TotalEnergies Halts Investments Amid Adani Bribery Probe

TotalEnergies SE pauses investments with Adani Group due to a U.S. investigation into alleged bribery involving Adani Green Energy Limited. U.S. prosecutors have charged Indian tycoon Gautam Adani and others with corruption. TotalEnergies holds significant stakes in Adani's energy ventures.

TotalEnergies SE, the French oil and gas giant, announced a halt in financial contributions to projects with the Adani Group, following a U.S. probe into alleged bribery at Adani Green Energy Limited. This decision comes after U.S. prosecutors charged several individuals, including key figures of the Adani Group.

The charges involve offering improper payments to Indian officials starting in July 2021. TotalEnergies, which was unaware of the investigation prior to the charges, has significant stakes in Adani's energy ventures, including Adani Green Energy and Adani Total Gas Limited, affecting its investment strategy.

The French firm had acquired a 19.75% shareholding in Adani Green Energy in early 2021 and also holds a 50% stake in renewable ventures with the company. As the situation unfolds, TotalEnergies remains cautious, seeking clarification on the allegations before resuming investments.

(With inputs from agencies.)