TotalEnergies is eyeing an investment in Adani Green Energy's renewable projects as part of its clean energy expansion, with the possibility of investing around $700 million and acquiring stakes in Adani Green projects. While discussions are underway, no deal has been confirmed yet.
TotalEnergies already holds a 19.75% stake in Adani Green Energy, making it the second-largest shareholder. This potential deal would mark the first collaboration between Total and the Adani Group since governance concerns were raised earlier this year, leading to a decline in Adani Group stocks. However, the Adani Group has consistently denied any wrongdoing.
Adani Group stocks have shown signs of recovery after addressing debt issues and securing investments. This rebound was further boosted by investments from GQG Partners and a favourable interim report from a Supreme Court-appointed panel in May, which found no evidence of stock-price manipulation.
In July, Adani Green announced plans to raise ₹12,300 crore through a qualified institutional placement (QIP). As of 12:05 p.m., Adani Green Energy's stock price was up 2.11% at ₹1,004.55 on the BSE.
© Copyright 2023. All Rights Reserved Powered by Vygr Media.
