Under the newly formed company Adani New Industries Ltd, Total Energies, the French oil and gas major, is expected to acquire a minority share of 10% or more in Adani group’s hydrogen business (ANIL). The agreement is nearing completion, and an announcement is expected in the coming months.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
In India, 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 GWac 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.
Adani Total Gas and Adani group’s hydrogen business (ANIL):
Adani Total Gas is an Indian municipal gas distribution firm that provides piped natural gas connections and compressed natural gas stations to both industrial and residential users. It is a joint venture between Adani Group and TotalEnergies, a French oil and gas business. As of November 2020, Adani Total Gas has a standalone presence in 22 geographical areas (GAs). In addition, Adani Total Gas and Indian Oil Corporation’s 50:50 joint venture, Indian Oil-Adani Gas Pvt. Ltd., manages city gas distribution networks in 19 GAs.
In order to become the world’s largest renewable energy company and produce the cheapest hydrogen, Gautam Adani’s logistics-to-energy conglomerate has established a new subsidiary, ANIL, to undertake green hydrogen projects, low-carbon electricity generation, and manufacturing of wind turbines, solar modules, and batteries.
TotalEnergies SE, one of the seven “supermajor” oil corporations, is a French multinational integrated oil and gas firm founded in 1924. Its operations span the whole oil and gas value chain, from exploration and production of crude oil and natural gas through power generation, transportation, refining, petroleum product marketing, and international crude oil and product trading. TotalEnergies also produces enormous quantities of chemicals.