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France's Total Energies to buy 10% stake in Adani's hydrogen business

Business Line  

Total Energies, a French oil and gas major, is likely to pick up 10% in Adani group's hydrogen business under the newly formed company Adani New Industries Ltd (ANIL). Total had earlier partnered with Adani in 2018 with investments in Adani Gas Ltd, city gas distribution business, associated LNG terminal business and gas marketing business. Total acquired 37.4 % stake in Adani Gas Ltd and 50% stake in Dhamra LNG project. Total and Adani also agreed on the acquisition of a 50% stake in a 2.35 GWac portfolio of operating solar assets owned by Adani Gas and a 20% stake in Adani Green Energy for USD 2.5 billion.