(Bloomberg) -- An Abu Dhabi firm controlled by a key member of the emirate’s royal family increased its shareholding in Gautam Adani’s flagship conglomerate to a little over 5%, days after selling stakes in two other companies owned by the Indian billionaire as part of a portfolio rejig.

International Holding Co., through its units, bought an additional 0.06% stake in Adani Enterprises Ltd. to take its total shareholding to 5.04%, according to an exchange filing. IHC’s Green Vitality Rsc Ltd. and Green Enterprises Investment Holding Rsc Ltd. owned 4.55% of Adani Enterprises for the quarter ending June.

The firm had previously invested almost $2 billion in three Adani companies in 2022. Last week, IHC said it would sell its investment in Adani Green Energy Ltd. and Adani Transmission Ltd. — now renamed as Adani Energy Solutions Ltd. — but added that its “partnership with Adani and dedication to the Indian market remain steadfast.” 

Read More: IHC Says Stake Sale in Adani Firms Was to ‘Rebalance’ Portfolio

Its decision to now increase its stake in Adani Enterprises reflects a conviction in the ability of the firm to incubate new businesses successfully, IHC said in a statement on Tuesday. 

The deal reflects India’s growth potential and is an “endorsement of our robust capex plans, governance and transparency,” a spokesperson for Adani Group said in a statement. 

Adani Enterprises is the parent firm of the ports-to-power conglomerate and has spawned off many new businesses in recent years including airports, data centers and media. 

The conglomerate has been trying to regain investor confidence after a scathing attack by a short seller in January by paring debt and luring billions of dollars from global investors such as Rajiv Jain’s GQG Partners and TotalEnergies SE. 

IHC is a $236 billion conglomerate chaired by United Arab Emirates National Security Adviser Sheikh Tahnoon bin Zayed Al Nahyan. Sheikh Tahnoon also oversees two of the emirate’s wealth funds — Abu Dhabi Investment Authority and ADQ.

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--With assistance from Ragini Saxena.

(Updates with comment from Adani Group spokesperson in the fifth paragraph.)

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