France’s leadingenergy company TotalEnergies has announced that it will postpone an agreed deal with Indian conglomerate Adani Group to invest in its green hydrogen project. A TotalEnergies spokesperson said that “Its investments in Adani’s entities were undertaken in full compliance with Indian laws and with TotalEnergies’ own internal governance processes. The due diligence, which were carried out to TotalEnergies’ satisfaction, were consistent with best practices, and all relevant material in the public domain was reviewed, including the detailed disclosures to regulators required under applicable laws.”TotalEnergies CEO Mr Patrick Pouyanne said “Obviously, the hydrogen project will be put on hold until we have clarity. This project was announced but nothing has been signed and for now it won’t be signed. It makes no sense to add more projects until there is clarity.”TotalEnergies is one of Adani Group’s largest foreign investors with stakes in four of its subsidiary energy companies Adani Total Private Limited, Adani Total Gas Limited, Adani Green Energy Limited and AGEL23. TotalEnergies was to take a 25% stake in the hydrogen project, in which Adani Group plans to invest USD 50 billion over 10 years into a green hydrogen ecosystem that includes an initial production capacity of one million tons before 2030.The move follows accusations from investment research firm Hindenburg Research of a decades-long stock manipulation and accounting fraud scheme.
France’s leadingenergy company TotalEnergies has announced that it will postpone an agreed deal with Indian conglomerate Adani Group to invest in its green hydrogen project. A TotalEnergies spokesperson said that “Its investments in Adani’s entities were undertaken in full compliance with Indian laws and with TotalEnergies’ own internal governance processes. The due diligence, which were carried out to TotalEnergies’ satisfaction, were consistent with best practices, and all relevant material in the public domain was reviewed, including the detailed disclosures to regulators required under applicable laws.”TotalEnergies CEO Mr Patrick Pouyanne said “Obviously, the hydrogen project will be put on hold until we have clarity. This project was announced but nothing has been signed and for now it won’t be signed. It makes no sense to add more projects until there is clarity.”TotalEnergies is one of Adani Group’s largest foreign investors with stakes in four of its subsidiary energy companies Adani Total Private Limited, Adani Total Gas Limited, Adani Green Energy Limited and AGEL23. TotalEnergies was to take a 25% stake in the hydrogen project, in which Adani Group plans to invest USD 50 billion over 10 years into a green hydrogen ecosystem that includes an initial production capacity of one million tons before 2030.The move follows accusations from investment research firm Hindenburg Research of a decades-long stock manipulation and accounting fraud scheme.
