Indian Adani is withdrawing from a problem $ 442 million in Sri Lanka in Sri Lanka | Business and Economics News

A conglomerate, founded by billionaire Gaumam Adani, says he withdrew from the projects as they were “financially non -viable”.

The Adani Group Indian conglomerate has withdrawn from a problem wind energy project of $ 442 million in Sri Lanka after the nation government has tried to renegotiate the deal.

Sri Lanka's Investment Council (BOI) announced on Thursday that he received a letter from Adani Green Energy Limited, which says he decided to “with respect withdraw” from the project, which included the construction of two wind power plants together with two transmission projects.

The new Sri Lanka government reviews Adani's projects after US authorities accused Billionaire Gaumam Adani's founder And other executives in November that they are part of a scheme for the payment of bribes to provide transactions with Indian power supply, the fees that the company has refused.

Last month, the government said it began talking to the Adani group to reduce the cost of power in projects from an earlier figure of $ 0.08 to about $ 0.06 or less per kilowatt (KWH).

The project has been signed on the intermediate President Ranil Wicreshehe In May 2024

A spokesman for Adani explained that the group withdrew from the projects as they were “financially non -viable”.

“He has learned that another negotiation committee and a project committee will be set up to renegotiate the proposal of the project,” the chairman of the Sri Lanka Investment Board said in a letter.

“This aspect was discussed on the board … And it was decided that although the company fully respects Sri Lanka's sovereign rights and its choice, it would respect with respect,” he added in Wednesday's letter seen by the Reuters Agency.

In a statement on Thursday, Adani Green said he was still engaged in Sri Lanka and was open to future cooperation if the Colombo government wished.

Adani Group is also involved in the construction of a $ 700 million terminal project at the largest port of the country in Colombo.

The US Corporation for Financing International Development originally promised $ 553 million for the Adani West container terminal in Colombo, but later withdrew.

Sri Lanka tied to money Economic crisis in 2022tries to quickly track renewable energy projects to hedge against the leaps in import costs.

Adani was the first foreign investor to enter Sri Lanka after this financial crisis.