Abu Dhabi's TAQA is not in talks for $2.5 billion investment, says Adani

Adani Transmission denied reports on Friday that the Abu Dhabi National Energy Company, known as TAQA, will invest between $1.5 billion and $2.5 billion in Adani Group firms or in a single entity.

Earlier, media reports had claimed that TAQA was evaluating an investment of up to $2.5 billion in the power businesses of Gautam Adani.

These reports suggested that the investment, which could range anywhere from $1.5 billion to $2.5 billion, might be made in single or multiple group businesses, including the potential acquisition of a near-20 per cent stake in Adani Energy Solutions.

However, in a stock exchange clarification, Adani Transmission stated, "In this regard, we wish to clarify that the Company is not engaged in any discussion with Abu Dhabi National Energy Co. PJSC (TAQA), for their investment in the Company."

According to an agency report, TAQA also asserted that there was 'no truth' in the reports.

Despite these denials, sources had earlier indicated that TAQA, the second-largest stock on the Abu Dhabi Securities Exchange (ADX), was eager to invest the mentioned amount in Adani Group firms or a single entity.

The Economic Times reported on Friday that TAQA was keen to deploy between $1.5 billion and $2.5 billion in Adani Group firms or a single entity. It also stated that both sides believed there was a significant synergy between TAQA and Adani Energy Solutions, formerly known as Adani Transmission, and that this could lead to a strategic alliance to work together on projects in North Africa and West Asia.