TTE

By Adria Calatayud

TotalEnergies SE said Friday that its exposure resulting from stakes in ventures with Adani Group is limited, as it accounts for 2.4% of its capital employed.

The French energy giant said it undertook joint investments in India in partnership with Adani since 2018, and its current holdings include stakes of 37.4% and 19.75% in listed companies Adani Total Gas Ltd. and Adani Green Energy Ltd., as well as 50% stakes in each of Adani Total Private Ltd. and AGEL23.

TotalEnergies said its exposure resulting from this stakes amounted to $3.1 billion as of Dec. 31 and $180 million of net operating income in 2022. The company said it hasn't re-evaluated in its accounts the values of its interests in the listed entities in relation to the moves in their stock values.

TotalEnergies said its investments in India in partnership with the Indian group were in full compliance with applicable laws and its own internal processes, and said it welcomes Adani's move to mandate a general audit.

Shares in Adani Group companies have been under pressure since the release of a report by U.S.-based short seller Hindenburg Research last week alleging that Adani Group engaged in stock manipulation and fraud. Adani has denied the allegations.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

February 03, 2023 02:56 ET (07:56 GMT)

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