look news india
French multinational company Total Energy has taken a big decision. This company has decided not to make any new investments in Adani Group companies. The French company has taken this decision in view of the allegations of corruption against some officials of Adani Green Energy Limited (AGEL).
Total Energy emphasizes its zero-tolerance policy on corruption
The allegations against Adani Group executives were made public by US authorities. However, these allegations are against individual officials and not against the Adani Group or any of its subsidiaries. Total Energy stressed its zero-tolerance policy on corruption in a statement. Regarding the allegations against Adani Group officials in the US, the French company said that it was not involved in the alleged irregularities nor had anyone contacted any of its officials in this regard.
Total Energy holds 19.75% stake in Adani Grill Energy Limited.
“Total Energy will not make any new investments as part of its investments in Adani Group companies until the allegations against Adani Group executives and their consequences become clear,” the statement said. Let us tell you that Total Energy has 19.75% stake in Adani Grill Energy Limited and 50% stake in three joint ventures that manage renewable energy assets. The French company clarified that it has invested in AGAL and the joint ventures after a rigorous process. The company has said that at the time of the investment it was not aware of the alleged corruption charges against Adani Group officials in the US and any ongoing investigation in that regard.
French company investors in Adani Group since 2020
This decision of the French company Total Energy is a major blow to the Adani Group which is trying to establish itself as a global leader in the renewable energy sector. Total Energy’s stake in AGAL is the cornerstone of Adani Group’s credibility on the international stage. The French company has been entering into strategic partnerships and investments with Adani group companies since 2020.