TotalEnergies (NYSE:TTE) said Friday its exposure to ventures with India’s Adani Group is “limited,” accounting for 2.4% of its capital employed and $180M of net operating income in 2022.
Total (TTE) said current holdings include stakes of 37.4% in Adani Total Gas Ltd. and 19.75% in Adani Green Energy Ltd., both listed companies, as well as 50% stakes in each of Adani Total Private Ltd. and AGEL23, resulting in combined exposure of $3.1B as of year-end 2022.
The French company said its investments in the Adani businesses were undertaken in full compliance with Indian law and its own internal governance processes.
Shares in Adani Group companies have been hammered since last week’s release of a report by short seller Hindenburg Research alleging that Adani Group engaged in stock manipulation and fraud.
TotalEnergies (TTE) offers still more upside after a strong 2022 and a supportive outlook going into early 2023, Cavenagh Research writes in an analysis posted recently on Seeking Alpha.