Adani Green clarifies TotalEnergies' investment pause amid bribery charges: 'No material impact on growth plan'

In its statement to stock exchanges, Adani Green said, “We wish to clarify that there is no new financial commitment under discussion with TotalEnergies. Hence, the press release will not have any material impact on the company’s operations or its growth plan.”

"Accordingly, there is no material impact of the Media Report and the Press Release on the Company at this stage," it added.

The clarification came after TotalEnergies said it was suspending fresh capital contributions to Adani Group entities pending further clarity on allegations that Adani executives were involved in a $250 million bribery and fraud scheme.

TotalEnergies, which holds a 19.75% stake in Adani Green Energy and a 50% stake in joint ventures with the company, said it “rejects corruption in any form.”

While noting that Adani Green itself is not directly implicated in the US indictment, TotalEnergies vowed to protect its interests as a minority shareholder and joint-venture partner.

"Until such time when the accusations against the Adani group individuals and their consequences have been clarified, TotalEnergies will not make any new financial contribution as part of its investments in the Adani group of companies," the energy giant said.

Shares of Adani Green fell sharply on the news, dropping 9% at the closing on Monday. The green energy company was trading at ₹904.20 on the National Stock Exchange on Tuesday, 6.69% lower from the previous close.

The indictment, unsealed last week, accuses Adani Group Chairman Gautam Adani and seven others of orchestrating a bribery scheme to secure lucrative solar energy contracts in India. Prosecutors allege the group misled US investors while paying or planning to pay $265 million in bribes to secure deals.

Adani Group has denied the allegations, calling them “baseless” and vowing to pursue “all possible legal recourse.”