French energy company TotalEnergies has suspended new financial contributions to the Adani Group following indictments of Adani Group executives by US authorities over alleged corruption linked to Adani Green Energy Limited (AGEL).
The US Securities and Exchange Commission (SEC) has accused Adani Group officials, including Gautam Adani and his nephew, of bribery in connection with a $750 million bond offering.
The allegations claim the company falsely promoted compliance with anti-bribery principles while engaging in illegal practices.
TotalEnergies, which holds a 19.75% stake in AGEL and a 50% interest in joint ventures with AGEL, stated that it was unaware of any investigations into the alleged corruption at the time of its investments.
The company reaffirmed its commitment to ethical governance and announced its intention to protect its interests as a minority shareholder and joint-venture partner.
In a press statement, TotalEnergies clarified: “Until such time when the accusations against the Adani group individuals and their consequences have been clarified, TotalEnergies will not make any new financial contribution as part of its investments in the Adani group of companies.”
TotalEnergies first acquired its stake in AGEL in January 2021 as part of its strategy to grow in India’s renewable energy sector. The company further strengthened its partnership by acquiring a 50% interest in three joint ventures with AGEL, the latest in 2023.