By America Hernandez

PARIS (Reuters) – French oil main TotalEnergies (EPA:) SE was not knowledgeable of a U.S. investigation into attainable bribery and corruption at Adani Inexperienced Vitality (NS:) Restricted, it stated on Monday, including it’s going to cease monetary contributions to its Adani Group investments following final week’s indictment.

Complete holds a 20% stake in Adani Inexperienced Vitality and has a seat on the Indian firm’s board of administrators.

“Till such time when the accusations towards the Adani group people and their penalties have been clarified, TotalEnergies is not going to make any new monetary contribution as a part of its investments within the Adani group of corporations,” the corporate stated in an announcement.

“TotalEnergies was not made conscious of the existence of an investigation into the alleged corruption scheme,” the corporate added.

U.S. prosecutors on Thursday charged eight individuals – together with Indian tycoon Gautam Adani, his nephew Sagar Adani and the previous CEO of Adani Inexperienced Vitality – with promising after which making improper funds to Indian officers between July 2021 and 2024 for enterprise benefits.

The French agency bought its stake in Adani Inexperienced Vitality in January 2021 – after the Indian firm received what was then the world’s largest photo voltaic order, and simply months earlier than the funds to officers had been alleged to have begun.

Complete additionally owns a 37.4% stake in Adani Complete Gasoline Restricted, in addition to a 50% stake in three renewable joint ventures with Adani Inexperienced Vitality.

Two of these joint ventures had been entered into after the FBI served search warrants on Sagar Adani and seized proof associated to Adani Inexperienced Vitality.

TotalEnergies has described India as a key marketplace for growing each its and renewable vitality companies. Searing heatwaves and an uptick in financial exercise have resulted in India’s electrical energy technology rising at a median of about 8% yearly following the pandemic 12 months of 2020/21, outpacing energy demand development in each main international financial system.

The French agency has repeatedly characterised its relationship with the Adani Group as a “strategic alliance” — 25% of Complete’s operational renewables portfolio comes from its stakes in Adani wind and photo voltaic property.

Analysts at Bernstein Analysis estimate TotalEnergies’ monetary publicity to Adani corporations at between $4-5 billion, or round 3% of capital employed.

TotalEnergies shares had been down 0.42% at 1145 GMT on Monday.