Deals
Total, Adani Team Up for Multi-Billion Indian Hydrogen Plans
- French energy firm to buy 25% stake in Adani New Industries
- JV aims to produce 1 million tons of hydrogen a year by 2030
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French oil giant TotalEnergies SE and Indian billionaire Gautam Adani’s conglomerate are partnering to fund billions of dollars worth of green hydrogen development in India as the world’s third-largest polluter seeks to decarbonize.
As part of the deal, TotalEnergies will buy a 25% stake in Adani New Industries Ltd. for an undisclosed sum, according to an exchange filing from Adani Enterprises Ltd. on Tuesday. Adani New Industries is a closely-held company of Adani Enterprises, the flagship firm for the coal-to-ports conglomerate. Adani Enterprises’s shares rose 5.6% in Mumbai, pushing this year’s jump to 28.5%.