France’s Total defers investment in Adani

New Delhi : French energy giant Total Energies SE on Monday said it will make no new financial contribution as part of its investments in Adani group companies till the Indian firm’s founder is cleared of bribery charges.

The energy giant said it was not aware of the investigation into the alleged corruption. Total Energies is one of the biggest foreign investors in billionaire Gautam Adani’s business empire and had previously taken stakes in the group’s renewable energy venture Adani Green Energy Ltd (AEGL) and city gas unit Adani Total Gas Ltd (ATGL). In a statement, the French firm said it learnt of US authorities indicting Gautam Adani and two other executives for allegedly paying $265 million bribes to Indian officials to secure solar power supply contracts for AEGL.

“This indictment does not target AGEL itself, nor any AGEL-related companies,” Total Energies said. “Until such time when the accusations against the Adani Group individuals and their consequences have been clarified, TotalEnergies will not make any new financial contribution as part of its investments in the Adani group of companies.”