DUBAI: Abu Dhabi conglomerate International Holding Company on Monday said it will invest 1.4 billion dirhams ($381.17 million) in Adani Enterprises’ follow-on public offer.

The Indian conglomerate owned by Asia’s richest man, Gautam Adani, has faced a deepening market rout that has led to losses of $65 billion in the group’s stock values after Adani’s rebuttal of a U.S. short-seller’s criticism failed to pacify investors.

“Our interest in Adani Group is driven by our confidence and belief in the fundamentals of Adani Enterprises Ltd; we see a strong potential for growth from a long-term perspective and added value to our shareholders,” IHC CEO Syed Basar Shueb said in a statement.

Adani firms lose $65bn in value as US short-seller battle escalates

IHC invested $2 billion in Adani Group companies last year, including Adani Enterpsies.