French Oil Giant TotalEnergies Halts Investments in Adani Group Amid Bribery Scandal

French oil giant TotalEnergies announced on Monday that it would suspend further investments in the Adani Group, following the recent bribery scandal and a US indictment targeting the Indian conglomerate’s top executives. The move comes in the wake of charges accusing Gautam Adani, his nephew Sagar Adani, and other associates of paying $265 million in bribes to Indian officials to secure contracts for solar power projects.
TotalEnergies, one of the largest foreign investors in Adani’s empire, had previously acquired significant stakes in Adani Green Energy Ltd (AEGL) and Adani Total Gas Ltd (ATGL). In 2021, it purchased a 19.7% stake in AEGL, and in September of the same year, it formed a joint venture with the Adani Group to acquire three renewable energy assets. The French company also holds a 37.4% stake in Adani Total Gas, which supplies natural gas and CNG to Indian households and vehicles.
In a statement, TotalEnergies confirmed it had been made aware of the indictment filed by US authorities, which accused the Adani Group executives of bribing Indian government officials to the tune of over ₹2,000 crore (approximately $265 million). The indictment, which also named AEGL and Azure Power, alleges that Adani used fraudulent practices to secure foreign investments, violating the US Foreign Corrupt Practices Act.
“This indictment does not target AEGL itself or any AEGL-related companies,” TotalEnergies clarified in its statement. “Until the accusations against the Adani individuals are resolved, TotalEnergies will not make any new financial contributions to Adani Group companies.”
The US indictment, which was filed earlier this week, has led to arrest warrants being issued for Gautam and Sagar Adani. According to Reuters, the charges stem from allegations that the Adani Group executives manipulated the stock market and misrepresented their compliance with US anti-bribery laws when raising funds from American investors.
While TotalEnergies is not directly implicated in the charges, the French oil major stressed that it would take “all relevant actions to protect its interests” as a minority shareholder in AEGL and a joint venture partner in several Adani-led projects.
This move comes after TotalEnergies had already suspended its participation in Adani’s $50 billion green hydrogen project in early 2023, following allegations of financial misconduct raised by Hindenburg Research. TotalEnergies had planned to acquire a 25% stake in Adani New Industries as part of the hydrogen initiative, but the deal was put on hold after the accusations.
TotalEnergies said its past investments in the Adani Group were made in full compliance with applicable laws and its internal governance processes, based on due diligence and representations made by the Adani Group.​