On January 6, reports indicated BlackRock Inc. is seeking regulatory clearance in India to acquire an unspecified stake in Mumbai-based renewable platform Aditya Birla Renewables Limited.
The asset management firm has committed to invest $333.6 million in the renewable energy company. Aditya Birla Renewables is active in solar, wind, solar-plus-wind, and battery storage. It owns a portfolio of 4.3GW across 10 Indian states.
The investment comes as India is undergoing a significant energy transformation. Demand for renewable energy is growing, driven by decarbonization needs and rising consumption.
Also on January 6, BlackRock confirmed a 6.72% stake in Ireland’s Avadel Pharmaceuticals. This investment strengthens the firm’s exposure in the healthcare sector.
Morgan Stanley reiterated an Overweight rating on BlackRock and set a $1,514 price target. The positive stance comes from the company expanding its offerings in private markets and technology solutions through its Aladdin platform.
BlackRock, Inc. is the world’s largest asset manager, providing investment management and financial technology services. It manages trillions of dollars in assets, investing clients’ money in stocks, bonds, ETFs, real estate, and more, and offering retirement solutions.