TotalEnergies Sees Limited Exposure to Stakes in Ventures With Adani Group
03 Febrero 2023 - 2:11AM
Noticias Dow Jones
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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