French firm Total Energy makes first delivery of LNG cargo to Adani Group firm

Notably, in February this year, the French energy giant suspended a hydrogen project with the Adani Group.

At the time, TotalEnergies chief executive Patrick Poyne said the contract with Adani to form a new hydrogen company “has not been signed and will not be signed”.

TotalEnergies in June announced an agreement to acquire the state’s 25% in Adani New Industries Limited for the production and commercialization of green hydrogen in India.

Poyne halted the hydrogen projects at a time when Adani Group chief Gautam Adani was embroiled in a controversy after US-based short-seller Hindenburg Research released an explosive report accusing the group of accounting fraud and driving up its share price. was accused of.

The company holds a 50% stake in Adani Total Private Limited – a joint venture that provides for oil and gas exploration. It also owns half of AGEL23 – a joint venture with Adani Green Energy Ltd. (AGEL) for operating three GW solar projects.

Separately, retail investors in the country were buyers in most Adani group companies as an unprecedented selloff triggered by allegations from short-seller Hindenburg Research justified their sky-high valuations.

Individual investors increased their stake in eight out of 10 companies belonging to the port-to-power group in the three months to March.

Besides, Insurance Corp of India marginally increased its stake in four Adani companies during the March quarter.

Meanwhile, the shares of Adani Total Gas Ltd rose 2.30% on Monday 934.60, according to NSE data at 1.35 p.m. The stock has gained 4.15% to touch 37.60 points in last one month.