TotalEnergies plans to sell up to a 6% stake in Adani Green Energy, according to people familiar with the matter. The French energy company holds nearly 19% in the renewable energy firm and is looking to book gains after its $2.5-billion investment in 2021 rose in value to about $8 billion. The proposed stake may be offered to Adani Green for evaluation.

TotalEnergies is preparing to sell up to 6% stake in Adani Green Energy (AGEL), according to people familiar with the development.

The French energy major currently holds almost 19% in Adani Group's renewable energy arm through two subsidiaries -- 15.58% via TotalEnergies Renewables Indian Ocean Ltd and 3.41% through TotalEnergies Solar Wind Indian Ocean Ltd.

"TotalEnergies had bought its stake in AGEL in 2021 for around $2.5 billion, and it is now valued at nearly $8 billion. They now intend to take some profit off the table," said an industry executive aware of developments.

The person added that the stake may be offered to Adani Green Energy, which may evaluate the proposal.

Emails sent to Adani Green and Total did not get a response.

At Adani Green's current market capitalisation of ₹1.69 lakh crore, Total's 6% stake sale could fetch the company around ₹10,200 crore (about $1.14 billion).