TotalEnergies pauses business with Adani, says it was not aware of US investigation

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Business

Posted By Uma Rajagopal

Posted on November 25, 2024

TotalEnergies pauses business with Adani, says it was not aware of US investigation

By America Hernandez

PARIS (Reuters) -French oil major TotalEnergies SE was not informed of a U.S. investigation into possible bribery and corruption at Adani Green Energy Limited, it said on Monday, adding it will stop financial contributions to investments with Adani Group companies following last week’s U.S. federal indictment.

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,” the company said in a statement.

“TotalEnergies was not made aware of the existence of an investigation into the alleged corruption scheme,” the company added.

U.S. prosecutors on Thursday charged eight people – including Indian tycoon Gautam Adani, his nephew Sagar Adani and the former CEO of Adani Green Energy Limited — with promising and then making improper payments to Indian officials between July 2021 and 2024 for business advantages.

The French firm purchased a 19.75% stake in Adani Green Energy in January 2021 – after the Indian company won what was then the world’s largest solar order, and just months before the payments to officials were alleged to have begun.

Total also owns a 37.4% stake in Adani Total Gas Limited, as well as a 50% stake in three renewable joint ventures with Adani Green Energy.

Two of those joint ventures were entered into after the FBI served search warrants on Sagar Adani and seized evidence related to Adani Green Energy.

TotalEnergies shares were down 0.04% at 0945 GMT on Monday.

(Reporting by Tassilo Hummel, Makini Brice and Dominique Patton; Editing by Toby Chopra)

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