French company, Total, eyes stake in Adani arm

French energy major, Total, is in talks with the Adani group for a stake in Adani New Industries Ltd (ANIL), the company formed to spearhead the group's foray into new energy ventures, such as hydrogen.

The Business Line newspaper reports that "the deal is in the final stages and an announcement is likely in the next few months".

Adani and Total have partnered with each other for many ventures in the past, the newspaper points out. It says: "Total had earlier partnered with Adani in 2018 with investments in Adani Gas Limited, city gas distribution business, associated LNG terminal business and gas marketing business. Total acquired 37.4 per cent stake in Adani Gas Limited and 50 per cent stake in Dhamra LNG project. Then, Adani and Total had also agreed for an alliance into the wider sustainable energy space. Total and Adani agreed the acquisition of a 50 per cent stake in a 2.35 GW portfolio of operating solar assets owned by Adani Gas and a 20 per cent stake in Adani Green Energy for a global investment of $2.5 billion."

The report goes on to give a background about the National Hydrogen Policy of India.