TotalEnergies acquire 25% stake in Adani New Industries Ltd (AIL)

For its green hydrogen manufacturing project, which would entail an expenditure of $50 billion over the next 10 years in producing the carbon-free fuel, billionaire Gautam Adani’s logistics-to-energy conglomerate has enlisted French supermajor TotalEnergies as a partner.

According to separate statements from the two companies, TotalEnergies will pay an unknown sum for a 25% stake in Adani New Industries Ltd, the company that houses the new energy division of Adani Group.

The French energy juggernaut said: “TotalEnergies has entered into an agreement with (Adani Group’s flagship) Adani Enterprises Limited (AEL) to buy a 25% shareholding in ANIL.”

AEL and TotalEnergies will use ANIL as their only platform for producing and selling green hydrogen in India.

According to the statement, “ANIL will target a production of one million metric tonnes of green hydrogen per year (Mtpa) by 2030, supported by roughly 30 GW of new renewable power generation capacity.”

According to a statement from the Adani Group, the alliance, which is focused on green hydrogen, is anticipated to completely alter the global and Indian energy landscapes.

The company stated that its goal was to invest more than $50 billion in the linked ecosystem and green hydrogen over the following ten years.