French oil giant TotalEnergies has announced a suspension of new investments in Adani Group companies due to ongoing US bribery charges against the conglomerate’s founder, Gautam Adani.
This decision marks a significant response to the indictment of Adani and several associates, who are accused of orchestrating a $265 million bribery scheme related to the operations of Adani Green Energy Limited (AGEL).
TotalEnergies stated that it was unaware of any U.S. investigation prior to its investments and emphasized its commitment to rejecting corruption in all forms.
In a statement, TotalEnergies clarified that the indictment does not implicate AGEL or its associated companies directly. The company, which holds a 19.75% stake in AGEL and has previously invested in joint ventures with Adani, expressed its intent to protect its interests as a minority shareholder and joint-venture partner.
The French firm has committed to refraining from any further financial commitments until the allegations against Adani Group individuals are resolved.
TotalEnergies’ financial exposure to Adani Group is estimated between $4 billion and $5 billion, which includes investments made since acquiring its stake in AGEL in January 2021 and subsequent ventures aimed at expanding its renewable energy portfolio in India.
This suspension follows earlier actions by TotalEnergies, including halting participation in Adani’s $50 billion green hydrogen initiative earlier this year after allegations of accounting irregularities surfaced.
The implications of these developments have led to significant market reactions, with shares of Adani Green Energy dropping over 11% following the announcement but later recovering slightly.
Follow on Twitter | Posted by P N Sree Harsha | 
