France’s Total puts hydrogen partnership with Adani on hold for now

In a setback to Adani Group, France’s TotalEnergies today said it has put on hold participation in the Indian conglomerate’s $50 billion hydrogen project pending the results of an audit launched following allegations by a US short-seller. TotalEnergies is one of the largest foreign investors in Adani Group.

French oil giant was to take a 25 per cent stake in the hydrogen venture of the Adani group. 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.

“Obviously, the hydrogen project will be put on hold until we have clarity” from Adani group on the allegation levelled by US short-seller Hindenburg Research, Pouyanne said.