MOSCOW (MRC) -- 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, as per Deccanherald.
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.
We remind, Adani Group Chairman Gautam Adani called on Bangladesh Prime Minister Sheikh Hasina in Dhaka on Saturday following the full load commencement of power supply to Bangladesh from the Group’s Ultra Super-Critical Thermal Power Plant in Godda, India. The Godda USCTPP, which marks the Adani Group’s entry into transnational power projects, is India’s first commissioned transnational power project where 100% of the generated power is supplied to another nation.