French energy giant Total puts Adani Group investments on hold

MUMBAI: French oil main TotalEnergies has introduced suspension of extra investments in Adani Group corporations pending the decision of US bribery allegations towards the Indian conglomerate’s founder. The Paris-based firm, which holds strategic stakes in Adani Group’s renewable energy and gasoline distribution companies, mentioned it was not made conscious of the US investigation into corruption associated to the Indian group’s solar energy enterprise.
“TotalEnergies rejects corruption in any form,” the corporate mentioned.”This indictment does not target Adani Green Energy (AGEL) itself, nor any AGEL-related companies.”
TotalEnergies mentioned it discovered by public bulletins by US concerning the indictment towards Adani Group’s founder-chairman Gautam Adani and others.

Adani Group founder-chairman Gautam Adani, his nephew and Adani Green Energy’s govt director Sagar Adani, and others are charged with executing a $265m bribery scheme linked to the enterprise of Adani Green Energy.
TotalEnergies acquired a 19.7% stake in Adani Green Energy in Jan 2021. Subsequently, in Sept, it established an equal partnership enterprise with the Indian conglomerate to accumulate three operational renewable belongings with 1,150MW capability, investing $444 million. Additionally, it holds 37.4% in Adani Total Gas, which sells CNG to cars and pure gasoline to households.
“TotalEnergies, which is not targeted nor involved in the facts described by such indictment, will take all relevant actions to protect its interests as a minority shareholder of AGEL and as a joint-venture partner in project companies with AGEL,” the French oil main added. The French main additional mentioned it made the investments in Adani Group corporations “in full compliance with applicable laws” and in step with its personal inside governance processes pursuant to due diligence and representations made by the sellers.
In Feb 2023, TotalEnergies had suspended its deliberate participation in Adani Group’s $50bn inexperienced hydrogen initiative following Hindenburg Research’s allegations of accounting irregularities and inventory market manipulation. The French firm had deliberate to accumulate 25% in Adani New Industries in June 2022.