France’s Total Energies stops hydrogen partnership with Adani Group

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As announced in June 2022, TotalEnergies would acquire a 25 percent stake in Adani New Industries Limited (ANIL), an Adani group company. The firm is investing around $50 billion over 10 years in the green hydrogen environment.

France’s Total Energies, one of the largest foreign investors in the Adani group, has said it has suspended its partnership with the Adani group on a $50 billion hydrogen project for now. Total Energies has taken this step after the US financial investment and research company accused the group of fraud.

The partnership with the Adani group was announced in June last year, but the company had not yet signed the deal, Patrick Pouyan, chief executive of the French group, said by phone. As announced in June 2022, TotalEnergies would acquire a 25 percent stake in Adani New Industries Limited (ANIL), an Adani group company. The firm is investing around $50 billion over 10 years in the green hydrogen environment.

Its initial capacity is estimated at 1 billion tons before 2030. “Of course, the hydrogen project has been put on hold until the situation is clear to us,” Pouyan said. TotalEnergies, which has invested $3.1 billion in the Adani Group, will await the outcome of the group’s ongoing audit investigation into allegations brought by US company Hindenburg Research.

Disclaimer:Prabhasakshi has not edited this news. This news has been published from PTI-language feed.



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