Total Energies to acquire a 25% stake in ANIL

18 Jun 2022 CW Team

Total Energies to acquire a 25% stake in Adani New Industries Limited (ANIL), a new energy venture of the edible oils (Ahmedabad-based) infrastructure and energy conglomerate.

ANIL is aiming to valorise the abundant low-cost renewable power potential in the country by investing $ 50 billion in the next 10 years to create the largest green hydrogen ecosystem in the world.

On Tuesday a joint statement by the companies stated that TotalEnergies would acquire a minority interest in ANIL from the Adani Enterprises. In the initial phase, ANIL would develop a green hydrogen production capacity of 1 million tonne annually before 2030.

While addressing the JP Morgan India Investor Summit, Adani Group chairman Gautam Adani first outlined the green hydrogen plan having an investment of $ 20 billion along with a target of producing the world’s cheapest green electron.

Total Energies and Adani commenced their tango in 2018 when Total acquired a stake in Adani Gas, associated LNG terminal, city gas distribution, and gas marketing businesses. It now has a 37. 4% stake in Adani Gas and 50% stake in the Dhamra LNG project. It further has a 20% stake in Adani Green Energy, which is the group’s renewable energy arm.

ANIL targets to be the largest fully integrated green hydrogen player globally, with its presence across the entire value chain.

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Also read: SECI to install 25 kW green hydrogen-based pilot project in Leh

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