Adani looks to go ahead with $50 bn hydrogen project alone
TotalEnergies SE has put investment in the venture on hold following allegations of fraud
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New Delhi Billionaire Gautam Adani’s group is prepared to go ahead alone on the $50 billion green hydrogen project after its French partner, TotalEnergies SE, put investment in the venture on hold following allegations of fraud.
Adani group CFO Robbie Singh in an investor call on first-quarter earnings of Adani Enterprises Ltd last week stated that the project is not dependent on the equity from TotalEnergies and the group is going ahead with the investment with or without the French giant. TotalEnergies had last year agreed to take a 25 per cent stake in Adani New Industries Ltd (ANIL), which is building the green hydrogen project.
The French energy giant in February paused the planned $4 billion investment pending an investigation into a US short seller’s allegations of accounting and stock manipulation, which Adani denies.
“The project is not dependent on that equity as we are going ahead with the project as it is and at the same pace,” Singh said, according to a transcript of the investor call.
ANIL is a subsidiary of Adani Enterprises Ltd, the flagship business incubating firm of the ports-to-energy conglomerate. Singh said the MoU signed with TotalEnergies still exists but “they have to complete their due diligence”.
The French firm, with whom Adani already has partnerships in city gas and renewable power, is welcome to look at the hydrogen project.
