Adani Group has pulled out of the $553 million loan agreement with America for the development of the western terminal of Colombo Port.
It is in the background that the American Attorney General’s Department has filed bribery and corruption charges against the founder of the Adani Group, Gautam Adani.
However, the development of the western terminal is to be carried out by Adani Group using its internal capital reserves.
The Adani Ports and Special Economic Zones Company said that the US$553 million loan agreement expected by the American International Development Finance Corporation for the project to develop the western terminal of Colombo Port has been waived.
According to Indian media reports, the Adani Group is going to use its internal capital reserves for the Colombo West International Terminal project.
Adani Group owns the majority of the company which was established to develop the western terminal of Colombo Port.
America reached an agreement last year to contribute financially to that project, But due to the fact that the American Attorney General’s Department filed bribery and corruption charges against the founder of the Adani Group, Gautam Adani, the receipt of the relevant financial aid was uncertain.
In such a background, Adani Group has withdrawn from the relevant loan agreement.
