Adani Enterprises surges on announcing strategic collaboration with France based TotalEnergies
In alignment to this, TotalEnergies shall acquire a 25% minority interest in Adani New Industries Ltd from Adani Enterprises Ltd.
Adani Enterprises Ltd (AEL), the incubation arm of Adani Portfolio, has entered into a new partnership with TotalEnergies, an energy supermajor based in France for creating the world’s largest green hydrogen ecosystem. TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity.
As a part of this alliance, TotalEnergies shall acquire a 25% minority interest in Adani New Industries Ltd (ANIL) from Adani Enterprises Ltd.
ANIL has ambitious plans to invest over USD 50 billion in green hydrogen and associated ecosystem over a period of the next 10 years. In the initial phase, the company (ANIL) will develop a green hydrogen production capacity of 1 million tons per annum before 2030.
In this partnership, Adani will bring in its deep knowledge of the Indian market, rapid execution capabilities, operations excellence and capital management philosophy. On the other hand, the France based TotalEnergies will contribute its deep understanding of the global and European market, credit enhancement and financial strength to bring down the financing costs, and expertise in underlying technologies.
With the contribution of these respective strengths, both partners will help ANIL deliver the largest green hydrogen ecosystem in the world. The latter, in turn, will deliver the lowest cost of Green Hydrogen to the consumer and help speed up the global energy transition.
Owing to this development, the strategic collaboration between the Adani Portfolio and TotalEnergies now covers LNG terminals, the gas utility business, renewables business and green hydrogen production.
At 12.19 pm, the shares of Adani Enterprises Ltd were trading at Rs 2,192, an increase of 5.31% from the previous day’s closing price of Rs 2081.45 on BSE. The stock has a 52-week high & low of Rs 2,420 and Rs 1,201.10, respectively on BSE.
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