Business | Markets | Money | Economy | Tech | Crypto | India | World

Hydrogen deal powers Adani Enterprises on trade today

Adani Enterprises shares were up by 3% following their partnership with the French energy company TotalEnergies.

Adani group and TotalEnergies have announced that they are entering a joint venture in order to create the world’s first green hydrogen ecosystem. Both companies said that this is a move that can help to achieve India’s goal of long-term environmental sustainability.

In this alliance, TotalEnergies will buy 25% minority interest in Adani New Industries Ltd (ANIL) from Adani Enterprises.

ANIL plans to invest over $50 billion in wind and solar power over the next 10 years, with an aim of converting some renewable sources of energy into hydrogen fuel.

“In our journey to become the largest green hydrogen player in the world, the partnership with TotalEnergies adds several dimensions that include R&D, market reach and an understanding of the end consumer,” said Gautam Adani, chairman, Adani Group in press release.

At 10:29 hrs, Adani Enterprises share price was Rs 2,120.70 on the BSE at a hike of Rs 39.25 (1.89%)

The share touched a high of Rs 2,420 on 27 April 2022, and a low of Rs 1,201.10 on 14 June 2021.