Adani Group and TotalEnergies have formed a joint venture to invest $50 billion in green hydrogen over the next ten years
Gautam Adani has brought TotalEnergies on board to acquire a 25% stake in Adani New Industries (ANIL). ANIL wants to invest $50 billion over the next decade in establishing a green hydrogen ecosystem, according to Gautam Adani.
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The Adani Group and TotalEnergies of France have formed a collaboration to jointly build the green hydrogen ecosystem with a $50 billion investment over the next ten years, the two firms announced in a joint statement.
TotalEnergies would be a minority shareholder in the joint venture, Adani New Industries Ltd (ANIL), with a 25% ownership.
Before 2030, ANIL will create a green hydrogen capacity of one million tonnes per year in the first phase. Adani's efforts are critical in India's shift away from coal power, which accounts for more than 70% of the country's electricity.
Gautam Adani has risen to the top of Asia's wealthiest people thanks to a persistent climb in the shares of Adani group firms.
