French energy group Total buys 20% stake in India's Adani Green Energy

PARIS (Reuters) - French oil and energy group Total has agreed to buy a 20% minority stake in India's Adani Green Energy Limited (AGEL) from Adani Group, as Total builds up its presence in the renewable energy sector.

Total said on Monday that its purchase of the stake in AGEL would give Total a seat on the board of directors of AGEL. Total and Adani had earlier struck a partnership deal back in 2018 in the liquefied natural gas (LNG) sector.

"Our entry into AGEL is a major milestone in our strategy in the renewable energy business in India put in place by both parties," Total CEO and Chairman Patrick Pouyanne said.

"Given the size of the market, India is the right place to put into action our energy transition strategy based on two pillars: renewables and natural gas," he added.

 

(Reporting by Sudip Kar-Gupta; Editing by Himani Sarkar)