 "Adani, Gautam Adani")
Gautam Adani (Picture: Bloomberg)
Adani Group chairman Gautam Adani has approached Muhammad Yunus, the chief advisor to the Bangladesh authorities, requesting his help in expediting the clearance of $800 million in excellent funds owed by the Bangladesh Energy Improvement Board to Adani Energy for electrical energy provides, in accordance with a report by The Financial Instances.
In a letter dated August 27, Adani wrote, “The lenders have now been extreme on us as we proceed to fulfill our dedication to Bangladesh. I might request on your sort intervention in early liquidation of $800 million of receivables due from Bangladesh Energy Improvement Board.”
Adani requested that routine payments be paid frequently whereas persevering with to fulfil provide commitments and additional requested that substantial funds be made every month to scale back the excellent dues.
Adani Energy is owed $800 million by the Bangladesh Energy Improvement Board for energy provided over the previous eight to 9 months.
Adani Energy is supplying electrical energy to Bangladesh from its 1.6 GW coal-based energy plant positioned in Godda, Jharkhand, utilizing a devoted transmission line. The corporate started supplying energy from this plant in June final yr.
Care Rankings reviews that Adani Energy has a 25-year energy buy settlement (PPA) with the Bangladesh Energy Improvement Board at a beneficial tariff, as talked about within the report.
Nevertheless, sources quoted by the report stated that regardless of a month-to-month receivable of $90-95 million, the corporate is presently receiving funds of round $40-45 million, resulting in a buildup of unpaid receivables.
In his letter, Adani said that Adani Energy invested $2 billion to develop the state-of-the-art plant and transmission infrastructure, finishing the mission inside three and a half years, regardless of the challenges posed by three waves of the Covid-19 pandemic.
“I wish to reiterate our dedication to your nation’s vitality safety and infrastructure growth,” stated Adani, as talked about within the report. He additional added that the group is raring to pursue alternatives the place it may possibly apply its infrastructure growth experience.
Adani Group, via its subsidiary Bangladesh Edible Oil Ltd, manages oil refineries in Rupshi, Narayanganj, and Mongla. Moreover, the group runs an built-in facility in Bogra targeted on rice packaging and rice-bran oil manufacturing.
“We contribute to Bangladesh’s meals provide via standard edible oil and premium rice manufacturers resembling Rupchanda, Meizan, and Fortune,” stated Adani, as talked about within the report.
First Printed: Sep 10 2024 | 9:23 AM IST
