Total's India Bets Pay Off, on Paper

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  • TotalEnergies' equity in Adani Green Energy is worth four times what it paid less than two years ago, and the value of its stake in a gas joint venture has shot up thirtyfold.
  • While Total partnered with tycoon Gautam Adani's companies in India, BP teamed up with rival billionaire businessman Mukesh Ambani but has not seen great results.
  • Some analysts warn that Adani Group is drastically overleveraged, and Total boss Patrick Pouyanne says he is prudent over sky-high market valuations.

The Issue

Corporate Strategy , Low-Carbon Policy, Hydrogen
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