TotalEnergies suspends its partnership project with the Indian group Adani
The logo of the Adani group in Ahmedabad, India on February 2, 2023. AP - Ajit Solanki
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The CEO of TotalEnergies said Wednesday, February 8, that the French group was pausing a huge planned investment in the Adani group, after accusations of fraud and stock market manipulation, brought against this Indian conglomerate, by an American company of investment.
This is the first time that the French group has shown its reluctance towards its Indian partner, putting a temporary brake on the dazzling growth of the Adani group.
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With our correspondent in India,
Sébastien Farcis
TotalEnergies announced in June 2022 that it wanted to acquire 25% of Adani New Industries, and thus planned to invest nearly 5 billion euros to co-develop green hydrogen production capacities.
This would have been its fifth partnership with the Indian giant, in addition to those already sealed in the gas, solar and food sectors.
But this hydrogen project is now suspended until the audit of the Adani group is completed.
A blow for the conglomerate, but only in the short term, believes economic journalist Aunindyo Chakravarty.
A temporary suspension only
“
It is difficult for a large group to invest money in a company that is under investigation.
So they will wait for it to calm down.
But Total was certainly not surprised by what was revealed.
What is important is whether Adani has the support of the government and institutions.
And today, it is.
And as long as Narendra Modi is in power and provides that support, Adani is not risking much, and the big groups will do business with him
,” says Aunindyo Chakravarty.
The Adani group has become in a few years the leader in sectors as strategic as ports, airports, solar parks or cement.
It has therefore become essential in India.
►Also read
: The vertiginous fall of the Indian giant Adani
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