TotalEnergies freezes investments in Adani Group

French oil major TotalEnergies SE stated on Monday that it was unaware of a US investigation into potential bribery and corruption at Adani Green Energy Limited.

In response to the recent US federal indictment, TotalEnergies announced that it will halt financial contributions to investments involving Adani Group companies.

The company emphasised that it will refrain from making new financial contributions to Adani Group companies until the accusations against them are clarified.

The US indictment alleges that eight individuals, including Adani Group chairman Gautam Adani and his nephew Sagar Adani, offered and made improper payments to Indian officials between July 2021 and 2024 to secure business advantages.

In January 2021, the French company acquired a 19.75 per cent stake in Adani Green Energy, shortly after the Indian company secured a major solar order.

Total also holds a 37.4 per cent stake in Adani Total Gas Limited and has 50 per cent ownership in three renewable joint ventures with Adani Green Energy. These joint ventures were established after the FBI searched Sagar Adani and confiscated evidence linked to Adani Green Energy.

Attribution: Reuters, TotalEnergies report 

Subediting: M. S. Salama