TotalEnergies has announced it will cease new financial contributions to the Adani Group following bribery allegations against certain executives of the Indian conglomerate.
The allegations, linked to the operations of Adani Green Energy Limited (AGEL), have prompted the company to take precautionary steps while maintaining its current investments.
In its statement, TotalEnergies clarified that the allegations do not implicate AGEL or its related companies.
This indictment does not target AGEL itself, nor any AGEL related companies.
Commitment to ethical conduct
TotalEnergies underscored its firm stance against corruption, aligning with its internal code of conduct.
The French energy giant emphasised that it was not involved in the allegations and remains committed to protecting its interests as a minority (19.75%) shareholder in AGEL.
Until the allegations against the Adani Group are resolved, TotalEnergies will not make additional financial contributions to its investments in the conglomerate.
TotalEnergies will not make any new financial contribution as part of its investments in the Adani group of companies.
History of investments in AGEL
TotalEnergies first acquired its minority stake in AGEL in January 2021 as part of its strategy to expand its renewable energy portfolio in India.
The company now owns 19.75% of AGEL and holds a 50% stake in three joint ventures that operate renewable energy assets, including AGEL23, AREL9, and AREL64.
The company stressed that its investments in the Adani Group were made after thorough due diligence, following both internal governance processes and applicable laws.
TotalEnergies was not made aware of the existence of an investigation into the alleged corruption scheme.
Adani was charged in the United States for allegedly bribing Indian government officials in a scheme to raise funds from American investors.
The Securities and Exchange Commission (SEC) accused Adani and several others, including family members, of conspiring to secure contracts for his renewable energy ventures.