Adani Ports withdraw from financial request worth over Rs 468000000 from US agency amid indictment row, now to use...

In view of the US securities and wire fraud allegations, industrialist Gautam Adani-led Adani Ports and Special Economic Zone has withdrawn from a financial arragement with a US agency for a Sri Lankan port terminal project. 

In November 2023, US agency International Development Finance Corporation (IDFC) had agreed on procuring loan worth 553 million dollars, i.e., over 468 crores, in view to develop the Colombo West International Terminal - a deep-water container facility at Sri Lanka's Port of Colombo.

Meanwhile, Adani Ports have said the project will now be funded through internal resources and its capital management plan.

Adding that it has withdrawn from its financial arrangement request from IDFC, the Adani Ports said that the port terminal project, initially scheduled to begin operations this month, is "progressing well and is on track for commissioning by early 2025".