France’s TotalEnergies, one of the largest foreign investors in billionare Gautam Adani’s business empire, said it has put on hold participation in Indian conglomerate’s USD 50 billion hydrogen project pending results of an audit launched following allegations by a US short-seller.
While the partnership with Adani group was announced in June last year, TotalEnergies has not yet signed a contract, the French group’s chief executive Patrick Pouyanne said at earnings call.
As per the June 2022 announcement, TotalEnergies was to take 25 per cent equity in Adani New Industries Ltd (ANIL) – the Adani Group firm that is investing USD 50 billion over 10 years in green hydrogen ecosystem that includes an initial production capacity of 1 million tonnes before 2030.
