Will not make any new financial contribution in Adani Group: TotalEnergies
26-Nov-2024 12:01 AM 8764
New Delhi, Nov 25 (Reporter) Days after the US Justice Department and the US Securities and Exchange Commission (SEC) indicted senior Adani executives of alleged bribery and fraud, global energy major TotalEnergies said on Monday that it will not make any new financial contribution as part of its investments in the Adani group of companies. "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 energy major said in a press release. TotalEnergies said it was not made aware of the existence of an investigation into the alleged corruption scheme. As per the official statement, TotalEnergies in January 2021 acquired a minority interest in the listed company Adani Green Energy Limited, of which it now owns 19.75 percent. As part of its strategy to enhance its development in renewables in India through direct access to a portfolio of assets, TotalEnergies also acquired 50 percent stake in three JVs operating renewable assets (AGEL23 in 2020, AREL9 in 2023, AREL64 in 2024). The US prosecutors last week alleged that senior Adani executives agreed to pay more than USD 250 million in bribes to Indian government officials to obtain lucrative solar energy supply contracts. Adani Group has dismissed the bribery allegations as 'baseless'. "The allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied," Adani group spokesperson said in a media statement in response to the charges...////...
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