Total halts Adani investments

But group wins GQG's vote of confidence

- AMRITHA PILLAY & KHUSHBOO TIWARI

Coal-to-airports conglomerate Adani group started the week navigating conflicting signals from its global investors. While French energy giant TotalEnergies on Monday announced a pause on new investments citing corruption allegations by the US Securities and Exchange Commission (SEC), Florida-based GQG Partners expressed its confidence in the group, emphasizing the sound fundamentals of its investments.

The developments follow bribery charges filed last week in a New York district court against the group's founder and chairman, Gautam Adani, and seven others in connection with projects under Adani Green Energy Limited (AGEL).

The fallout has already unsettled the conglomerate's international ventures, including critical projects in Sri Lanka, Bangladesh, and Kenya.

"Until such time when the accusations against the Adani group individuals and their consequences have been clarified, TotalEnergies will not make any new financial contribution as part of its investments in the Adani group of companies," said the French company.

It claimed that it learnt about Adani group executives' link to the alleged corruption related to AGEL through a public announcement made by the US court last week.