Total buys 20% stake in Adani Green Energy Group, enters board of directors
French oil and energy group, Total agreed on Monday to buy a 20% minority stake of Adani’s Green Energy Group as the former aims to build up its prominent presence in the renewable energy sector.
The French group said that as a result of this stake purchase they would be offered a seat in the broad of directors panel of the AGEL. Total and Adani even collaborated for a partnership deal back in 2018 in the liquified natural gas sector (LPG).
“Our entry into AGEL is a major milestone in our strategy in the renewable energy business in India put in place by both parties,” Total CEO and Chairman Patrick Pouyanne said. He also remarked that given the size of the market, India is the right place to put into action our energy transition strategy based on two pillars: renewables and natural gas.
Adani Group is an Indian multinational conglomerate company and one of the leading industries of India. It is commonly known as ‘India’s Adani Group’. Total SE is one of the seven “supermajor” oil companies based in Paris that covers up the entire gas and oil chain starting from crude oil and natural gas exploration, transportation, refining, petroleum manufacturing, etc. It is also a large-scale chemical manufacturer.