New Delhi, 25 Nov

French energy giant TotalEnergies SE on Monday said it was not aware of the corruption investigation its partner Adani group's founder chairman was facing in the US and that it is pausing fresh investments in the conglomerate pending the outcome of the charges.

Separately, GQG Partners, which made huge bets on Adani group post hammering it saw in the aftermath of the Hindenburg Report last year, said the indictment is against individuals only and the bet it made on the group holds good.

TotalEnergies is one of the biggest foreign investors in billionaire Gautam Adani's business empire and had previously taken stakes in the group's renewable energy venture Adani Green Energy Ltd (AEGL) and city gas unit Adani Total Gas Ltd (ATGL).

In a statement, the French firm said it learnt of US authorities indicting Gautam Adani and two other executives for allegedly paying USD 265 million bribes to Indian officials to secure solar power supply contracts for AEGL.

"This indictment does not target AGEL itself, nor any AGEL-related companies," TotalEnergies said. "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."

Adani group has dismissed the allegations brought in the US court as baseless and has said it would seek all possible legal recourse.

TotalEnergies holds a 19.75 per cent stake in Adani Green Energy Ltd - the renewable energy arm of the Indian group helmed by Gautam Adani. It also has a 50 per cent stake in three joint venture companies that produce electricity from sunlight and wind with AEGL.

The French firm also holds a 37.4 per cent stake in Adani Total Gas Ltd, which retails CNG to automobiles and pipes natural gas to households for cooking.

"In accordance with its code of conduct, TotalEnergies rejects corruption in any form," the French giant said in the statement. "TotalEnergies, which is not targeted nor involved in the facts described by such indictment, will take all relevant actions to protect its interests as a minority (19.75 per cent) shareholder of AGEL and as a joint-venture partner (50 per cent) in project companies with AGEL."

The company said it made the investments in Adani's entities "in full compliance with applicable laws".