TotalEnergies SE said its exposure of $3.1 billion, or about 2.4% of the company's employed capital, in Adani Group was taken in full compliance and with due diligence.
Since 2018, the French energy major has invested in four Adani entities: 50% each in unlisted Adani Total and AGEL23, 37.4% in listed Adani Total Gas Ltd., and 19.75% in Adani Green Energy Ltd.
All investments in Adani's entities were undertaken in full compliance and with due diligence, which "were consistent with best practices", the company said in a statement on Friday. "All relevant material in the public domain was reviewed, including the detailed disclosures to regulators required under applicable laws."
The company has not "performed any re-evaluation in its accounts of its stakes in the listed entities in relation to the increase in their stock values", TotalEnergies said.
Total also "welcomes" the announcement by Adani to mandate one of the ‘big four' accounting firms to carry out a general audit.
The clarification comes following the allegations against Adani Group published by Hindenburg Research on Jan. 24, 2023.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
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