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Adani Green Energy says no talks on new financial commitment with TotalEnergies
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(Reuters) – Adani Green Energy said on Tuesday there is no
(Reuters) – Adani Green Energy said on Tuesday there is no new financial commitment under discussion with TotalEnergies, a day after the French oil major said it was pausing new investments into the Adani Group over U.S. bribery charges.
TotalEnergies’ move was the first major fallout after U.S. authorities last week charged Adani’s billionaire chairman, Gautam Adani, and seven other people, with agreeing to pay around $265 million in bribes to Indian government officials.
The Adani Group has said the accusations as well as those levelled by the U.S. Securities and Exchange Commission in a parallel civil case are baseless and that it will seek “all possible legal recourse”.
TotalEnergies’ statement will not have any material impact on Adani Green Energy’s operations or its growth plan, Adani Green said in a stock exchange filing.
Adani Green’s shares were down 7% on Tuesday, extending a decline of 8% after TotalEnergies’ statement on Monday. The company has lost more than $9.5 billion in market value since the U.S. indictment.
(Reporting by Chris Thomas in Bengaluru; Editing by Christian Schmollinger and Clarence Fernandez)
Adani Green Energy is a renewable energy company based in India, part of the Adani Group, focused on developing and operating solar and wind energy projects.
TotalEnergies is a French multinational integrated oil and gas company, involved in various energy sectors including oil, natural gas, and renewable energy.
U.S. bribery charges refer to legal accusations against individuals or companies for offering, giving, receiving, or soliciting something of value to influence the actions of an official.
Market value is the total worth of a company or asset as determined by the market, calculated by multiplying the current share price by the total number of outstanding shares.
A stock exchange filing is a formal submission of documents to a stock exchange, typically required for companies to disclose important information to investors and regulators.
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