New Delhi: The Adani Group, led by billionaire Gautam Adani, has opted to self-finance its Colombo Port project in Sri Lanka, pulling out of a loan deal with the U.S. International Development Finance Corporation (DFC). This move comes amidst global scrutiny and legal challenges surrounding the conglomerate.
Adani Ports and Special Economic Zone Ltd. (APSEZ) confirmed in a regulatory filing that the port project remains on track for commissioning in early 2025. The company stated that funding will be managed internally through its “capital management plan.” The withdrawal follows allegations from U.S. authorities accusing the Adani Group of unethical practices to secure contracts, which the company has strongly denied.
The Colombo Port project, considered strategically vital, aims to bolster India’s influence in Sri Lanka amidst growing Chinese investments in the region. Initially, DFC had planned to provide $553 million in funding, signaling U.S. support for countering Beijing’s presence. However, the withdrawal of Adani’s loan request raises questions about the long-term implications for regional geopolitics and economic cooperation.
Despite the controversies, Adani Group continues to emphasize its commitment to global infrastructure development, assuring stakeholders that the Colombo terminal will meet its deadlines without compromising quality or operational standards.
Source: Web Team, C6N
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