French firm TotalEnergies makes 1st delivery of LNG cargo to Adani Group’s firm Apextalk

French company TotalEnergies said on Monday that it has made its first delivery of a liquefied natural gas (LNG) cargo Dhamra LNG terminal, which is owned and operated by Adani Total Private Limited (ATPL).

Notably, this year in February, the Fench Energy giant suspended a hydrogen project with the Adani conglomerate.

At that time, TotalEnergies chief executive Patrick Pouyanne said that a contract to create a new hydrogen company with Adani “has not been signed and will not be signed”.

TotalEnergies announced in June an agreement to acquire a 25% state in Adani New Industries Limited for the production and commercialisation of green hydrogen in India.

Pouyanne halted hydrogen projects during a time when the head of the Adani conglomerate Gautam Adani was embroiled in a controversy after a US-based short-seller Hindenburg Research released an explosive report accusing the group of accounting fraud and boosting its share price.

The company holds a 50% stake in Adani Total Private Limited – a joint venture that provides for oil and gas exploration. It also owns half of AGEL23 – a joint venture with Adani Green Energy Limited (AGEL) for the operation of three gigawatts of solar projects.

Separately, retail investors in the country were buyers in most Adani Group companies as the unprecedented selloff sparked by short-seller Hindenburg Research’s allegations corrected their sky-high valuations.

Individual investors raised their holdings in eight of the 10 companies related to the ports-to-power group in the three months through March.

Besides, Life Insurance Corp of India slightly increased holdings in four Adani companies during the March quarter, data showed.

Meanwhile, shares of Adani Total Gas Ltd rose 2.30% on Monday at 934.60, as per the NSE data at 1.35 pm. The stock has risen 4.15% in the past one month at 37.60 points.

Catch all the Corporate news and Updates on Live Mint.
Download The Mint News App to get Daily Market Updates & Live Business News.


Source link

Leave a Comment

Your email address will not be published. Required fields are marked *