A letter was sent by the company to a Sri Lankan government agency
Bangladesh has asked Adani Power to fully resume supplies from its 1,600-megawatt plant in India, a Bangladesh official said, after more than three months of reduced sales with supplies halved due to low winter demand and payment disputes.
The federal agency, tasked with developing the solar sector, wanted to know if the southeastern state of Andhra Pradesh would like to sign India's largest renewables contract.
Sri Lankan ports minister Bimal Ratnayake said the allegations against Adani had no bearing on the deep-sea container terminal project in the capital Colombo.
India's Adani Group has withdrawn its request for a US government-backed loan to construct a port in Sri Lanka seen as a counter to a rival Chinese project, according to company filings.
Adani Power Ltd said in its latest annual report that the plant in India's Jharkhand state would provide Bangladesh uninterrupted, reliable and affordable electricity and "significantly reduce the average cost" for the end consumer.
US authorities have accused Gautam Adani, his nephew and executive director Sagar Adani and managing director of Adani Green, Vneet S. Jaain, of being part of a scheme to pay bribes to secure Indian power supply contracts, and misleading US investors during fundraisings in the country
The conglomerate is not alone in facing increasingly long delays in signing up buyers for the renewable electricity capacity which is now being developed in coal-dependent India - the world's third-largest emitter of greenhouse gases.
Adani Green's revenues of $574 million during the period from April to September this year were up 20% on the year, boosting its cash profit 27% to $313 million over that time.
The entities whose outlook has been revised to “negative” are rated “BBB”.
The US International Development Finance Corp last November said it would provide $553 million in financing for the port terminal project in Colombo, the capital of Sri Lanka. The project is partly owned by the Adani Group.
It remains to be seen how the political impact of the US prosecutors’ charges against the Adani group plays out.
Several listed subsidiaries of the Adani empire collapsed in early trade, with some losing as much as 20 percent
US authorities said on Wednesday that Adani Group Chairman Gautam Adani and seven other defendants agreed to pay about $265 million in bribes to Indian government officials.
The Power Division has replied to Gautam Adani’s letter to Prof Muhammad Yunus, chief adviser to the interim government, saying the government will clear its dues within the shortest possible time.
Government must expedite efforts to resolve the crisis
India’s Adani Group has been repeatedly requesting the interim government to immediately clear dues of around $800 million on their electricity sales, according to officials of Bangladesh Power Development Board (PDB).
Adani Group has previously denied these allegations, and an email query sent to Adani Group was not immediately answered.
Reports Financial Times
