TotalEnergies holds a 19.75% stake in AGEL. Credit: Mojahid Mottakin /Shutterstock.

French-based TotalEnergies has announced a suspension of new financial contributions to the Adani Group of companies following the indictment of certain Adani Group’s executives by US authorities.

The indictment is linked to an alleged corruption scheme associated with Adani Green Energy Limited (AGEL).

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In mid-November 2024, the US Securities and Exchange Commission (SEC) summoned Indian billionaire Gautam Adani over alleged bribery allegations.

The SEC has accused Adani and his nephew of paying bribes to help the Adani company while “falsely touting the company’s compliance with antibribery principles and laws in connection with a $750 million bond offering”.

TotalEnergies has stated its commitment to reject corruption and that it will take necessary actions to safeguard its interests.

TotalEnergies currently holds a 19.75% stake in AGEL.

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The company emphasised its adherence to legal compliance and internal governance in its investment decision, saying in a press statement that it was unaware of any investigation into the alleged corruption scheme prior to its investments.

“TotalEnergies, which is not targeted nor involved in the facts described by such indictment, will take all relevant actions to protect its interests as a minority (19.75%) shareholder of AGEL and as a joint-venture partner (50%) in project companies with AGEL.

“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 acquired a minority interest in the publicly listed company AGEL in January 2021.

The company’s move to enhance its growth in India’s renewable sector led to the acquisition of a 50% stake in three joint ventures with AGEL, the most recent in 2023.