By: Staff Writer
December 03, Colombo (LNW): Abu Dhabi’s sovereign wealth fund, International Holding Company (IHC), which manages assets worth approximately US $100 billion globally, has reaffirmed its support for the Adani Group despite the recent US indictment of its chairman, Gautam Adani, and seven business associates.
The fund, which has invested $1.7 billion in the Ahmedabad-based ports-to-power conglomerate, expressed confidence in the group’s sustainability and green energy initiatives.
IHC stated, “Our partnership with the Adani Group reflects our confidence in their contributions to the green energy and sustainability sectors. As with all our investments, our team continues to evaluate relevant information and developments. At this time, our outlook on these investments remains unchanged.”
Amid the legal challenges, the Adani Group has received significant reassurances from international partners, particularly from Sri Lanka and Tanzania, where the conglomerate is involved in key port development projects.
In Sri Lanka, media reports have highlighted the commitment to the $1 billion container terminal project at the Colombo Port. Ports Authority Chairman Admiral Sirimewan Ranasinghe (Retd.) dismissed any discussions about cancelling the agreement with the Adani-led consortium.
Additionally, the legitimacy of the project is bolstered by a $535-million loan from the US International Development Finance Corporation, signaling strong international backing.
Sri Lanka’s strategic partnership with the Adani Group plays a vital role in enhancing its port infrastructure, particularly in a post-crisis recovery phase where Colombo Port serves as a critical hub in South Asia.
The project not only facilitates trade but also strengthens Sri Lanka’s economic ties with major investors like the UAE and India. Any disruption to this partnership could affect the nation’s aspirations to remain a competitive maritime player in the region.
Similarly, the Tanzanian Government has reiterated its commitment to Adani Ports, emphasizing full compliance with national laws and dismissing concerns about ongoing projects.
IHC’s steadfast support for the Adani Group underscores the conglomerate’s resilience amid challenges and reflects global investors’ continued interest in sustainable infrastructure. For Sri Lanka, this partnership reinforces the importance of maintaining a stable investment climate to leverage opportunities for long-term growth.
