Adani has seen over $100bn in losses since accusation of stock manipulation and accounting fraud
TotalEnergies shelves Adani green hydrogen project
CEO Patrick Pouyanne defends JV strategy amid controversy over Indian conglomerate’s finances
A $5bn green hydrogen project developed by a joint venture (JV) between TotalEnergies and Indian conglomerate Adani has been put on hold amid controversy over the latter’s finances, the French major’s CEO, Patrick Pouyanne, told a company results call. But he defends both the company’s partnership with Adani and the wider strategy of collaborating with local firms to enter new renewables and clean energy markets. Adani was accused of stock manipulation and accounting fraud by short-seller Hindenburg Research last month and has since seen its market value fall by more than $100bn. “We have an exposure which is quite limited, at $3-3.1bn,” Pouyanne says. He remains confident that the conglomer
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