[ad_1]
Adani-TotalEnergies: Adani Group has now suffered another setback. France’s TotalEnergies has put on hold its decision to join Adani Group’s Hydrogen Project for the time being. In June 2022, TotalEnergies had announced partnership in Adani Group’s hydrogen project.
Patrick Pouyanne, Chief Executive of TotalEnergies, informed about this decision during the company’s earnings call. He said that this partnership with Adani Group was announced in June 2022 last year. But no contract was signed regarding this till now. Nothing is on the ground yet. According to the announcement made in June last year, TotalEnergies was about to take a 25 per cent stake in Adani New Industries Limited, an Adani group company. The Adani group was about to invest $50 billion in the hydrogen ecosystem over the next 10 years. The company had also set a target of one million tonnes of production capacity by 2030.
TotalEnergies has invested $3.1 billion in Adani Group. Total Energies will await the results of Hindenberg Research’s audit on allegations of accounting and financial fraud, after which the company will consider continuing the investment. However, the Adani group has strongly denied Hindenburg’s allegations.
On the other hand, there is a boom in the rest of the shares of Adani Group, but Adani Total Gas Share has closed on the lower circuit with a decline of 5 percent. In Wednesday’s trading session, the stock closed at its one-year low of Rs 1,391. On January 23, 2023, the stock was at the level of Rs 4000. Since the Hindenburg report came out on January 24, Adani Total Gas shares have fallen by 65 per cent.
read this also
[ad_2]
Source link