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Total to acquire 20% stake in Adani Green Energy

Updated : January 18, 2021 01:29 PM IST

French oil and energy group TOTAL has announced the acquisition of 20 percent minority stake in India's Adani Green Energy Limited (AGEL) from Adani Group.

French oil and energy group TOTAL has announced the acquisition of a 20 percent minority stake in India's Adani Green Energy Limited (AGEL) from Adani Group.

Total said on Monday that its purchase of the stake in AGEL would give Total a seat on the board of directors of AGEL. Total and Adani had earlier struck a partnership deal back in 2018 in the liquefied natural gas (LNG) sector.

Total is trying to reduce its dependence on oil and shift towards electricity and renewable energy. It aims to have 35 gigawatts (GW) of gross renewable energy generation capacity by 2025 from around 9 GW now.

Adani Green Energy has a market capitalization of about Rs 1.483 trillion ($20.25 billion), and a 20 percent stake in the company would be worth about $4.1 billion based on current market prices.

In a separate announcement, Total on Friday said it has decided to withdraw from the energy association American Petroleum Institute because it disagrees on climate-related policies. Total said in a statement it would not renew its membership for 2021 following an analysis of API’s position on climate issues that have shown certain divergences.

The company notably mentions API’s support during the recent elections to candidates who argued against the United States participation” in the 2015 Paris Agreement to curb climate change.

(With inputs from Reuters)

Published : January 18, 2021 10:40 AM IST

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