<a href="https://www.thenationalnews.com/business/economy/2023/08/03/ihcs-second-quarter-profit-soars-on-revenue-surge/" target="_blank">Abu Dhabi's International Holding Company</a> has entered into a definitive agreement to sell off its $2 billion foreign direct investment stake in two Adani Group companies, citing a rebalancing strategy of its overall portfolio. IHC, through its Green Energy Investment Holding and Green Transmission Investment Holding units, reached the deal with an unnamed buyer to unload its investment in Adani Green Energy and Adani Transmission, IHC said on Thursday in a statement to the <a href="https://www.thenationalnews.com/business/energy/2023/09/07/abu-dhabis-taqa-lists-dual-tranche-bonds-worth-15bn-on-adx/" target="_blank">Abu Dhabi Securities Exchange</a>, where its shares trade. "The company is currently completing all required procedures and obtaining all necessary regulatory approvals to implement the signed transactions," it said. The structure and other terms of the agreement were not disclosed. <a href="https://www.thenationalnews.com/business/economy/2023/08/03/ihcs-second-quarter-profit-soars-on-revenue-surge/" target="_blank">IHC, the UAE's most valuable listed company</a>, made the investment in April last year in the Indian business conglomerate led by billionaire industrialist Gautam Adani. As part of that deal, IHC invested in three green-focused companies of the Adani Group – Adani Green Energy, Adani Transmission and Adani Enterprises – which are all listed on the Bombay Stock Exchange and National Stock Exchange of India. At the time, IHC said that it was "a long-term investment in India as the country is driving much innovation globally, including the green energy sector". Adani Group is emerging from a firestorm triggered by a January <a href="https://www.thenationalnews.com/business/2023/01/30/adani-group-insists-it-made-full-disclosure-as-it-hits-back-at-hindenburg-research/" target="_blank">report from Hindenburg Research</a>, which accused the Ahmedabad-based company of stock manipulation and improper use of offshore tax havens, as well as raising concerns about its high level of debt. <a href="https://www.thenationalnews.com/business/2023/01/30/adani-group-insists-it-made-full-disclosure-as-it-hits-back-at-hindenburg-research/" target="_blank">Adani Group has vigorously denied all the allegations</a>. Earlier this month, it released a statement saying that its financial status remained unaffected and it has "rebounded strongly since the release of a short-selling report in January 2023", without mentioning New York-based Hindenburg. IHC, whose subsidiaries include <a href="https://www.thenationalnews.com/business/2023/05/11/alpha-dhabi-acquires-national-corporation-for-tourism-and-hotels-for-199m/">Alpha Dhabi Holding</a>, Q Holding, International Securities, Al Seer Marine and Multiply Group, has made several strategic investments in recent quarters to further expand its asset base. It has investments in sectors including clean energy, food and agriculture, health care, property, information technology and artificial intelligence in 20 countries across Asia, Africa, Europe and the Americas. <a href="https://www.thenationalnews.com/business/economy/2023/08/03/ihcs-second-quarter-profit-soars-on-revenue-surge/" target="_blank">Last month, IHC reported</a> a more than 62 per cent jump in second-quarter net profit to Dh4.56 billion ($1.24 billion), as revenue grew 13 per cent annually to about Dh13 billion. At the time, it also said that its strategy is now inclined towards more domestic business acquisitions, leveraging the UAE's stable economic environment, investor-friendly government policies, strategic location, tax incentives and diverse property market.