New Delhi, Nov 26 - TotalEnergies has announced a pause on new investments in Adani Group, citing a US corruption investigation involving the conglomerate's executives. Adani Group responded, stating that this decision will not impact its operations or growth plans, as no new funding was under discussion.
TotalEnergies clarified that it was unaware of the ongoing investigation when it initially partnered with Adani. The French energy giant indicated that it will refrain from financial contributions until the allegations are resolved. The indictment includes Gautam Adani and two other executives, accused of paying $265 million in bribes to secure solar power contracts.
Despite this setback, Adani Group maintains its stance against the allegations, labeling them as baseless. TotalEnergies holds significant stakes in Adani's renewable energy and gas ventures, including a 19.75% stake in Adani Green Energy Ltd.
Additionally, ratings agency Fitch has placed some Adani Group bonds on watch for potential downgrades following the indictment. Adani stocks have seen a significant decline, with losses exceeding $33 billion across ten listed companies since the announcement.