rapidly evolving market.
The sources further state that the investment can be anywhere between $1.5 billion to $2.5 billion. It could either be made into a single or even multiple businesses. The promoters, founding shareholders of the company hold up a stake of 62.52% of the company’s stake – and that also includes the Adani family’s ownership of 53.93%. A stake of meager 20% in Energy Solutions (Adani) is going to result in 183.43 bn.
Both sides are looking forward to entering into a strategic alliance and then working together on various projects in West Asia and North Africa.
Thank you for reading up till here. I hope you found the information useful! Let me know in the comments section your thoughts on this strategic alliance between both parties.
- News Source: https://bit.ly/3YF643P
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