French energy giant TotalEnergies announced on Monday that it will halt new financial investments in the Adani Group following the indictment of Gautam Adani by a US court over a $265 million bribery and fraud case.
“TotalEnergies rejects corruption in any form,” the company stated, adding it was unaware of any investigation into the alleged scheme. Until the accusations against individuals within the Adani Group are clarified, TotalEnergies will refrain from further financial contributions to its projects with the conglomerate.
The announcement came shortly after a New York court indicted Gautam Adani and others on charges of bribery linked to solar project contracts in India. The court also issued arrest warrants for Adani and his nephew, Sagar Adani. The US Attorney’s office alleged that over $265 million in bribes were paid between 2020 and 2024 to secure government contracts projected to generate $2 billion in profits over two decades.
The Adani Group has denied the allegations, calling them “baseless.”
TotalEnergies, one of Adani’s key foreign investors, has been involved with the group since 2018, holding significant stakes in Adani Green Energy, Adani Total Gas, and renewable joint ventures. The company emphasised its adherence to legal compliance and internal governance during these investments and pledged to protect its interests as a shareholder and joint-venture partner.
Following the announcement, shares of Adani Green Energy plummeted by 11.3%, Reuters reported.
