French petroleum giant TotalEnergies SE said on November 25 that it will not make any new financial contribution as part of its investments into the Adani Group firms amid an US federal indictment against Chairman Gautam Adani and his nephew.
"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 rejects corruption in any form, the company added.
In January 2021, TotalEnergies acquired a minority interest in the listed company Adani Green Energy Limited of which it now owns 19.75%. 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.
At 3:05 pm on November 25, Adani Total Gas' shares on BSE were trading 1.3% lower at Rs 601.1 apiece and Adani Green Energy Ltd (AGEL) shares were trading 9% lower at Rs 955.4 apiece.
"TotalEnergies, which is not targeted nor involved in the facts described by such indictment, will take all relevant actions to protect its interests as minority (19.75%) shareholder of AGEL and as a joint-venture partner (50%) in project companies with AGEL. TotalEnergies recalls that its investments in Adani’s entities were undertaken in full compliance with applicable laws, and with TotalEnergies’ own internal governance processes pursuant to due diligence and representations made by the sellers. In particular, TotalEnergies was not made aware of the existence of an investigation into the alleged corruption scheme," the company added.
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