Paris-based TotalEnergies, which has invested in four Adani Group entities, said on Friday that its total exposure to the Adani Group at $3.1 billion was just 2.4 per cent of Total’s capital employed and $180 million in net operating income in 2022.
TotalEnergies holds 50 per cent stake in Adani Total Pvt Ltd, 37.4 per cent in Adani Total Gas, 19.75 per cent in Adani Green Energy, and another 50 per cent in AGEL23.
Giving details of its association with the Adani Group, Total said that its investments were made in full compliance with Indian laws and its own internal governance processes.
“The due diligence, which were carried out to TotalEnergies’ satisfaction, were consistent with best practices, and all relevant material in the public domain was reviewed, including the detailed disclosures to regulators required under applicable laws,” it said.