TotalEnergies, the French energy giant, announced a halt on new investments in Adani Group companies pending clarification of corruption allegations against Adani group individuals. The company clarified that the indictment does not target Adani Green Energy Limited (AGEL) itself, nor any of its related companies, in which TotalEnergies holds a 19.75% stake. The move comes days after the United States Securities and Exchange Commission (SEC) indicted Gautam Adani on corruption charges.

TotalEnergies learned about the indictment of these individuals through public announcements made by US authorities. The company maintains that it is not targeted or involved in the allegations and plans to take all necessary actions to protect its interests as a minority shareholder in AGEL and as a joint-venture partner in project companies with AGEL.

TotalEnergies emphasized its zero-tolerance policy towards corruption, asserting that its investments in Adani entities adhered to all applicable laws and its internal governance processes, including due diligence and representations made by the sellers. The company stated it was not aware of any ongoing investigation into the alleged corruption scheme before making its investments.

According to the charges against Adani and his associates, between 2020 and 2024, they conspired to bribe Indian government officials to secure solar energy contracts for Adani Green Energy Ltd and Azure Power Global Ltd. These projects were projected to generate $2 billion in profits over 20 years.