Reuters: TotalEnergies to invest $300 million in joint venture with Adani Green Energy

[OKIsItJustMe]

TotalEnergies to invest $300 million in joint venture with Adani Green Energy

By Sethuraman N R and Forrest Crellin
September 20, 2023 9:14 AM EDT

BENGALURU, Sept 20 (Reuters) - French oil major TotalEnergies (TTEF.PA) will invest $300 million to form a joint venture with Adani Green Energy (ADNA.NS) to build renewable capacity in India, the two companies' first deal since India's Adani Group was involved in an alleged tax fraud scandal.

Adani Group shares lost about $150 billion in value following allegations by U.S. short seller Hindenburg Research that the company engaged in improper dealings and used tax havens.

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Deloitte, a previous auditor of Adani Ports (APSE.NS), resigned from its role with the group in August amid concerns over the Hindenburg allegations which the company did not wish to look into independently.

Similar accusations of money laundering were reported from the Organised Crime and Corruption Reporting Project (OCCRP), which said millions of dollars were invested in publicly traded stocks through offshore funds to obscure the buyers.

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[hatrack]

1. Let's see, Total's Capex for 2022 was $19.8 billion . . . .

So let's assume, just for fun, that every single one of those $300 million is Total's money, so that would be 1.51% of last year's investments.

https://www.statista.com/statistics/307896/capital-expenditures-total-sa/