Regulatory News: Total (Paris:FP) (LSE:TTA) (NYSE:TOT) announces the acquisition of a 20% minority interest in Adani Green Energy Limited (AGEL) from Adani Group. The transaction marks the deepening
Total buys 20% stake in Adani Green Energy
Total said on Monday that its purchase of the stake in AGEL would give Total a seat on the board of directors of AGEL
Reuters | January 28, 2021 | Updated 09:40 IST
Total and Adani had earlier struck a partnership deal back in 2018 in the liquefied natural gas (LNG) sector
French oil and energy group Total has agreed to buy a 20% minority stake in India s Adani Green Energy Limited (AGEL) from Adani Group, as Total builds up its presence in the renewable energy sector. Total said on Monday that its purchase of the stake in AGEL would give Total a seat on the board of directors of AGEL. Total and Adani had earlier struck a partnership deal back in 2018 in the liquefied natural gas (LNG) sector.
France s Total to acquire 20% stake in Adani Green
In 2018, Total had acquired a 37.4 percent stake in Adani Gas Limited and 50 percent stake in its subsidiary Dhamra LNG project.
French oil major Total SE will acquire a 20 percent stake in Adani Green Energy Limited (AGEL).
In a press release, the Gautam Adani-backed company said that Adani Promoter Group will sell 20 percent minority stake in AGEL to the French energy company. The investment in AGEL is another step in the strategic alliance between Adani Group and TOTAL, across various businesses and companies of the Adani Group, covering investments in LNG terminals, gas utility business, and renewable assets across India, the company said in the press release.
In 2018, TOTAL and Adani embarked on the energy partnership with investment by TOTAL in Adani Gas Ltd, city gas distribution business, associated LNG terminal business and gas marketing business.
Total is paying $2.5 billion for a share in Indian renewable energy firm Adani Green Energy Limited (AGEL) and a portfolio of solar power assets, marking the latest step in the French energy company's drive to reduce its dependence on oil.