Adani Group, Abu Dhabi's TAQA deny $2.5 billion investment report

Abu Dhabi National Energy Company PJSC, also known as TAQA, is not in talks for any investment in the Adani Group's power businesses, the two entities said in separate statements on Friday.

Earlier in the day, the Economic Times newspaper reported, citing sources, that TAQA was evaluating investing up to $2.5 billion, in single or multiple Adani Group businesses, including buying a near-20% stake in Adani Energy Solutions.

"The company is not engaged in any discussion with TAQA, for their investment," power distribution firm Adani Energy Solutions and thermal power producer Adani Power said in exchange filings, while TAQA said news of any investment had "no truth."

Adani Group's power and energy businesses, led by billionaire Gautam Adani, include entities like Adani Energy Solutions, formerly known as Adani Transmission, Adani Power and Adani Green Energy.

The news sent shares of Adani Energy Solutions up as much as 8.73%, while Adani Power rose over 12% and Adani Green Energy jumped nearly 10%.