French energy giant Total puts Adani Group investments on hold – Times of India
French energy giant TotalEnergies has decided to put a hold on further investments in the Adani Group, following allegations of bribery against the founder of the Indian conglomerate. TotalEnergies has investments in Adani’s renewable energy and gas ventures and has stated that it was not aware of the US investigation into the matter. The company has emphasized its strong stance against corruption and clarified that it is not directly involved in the allegations.
Adani Group founder-chairman Gautam Adani, along with his nephew and Adani Green Energy’s executive director Sagar Adani, are facing charges related to a $265 million bribery scheme connected to Adani Green Energy. TotalEnergies, which acquired a 19.7% stake in Adani Green Energy in January 2021, has also entered into a partnership with the Adani Group to acquire renewable assets with a capacity of 1,150MW.
The French oil major has assured that it made its investments in Adani Group companies in compliance with applicable laws and internal governance processes. TotalEnergies had previously suspended its planned participation in Adani Group’s green hydrogen initiative in light of accounting irregularities and stock market manipulation allegations by Hindenburg Research.
TotalEnergies has affirmed its commitment to protecting its interests as a minority shareholder of Adani Green Energy and as a joint-venture partner with the Adani Group in various projects. Despite the current pause in investments, the company has not indicated any plans to completely sever ties with the Adani Group. We will have to wait and see how this situation unfolds and what impact it may have on the future of their partnership.
