TotalEnergies to acquire 25% stake in India's Adani New Industries
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FRENCH energy company TotalEnergies said on Tuesday (Jun 14) it will acquire a 25 per cent stake in Adani New Industries Limited (ANIL), as part of a deal to develop a green hydrogen ecosystem with the Indian conglomerate in the Asian country.
TotalEnergies, one of the world’s biggest oil and gas producers, faced criticism from climate activists and has been moving into the renewable energy sector and diversifying away from hydrocarbon-centred activities in recent years.
In the initial phase, Adani New Industries plans to develop green hydrogen production capacity of one million metric tons per year by 2030, TotalEnergies said.
“TotalEnergies’ entry into ANIL is a major milestone in implementing our low-carbon hydrogen strategy,” chairman and chief executive officer Patrick Pouyanne said.
Apart from decarbonising hydrogen used in its European refineries by 2030, Pouyanne said the French energy major also plans to pioneer the mass production of green hydrogen as it expects that market to take off by the end of this decade. REUTERS
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