Total Energies is one of the largest foreign investors in the Adani Group
The Adani Group has suffered another setback amidst the controversy related to the Hindenburg Report. French company Total Energies said in a statement on Wednesday, February 8, that it has stopped its $ 50 billion joint hydrogen project with Adani Group for the time being. Total Energies is one of the largest foreign investors in the Adani Group. Together they are working on a hydrogen project which is estimated to cost $50 billion. Total Energies has taken this step after Hindenburg, an American short-seller firm, accused Adani Groups of ‘accounting manipulation and manipulation of share prices’.
The partnership with Adani Group was announced in June last year but the company was yet to sign the agreement, Patrick Pouyan, CEO of the French company, told in an earnings call.
Under the announcement made in June 2022, TotalEnergies was also to take a 25 percent stake in Adani New Industries Limited (ANIL), an Adani Group company. The firm is investing $0 billion over the next 10 years in the field of green hydrogen. The group has estimated the production of one billion tonnes of green hydrogen before 2030 through this investment.
“Of course, the hydrogen project has been put on hold until things are clear before us,” Pouyan was quoted as saying in the report. TotalEnergies has invested $3.1 billion in the Adani Group. The company said it would await the results of the group’s ongoing audit investigation into the allegations made by Hindenburg Research.
“It was announced, but not signed yet. So it doesn’t exist,” Pouyan said, referring to the hydrogen project. He said, “Mr. Adani has many things to deal with right now. So it is better to put things on hold till the audit is underway.” Meanwhile, the Adani Groups have strongly denied Hindenburg’s allegations, calling them malicious and “an attack on India”.
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