Total owns stakes in businesses including Adani Total Gas Ltd. and Adani Green Energy Ltd., and has said its investments were undertaken in full compliance with Indian laws and its own internal governance processes.
February 03, 2023 / 01:17 PM IST
Signage for TotalEnergies SE at the company’s electric vehicle charging station in the La Defense business district in Paris, France, on Thursday, July 28, 2021. TotalEnergies will extend its $ 2 billion buyback program into the third quarter after profit surged to a record, propelled by surging gasoline prices and soaring demand for natural gas in Europe. Photographer: Benjamin Girette/Bloomberg
French energy giant TotalEnergies SE said its exposure to Adani Group companies was $ 3.1 billion of capital employed at the end of December.
Total owns stakes in businesses including Adani Total Gas Ltd. and Adani Green Energy Ltd., and has said its investments were undertaken in full compliance with Indian laws and its own internal governance processes.
“TotalEnergies’ exposure resulting from these stakes is limited, as it represents 2.4% of the company’s capital employed,” the French firm said in a statement on Friday.
The Adani Group has shed more than $ 100 billion in market value since Hindenburg Research accused it of stock manipulation and accounting fraud in a Jan. 24 report.
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