TotalEnergies pauses participation in Adani Group's hydrogen project
French company Total Energies, the biggest investor in Adani group, Wednesday said it has put on hold participation in the conglomerate’s $50 billion hydrogen project until the results of an audit launched following US short-seller Hindenburg Research’s accusations, according to a report in the media.
TotalEnergies is yet to sign a contract though, the French group's chief executive Patrick Pouyanne said at an earnings call, the report said.
After a report by US short-seller Hindenburg Research accused the Adani Group of Gautam Adani-led ports-to-power conglomerate of accounting fraud and stock manipulation, the stocks of the listed lost around $120 billion.
However, share prices of Adani Enterprises jumped as much as 25 percent on Tuesday after the firm announced to prepay more than $1 billion in loans.
Total Energies will wait for the results of the audit launched by the conglomerate in response to the allegations made Hindenburg Research, the report said.
As per the June 2022 announcement, TotalEnergies was to take 25 percent equity in Adani New Industries Ltd (ANIL) which is investing $50 billion over 10 years in green hydrogen ecosystem that includes an initial production capacity of 1 million tonnes before 2030.
TotalEnergies’ exposure in the project will be $3.1 billion in the Adani group.
Since the deal wasn’t signed, its involvement in the hydrogen project is non-existent, the company’s CEO said, adding that it’s just good sense to pause while the audit is underway, according to the report.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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