French energy giant puts on hold $50b hydrogen project with Adani

French energy major TotalEnergies has put on hold a planned investment in Adani Group's $50 billion hydrogen project pending results of an audit launched following allegations by US short-seller Hindenburg Research.

TotalEnergies' Chief Executive Patrick Pouyanné today said while the partnership under which the French oil firm was to take a 25 percent stake in the hydrogen venture of the Adani Group was announced in June last year, TotalEnergies has not yet signed a contract, reports our New Delhi correspondent.

At an earnings call, he said, "Obviously, the hydrogen project will be put on hold until we have clarity from Adani Group on the allegation levelled by US short-seller Hindenburg Research."

TotalEnergies is one of the biggest foreign investors in billionaire Gautam Adani's business empire and had previously taken stakes in the group's renewable energy venture Adani Green Energy Ltd and city gas unit Adani Total Gas Ltd.

As per the June 2022 announcement, TotalEnergies was to take 25 percent equity in Adani New Industries Ltd (ANIL) -- the Adani Group firm that is investing $50 billion over 10 years in a green hydrogen ecosystem that includes an initial production capacity of 1 million tonnes before 2030.

The Adani Group has been accused by Hindenburg Research of stocks manipulation and accounting fraud, charges denied by the Indian conglomerate.