TotalEnergies pauses funding for Adani Group

NEW DELHI/PARIS, Nov 25 (Reuters): French oil major TotalEnergies halted on Monday investments into Adani Group, after the Indian ports-to-power conglomerate was engulfed in a crisis over an alleged multi-million-dollar bribery scheme.

The Indian business group's billionaire chairman, Gautam Adani, and seven other people were last week charged by US authorities with agreeing to pay around $265 million in bribes to Indian government officials.

The charges related to alleged payments to obtain contracts that could yield $2 billion of profit over 20 years, as well as to develop India's largest solar power project.

The charges also included making misleading statements to the public despite being made aware of the US investigation in 2023.

The Adani Group has said the accusations as well as those levelled by the US Securities and Exchange Commission in a parallel civil case are baseless and that it will seek "all possible legal recourse".

India's parliament was suspended on Monday after disruption by lawmakers demanding a discussion on the allegations while the crisis continued to hurt the group founded by Adani, 62, one of the world's richest people.

TotalEnergies, which has a 20% stake in Adani Green Energy Ltd, the company at the centre of the case, said on Monday that it will freeze further payments into the group.

"Until such time when the accusations against the Adani group individuals and their consequences have been clarified, TotalEnergies will not make any new financial contribution as part of its investments in the Adani group of companies," the company said in a statement.