Adani exposure 2.4%, followed Indian laws, says France's Total Energies

France’s TotalEnergies SE has said that its exposure to Adani Group companies was $3.1 billion of capital employed at the end of December, a small fraction of the energy giant’s globe-spanning interests.

 

The company also said that said it has not performed any re-evaluation of its holdings because of volatility in stock prices in Adani stocks.

 

The Adani Group has partnerships with TotalEnergies in gas and renewable energy. TotalEnergies owns a 37.4% stake in the listed Adani Total Gas, and 50% in Adani Total Private Limited, which is developing a liquefied natural gas import terminal.

 

In 2020, it bought 20% in renewables unit of Adani Green Energy and a stake in solar assets for $2.5 billion.

 

“TotalEnergies’ exposure resulting from these stakes is limited, as it represents 2.4% of the company’s capital employed,” and just $180 million of net operating income last year, the French firm said in a statement on Friday.

 

These investments were undertaken in full compliance with Indian laws and its own internal governance processes, Total said.