A report claimed that TAQA was likely to pick up a stake up to 19.9% in Adani Group firms through a combination of primary infusion into the company. 
Special 
A report claimed that TAQA was likely to pick up a stake up to 19.9% in Adani Group firms through a combination of primary infusion into the company. Hours after it was reported that Abu Dhabi National Energy Co. PJSC (TAQA) is looking to invest in the power businesses of Gautam Adani, the largest power producer in the UAE said there is 'no truth' in the said deal, Bloomberg News said on Friday.
A report in The Economic Times had said that TAQA, which is the second largest company on the Abu Dhabi Securities Exchange (ADX), is looking to invest $1.5-2.5 billion in Adani Group firms or in a single entity. The report further claimed that TAQA was likely to pick up a stake up to 19.9 per cent in Adani Group firms through a combination of primary infusion into the company and the secondary purchase of shares from promoter family entities.
Adani’s power and energy businesses include Adani Energy Solutions, formerly known as Adani Transmission, Adani Power and Adani Green Energy.
Adani Green Energy stock gained over 5 per cent in early deals today. At 1.20 PM, shares of Adani Green Energy were trading at Rs 995.35 apiece, up by 6.63 per cent.
Established in 2005, TAQA has investments in power generation, transmission and distribution assets, as well as upstream and midstream oil and gas operations. Its assets are spread across the UAE, Saudi Arabia, Canada, Ghana, India, Iraq, Morocco, Oman, the Netherlands, the UK and the US.
Following the report, Adani Group stocks surged 12 per cent during the trading session on Friday so far. All Adani Group stocks, namely Adani Enterprises, Adani Ports, Adani Transmission, Adani Green Energy, Adani Total Gas, Adani Wilmar, Adani Power, ACC, Ambuja Cements and NDTV, are in the green at present.
The total market capitalisation of Gautam Adani's listed empire raced past Rs 11 lakh crore mark for the first time since February this year.
Shares of Adani Power surged more than 12 per cent on Friday and were trading to Rs 321. The total market capitalisation surged to Rs 1.2 lakh crore. Adani Green Energy's shares jumped about 10 per cent, with a total valuations of more than Rs 1.6 lakh crore during the day.
Gautam Adani-led Adani Enterprises surged more than 7 per cent and its total valuation was nearly Rs 3 lakh crore mark. Adani Ports and Special Economic Zone shares surged around 5 per cent to hit a market cap of more than Rs 1.8 lakh crore.
Adani Transmission gained about 9 per cent with its market valuations hovering close to Rs 1 lakh crore mark, while Adani Total Gas rose 7 per cent, with a total mcap close to Rs 75,000 crore. Adani Wilmar also rose 7 per cent and its valuations topped Rs 50,000 crore mark once again.
Other group companies, ACC and Ambuja Cements, surged 3 per cent during the intraday trade, while NDTV advanced more than 5 per cent.
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Also read: Abu Dhabi’s TAQA plans to invest up to $2.5 bn in Adani firms: Report
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