Abu Dhabi conglomerate International Holding Company (IHC) announced on Tuesday that it has invested Rs. 163 crore in Adani Enterprises (AEL). With this investment, IHC”s total stake in AEL will rise above 5 percent. The move comes a week after the UAE-based company sold its entire stake in Adani Green and Adani Transmission.

In a statement, IHC said that it is convinced of AEL”s world-leading incubation model and the inherent strength of the airports, data centers, green hydrogen, and other verticals that will be incubated under AEL.

Last week, IHC said that it was exiting from Adani Green Energy and Adani Energy Solutions by selling its entire stake in the companies for a staggering Rs. 3326 crore. However, the company has not disclosed the names of the buyers. IHC has characterized the sale as “part of its overall portfolio rebalancing strategy.”

IHC first purchased shares in Adani Companies (Adani Green Energy, Adani Energy Solutions, and Adani Enterprises) in May 2022 with an investment of $2 billion. The major investment company now only holds shares in Adani Enterprises, which is valued at Rs. 137,718 crore.

In January of this year, International Holding Company (IHC) expressed its intention to invest approximately $400 million in Adani Enterprises” further public offering (FPO) 12. However, the investment did not materialize as Adani Enterprises withdrew its FPO following the release of a report by Hindenburg Research.