Shaikh will save credit! Relying on the Middle East, focusing on the Shark Tank of Abu Dhabi – Relying on the Middle East, focusing on the Shark Tank of Abu Dhabi

by Ana Lopez

Senior representatives of the group, led by Adani Group Chairman Gautam Adani, Group CFO Jugshindar Singh and other executives, have been in the Middle East for the past week.

Gautam Adani and his team have reached Abu Dhabi, the richest city in the Middle East, to help Adani Group out of crisis. Where he is busy in talks with investment companies so that he can get funds. Actually Gautam Adani Abu Dhabi is busy celebrating ‘Shark Tank’. On the other hand, this shark tank of the Middle East is keeping an eye on Adani’s port and cement business. If experts are to be believed, Adani could raise funds from the Middle East in return for a stake in its port and cement businesses.

Adani and his team in Abu Dhabi

The Adani Group has been in talks with Abu Dhabi’s International Holding Corp (IHC) since last week for capital investment in Adani Enterprises and other group companies. Representatives of the group returned to Abu Dhabi on Monday for further discussions, people familiar with the talks told ET. The amount of investment has not been decided yet, if the sources are to be believed, this investment may be around 1 to 1.5 billion dollars i.e. 8 to 13 thousand crore rupees.

A look at Adani’s assets in the Middle East

All these meetings and talks are considered at the preliminary stage till a transaction is done. Senior representatives of the group, led by Adani Group Chairman Gautam Adani, Group CFO Jugshindar Singh and other executives, have been in the Middle East for the past week. According to an ET report, meetings have also been held with the Abu Dhabi Investment Authority (ADIA) and other sovereign wealth funds (SWFs) of Abu Dhabi. Some have shown interest in specific assets such as Mumbai International Airport, cement business and Adani Port & SEZ. Earlier too, Adani tried to raise funds in his airport holding company.

IHC invests in Adani companies

The continued decline in share prices, especially after the promoters decided to reclaim over a billion dollars worth of pledged shares to reduce debt, has become a major obstacle to any preferential allotment. At the same time, the Adani brand has also taken a hit due to the flood of negative news following the Hindenburg Report in late January. International holding company Adani Enterprises agreed to invest $400 million in the FPO, but the company withdrew its FPO. Last year IHC invested $2 billion in three Adani Group companies.

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