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Adani Power has expanded its foothold in the Middle East by incorporating a wholly owned subsidiary in Abu Dhabi, according to a National Stock Exchange of India filing.
The subsidiary has been registered as an investment holding company, with the objective to invest in power, infrastructure, and related fields in the region.
Adani Power, a part of India’s Adani Group that is run by billionaire Gautam Adani, is the country’s largest private thermal power producer with a current capacity of 15210 MW at its eight power plants in India.
The Middle East expansion comes less than a month after the Abu Dhabi Investment Authority (ADIA), the UAE’s sovereign fund, was named an investor in Adani Energy Solutions’ $1 billion secondary share sale, according to Reuters.
(Reporting by Bindu Rai, editing by Seban Scaria)