India's Adani Group has withdrawn its request for a US government-backed loan to construct a port in Sri Lanka seen as a counter to a rival Chinese project, according to company filings.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 November 20 bombshell indictment in New York accused billionaire industrialist founder Gautam Adani and multiple subordinates of deliberately misleading international investors as part of the bribery scheme.
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.
After starting electricity supply to Bangladesh from the first unit of its plant in Godda in the eastern state of Jharkhand a few days ago, India's Adani Power Limited has said it is expected to commission its second 800 MW unit soon, according to the company statement
The Daily Star contacted Adani Group for clarifications on certain aspects of the PPA and we are publishing the emailed comment from the Adani Group headquarters in Ahmedabad in India ad verbatim.
"It is a punishable offence to sign such a contract -- we believe that our agencies have the ability to identify the corruption in this deal"
Gain is for Gautam Adani and loss for Bangladesh: that is how the electricity purchase deal with the Indian business tycoon may turn out to be
Thakurta, 67, was hit with six defamation actions -- three of them criminal -- after writing a series of reports on Adani that included accusations a top judge gave it preferential treatment
Sukirtharani, a poet from Tamil Nadu whose works of literature explore the lives of Dalit women in India, has refused to accept the Devi Award in a recent award ceremony.
India's opposition lawmakers held a protest on the premises of parliament demanding joint parliamentary committee (JPC) probe into the sharp fall in values of stocks of billionaire tycoon Gautam Adani-led Adani Enterprises.
The 25-year power import deal with Adani "is hardly favourable for Bangladesh."
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Most Adani group shares extended their sharp falls to Monday as a detailed rebuttal of a US short-seller's criticisms by the Indian conglomerate failed to pacify investors whose market losses have now risen to $65 billion over three days.
