Gautam Adani's group REACTS to TotalEnergies' decision pausing new investments, says 'will not have any...'

Billionaire Gautam Adani, the second richest man in India, has become the talk of the town since US authorities indicted him and two other executives for allegedly paying USD 265 million bribes to Indian officials to secure solar power supply contracts for AGEL. Days later, French energy major TotalEnergies decided it would not make 'any new financial contribution' as part of its partnership with the Adani group until the accusations were clarified.

Now, the Adani Group has reacted to the French energy giant's decision to pause new investments in the group, saying it will not have any material impact on operations and growth plans as no new funding was under discussion. TotalEnergies SE stated on Monday that it was unaware of the corruption investigation its partner Adani group's founder chairman was facing in the US and that it is pausing fresh investments in the conglomerate pending the outcome of the charges.

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"We wish to clarify that there is no new financial commitment under discussion with TotalEnergies," Adani Green Energy Ltd (AGEL) said in a stock exchange filing. It was clarifying on TotalEnergies' statement of November 25. "Hence, the press release (through which the French firm announced its decision) will not have any material impact on the company's operations or its growth plan," AGEL added. TotalEnergies is one of the biggest foreign investors in Adani's business empire and had previously taken stakes in the group's renewable energy venture AGEL and city gas unit Adani Total Gas Ltd (ATGL).

(With inputs from PTI)