BENGALURU: Abu Dhabi National Energy Company PJSC, known as TAQA, is evaluating an investment of up to $2.5 billion in the power businesses of Indian billionaire Gautam Adani, newspaper Economic Times reported on Friday, citing sources.

The investment, anywhere between $1.5 billion to $2.5 billion, could be made in single or multiple group businesses, including picking up a near-20% stake in Adani Energy Solutions the report said.

Adani’s power and energy businesses include entities like Adani Energy Solutions, formerly known as Adani Transmission, Adani Power and Adani Green Energy, but both sides believe there is maximum synergy between TAQA and Adani Energy Solutions, the report added.

TAQA may acquire a stake through a combination of primary infusion and secondary purchase of shares from promoter family entities.

The company’s founding shareholders, or promoters, hold a 62.52% stake in the company, which includes Gautam Adani’s family trust’s ownership of 53.93%.

A likely 20% stake in Adani Energy Solutions will amount to 183.43 billion rupees ($2.21 billion), according to Thursday’s closing levels at 822.20 rupees.

The Adani Group and TAQA did not immediately respond to Reuters request for comment.