Adani Group Deal With Total: Total, a French company engaged in oil and energy business, has bought a 20 percent stake in Adani Green Energy Limited (AGEL) of India. Through this deal Total Group wants to make a place in India’s renewable energy sector. Adani Green Energy is a company of Adani Group. At present, after the news of this deal came, investors have sold shares in Adani Green shares. Today, shares of Adani Green have fallen by more than 2 percent.
The Adani Group has informed that global energy company Total has acquired a 20 per cent equity stake in Adani Green Energy Limited. The Adani Group said in a statement that Total has bought a minority stake of 20 per cent in Adani Green Energy Limited (AGEL) through the acquisition of shares of the Adani Group. Adani Group Chairman Gautam Adani said that we are ready to work together to meet India’s target of 450 GW renewable energy by 2030.
Investment in other companies also
Total has also invested in other Adani Group companies. It has 37.4 per cent stake in Adani Gas and 50 per cent in Dhamra LNG project. Total has stated that investment in AGEL is an important part of our strategy for renewable energy business in India. It started with a 2.3 GW joint venture. According to Adani Group
Adani Green wants to generate 25 GW of renewable energy by 2025. For this, the company can take the path of merger and acquisition. Currently, the company has a portfolio of 14,795 MW.
Shares fall by 2 percent
Today, after Adani Green and Total’s deal came to light, shares of Adani Green have fallen by more than 2 percent. Today, the company’s stock fell to Rs 920. The company’s stock closed at Rs 947.75 on Friday. The 52-week high for the stock is Rs 1220. The company currently has a market cap of Rs 1.45 lakh crore.