It took less than two weeks for TotalEnergies SE to put a massive green hydrogen project with Adani Group on hold after the Indian conglomerate was rocked by allegations of fraud.
The deal — part of a plan in which billionaire Gautam Adani’s clean energy business would have invested $50 billion over the next decade in the emissions-free fuel — remains in limbo, a victim of Hindenburg Research’s explosive short-seller report.
The fallout is unlikely to be limited to the Adani empire. The brouhaha over the business practices of the group — which became one of the country’s biggest investors in renewable energy after expanding from transport infrastructure — means there will likely be greater scrutiny of Indian corporate governance across the board.
