In a recent development from New Delhi, Gautam Adani, the billionaire behind the Adani Group, has reaffirmed his commitment to the ambitious USD 50 billion green hydrogen initiative. This declaration comes in the wake of TotalEnergies SE, the group’s French collaborator, temporarily halting its investment amid looming fraud allegations.
Robbie Singh, the CFO of the Adani Group, in a recent investor call discussing the Q1 earnings of Adani Enterprises Ltd, emphasized that the project’s progress does not hinge on funds from TotalEnergies. He reiterated that the group is undeterred and will proceed with its investment plans, irrespective of the French energy titan’s participation.
To provide some background, in the previous year, TotalEnergies had announced its intent to acquire a 25% stake in Adani New Industries Ltd (ANIL), the subsidiary responsible for spearheading the green hydrogen project. However, come February, the energy conglomerate decided to pause its slated USD 4 billion investment. This decision was influenced by a US-based short seller’s allegations pointing towards potential accounting discrepancies and stock manipulation, charges that Adani has categorically denied.
Related: TotalEnergies Has Not Signed Contract on New Adani Hydrogen Venture – CEO
Singh, reflecting the group’s unwavering commitment, was quoted saying, “The project is not dependent on that equity as we are going ahead with the project as it is and at the same pace.”
It’s pertinent to note that ANIL operates under the aegis of Adani Enterprises Ltd, the flagship entity of the Adani Group.
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