TotalEnergies Freezes New Investments Amid Adani Bribery Allegations

French energy giant TotalEnergies freezes new investments in Adani group companies amid bribery charges against founder Gautam Adani. Despite holding significant stakes in Adani's renewable and gas ventures, TotalEnergies awaits investigation clarity before proceeding. The allegations have intensified scrutiny on Adani's business ties with the Indian government.

French energy giant TotalEnergies has announced a halt on new financial contributions to Adani group companies until bribery allegations against the company's founder, Gautam Adani, are clarified. The allegations involve accusations of USD 265 million in bribes to secure solar power contracts.

TotalEnergies, holding substantial stakes in Adani's renewable energy and city gas ventures, maintains its stance against corruption. The French firm asserts it was unaware of the corruption investigation at the time of investments, which were conducted under strict legal compliance.

This move adds to the challenges facing Adani, following a controversial report by U.S. short-seller Hindenburg in January 2023, alleging market manipulation and fraud. TotalEnergies first collaborated with Adani in 2018 for an LNG project, further expanding its investments in 2020-21.

(With inputs from agencies.)