Total: No revaluation of stake in Adani JVs

NEW DELHI: French energy major Total Energies on Friday said it has not revalued its stakes in joint ventures with the Adani group after their stocks plummeted and its exposure in Adani Total Gas and Adani Green Energy accounted for 2. 4% of the total capital employed.
Total has a 37. 4% stake in Adani Total Gas and a 19. 75% holding in Adani Green Energy.It also holds 25% interest in group’s green hydrogen venture, Adani New Industries.
The market capitalisation of Adani Total Gas has dropped by $30 billion as its shares plunged by nearly 60% since the report was released. The market value of Adani Green Energy has more than halved. In September last year, Total CEO Patrick Pouyanne had said AGEL stake was purchased for $2 billion, a value he estimated to have risen to $10 billion in late 2022.