Today: 29 August 2025
14 June 2021
1 min read

ADQ in talks to invest $500m in Flipkart

It said that the Indian e-commerce firm is seeking to raise at least $3 billion….reports Asian Lite News

Abu Dhabi sovereign fund ADQ, one of the region’s largest holding companies, is in talks to invest about $500 million in India’s Flipkart, media reported.

This as the Walmart Inc.-backed e-commerce firm raises funds ahead of a potential initial public offering next year, the Arab News quoted a Bloomberg report citing people familiar with the matter.

According to the report, ADQ is discussing a $35 billion to $40 billion fundraising in Flipkart that would come ahead of a planned IPO that could take place as soon as 2022.

It said that the Indian e-commerce firm is seeking to raise at least $3 billion.

Also, ADQ paid about $800 million for a 45 percent stake in Louis Dreyfus Company (LDC) last year.

The acquisitive investment group also bought the Egyptian pharmaceutical company “Amon” from the Canadian company (Bausch Health) for $740 million, it was reported.

Earlier, ADQ had submitted an offer to Abu Dhabi National Hotels Company PJSC (‘ADNH’) for a strategic combination of ADQ’s Abu Dhabi National Exhibitions Company (ADNEC) PJSC with ADNH.

The proposed transaction would create one of the largest hospitality, events, and catering powerhouses in the region that would enhance Abu Dhabi’s tourism and hospitality sectors and position them for the Emirate’s longer-term, economic transformation.

The potential strategic combination seeks to provide greater synergies through better alignment and repositioning of key assets within ADNEC’s portfolio, and is expected to be earnings accretive shortly after completion.

The combined group would have assets of approximately AED 20 billion (approximately USD 5.4 billion) as of 31 December 2020.

The activities of the resulting company would comprise a portfolio of 28 owned and operated hotels with a total of approximately 6,700 rooms, three large exhibition centres in Abu Dhabi, Al Ain and London (UK) as well as several catering companies and food and beverage outlets.

ALSO READ: CAIT urges CCI probe into Amazon, Flipkart

Previous Story

UAE–EU discuss human rights cooperation

Next Story

‘70% growth in intellectual works in 2020’

Latest from -Top News

UAE champions global water cooperation at Stockholm

The United Arab Emirates reaffirmed its leadership role in advancing global water security through active participation in the 35th World Water Week in Stockholm…reports Asian Lite News The UAE emphasised that water

Egypt, UAE forge strong Arab unity

The Prime Minister emphasised that continued consultation and coordination between Cairo and Abu Dhabi are central to dealing with issues of common concern…reports Asian Lite News Egyptian Prime Minister Mostafa Madbouli has

Dubai Airshow to unveil flying future

Dubai Airshow 2025 will redefine the future of flight, showcasing eVTOLs, vertiports, and global innovations as the UAE cements itself as a leader in advanced air mobility….reports Asian Lite News Dubai is

Culture, careers and courage define Emirati women

The forum drew nearly 700 participants, including senior officials, government executives, academics and business leaders….reports Asian Lite News The Emirati Women’s Forum, held under the patronage of Her Highness Sheikha Manal bint

Power women take centre stage in Dubai

The forum marked the tenth anniversary of Emirati Women’s Day…reports Asian Lite News The Emirati Women’s Forum brought together leading voices from government, diplomacy, business, innovation, and youth to celebrate the achievements
Go toTop

Don't Miss

Walmart boosts stakes in Flipkart

Walmart purchased Tiger Global’s remaining holding in Flipkart to further

Flipkart Co-founder Launches ‘OppDoor’

According to the filings, the company is registered in Singapore