INSUBCONTINENT EXCLUSIVE:
Gautam Adani (Photo: Bloomberg)2 min read Last Updated Sep 10 2024 | 9:28 AM IST
Adani Group chairman Gautam Adani has approached
Muhammad Yunus, the chief advisor to the Bangladesh government, requesting his assistance in expediting the clearance of $800 million in
outstanding payments owed by the Bangladesh Power Development Board to Adani Power for electricity supplies, according to a report by The
I would request for your kind intervention in early liquidation of $800 million of receivables due from Bangladesh Power Development
that substantial payments be made each month to reduce the outstanding dues.
Adani Power is owed $800 million by the Bangladesh Power
Development Board for power supplied over the past eight to nine months.
Adani Power is supplying electricity to Bangladesh from its 1.6
GW coal-based power plant located in Godda, Jharkhand, using a dedicated transmission line
The company began supplying power from this plant in June last year.
Care Ratings reports that Adani Power has a 25-year power purchase
agreement (PPA) with the Bangladesh Power Development Board at a favourable tariff, as mentioned in the report.
However, sources quoted by
the report said that despite a monthly receivable of $90-95 million, the company is currently receiving payments of around $40-45 million,
leading to a buildup of unpaid receivables.
In his letter, Adani stated that Adani Power invested $2 billion to develop the
state-of-the-art plant and transmission infrastructure, completing the project within three and a half years, despite the challenges posed
by three waves of the Covid-19 pandemic.
"I would like to reiterate our commitment to your country's energy security and infrastructure
development," said Adani, as mentioned in the report
He further added that the group is eager to pursue opportunities where it can apply its infrastructure development expertise.
Adani Group,
through its subsidiary Bangladesh Edible Oil Ltd, manages oil refineries in Rupshi, Narayanganj, and Mongla
mentioned in the report.First Published: Sep 10 2024 | 9:23 AMIST
