A day after TotalEnergies SE said that it will hold off on new investments in Adani group companies until the allegations by US authorities are clarified, Adani Green Energy issued a statement saying there was no new financial commitment under discussion with the French oil giant.
In a regulatory filing, Adani Green Energy said, “We wish to clarify that there is no new financial commitment under discussion with TotalEnergies. Hence, the press release will not have any material impact on the company’s operations or its growth plan. Accordingly, there is no material impact of the media report and the press release on the company at this stage.”
TotalEnergies had, on Monday, released a statement in response to the indictment of Adani Group Chairman Gautam Adani, his nephew Sagar Adani and six others in a $265 million bribery case by a US court. TotalEnergies SE had said that it will not make any new financial contribution as part of its investments into the Adani Group companies. “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,” the company said in the statement.
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The French petroleum major had also affirmed that the investments in Adani entities were undertaken in full compliance with applicable laws. TotalEnergies had, in January 2021, acquired a minority interest in Adani Green Energy of which it now owns 19.75 per cent. Total also owns a 37.4 per cent stake in Adani Total Gas, as well as a 50 per cent stake in three renewable joint ventures with Adani Green Energy.
Earlier last Thursday, the US Attorney’s office in New York released a press release stating that a five-count criminal indictment was unsealed in federal court in Brooklyn charging Gautam Adani, Sagar Adani and Vneet Jaain, with conspiracies to commit securities and wire fraud and substantive securities fraud for their roles in a multi-billion-dollar scheme to obtain funds from US investors and global financial institutions on the basis of false and misleading statements.
In a parallel move, the Securities and Exchange Commission also charged Gautam Adani and Sagar Adani, and Cyril Cabanes, with conduct arising out of a massive bribery scheme.
