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Gautam Adani DROPS Rs 46907229600 US loan deal for Sri Lanka terminal, to use...
Adani Ports and Special Economic Zone Ltd (APSEZ) said the project is on track for commissioning by early next year.
Updated : Dec 11, 2024, 04:29 PM IST
 "Gautam Adani DROPS Rs 46907229600 US loan deal for Sri Lanka terminal, to use...")
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Billionaire Gautam Adani's Adani Group is present in several sectors, not just in India but outside the country too. The group continues to expand its business through various sources and sometimes requires funding from banks and other agencies. But the group has now pulled out of a loan deal with a US agency to fund a port terminal in Sri Lanka. The group added that it will use its own resources for the project.
In an exchange filing late on Tuesday, Adani Ports and Special Economic Zone Ltd (APSEZ) said the project "is on track for commissioning by early next year". "The project will be financed through the company's internal accruals and capital management plan," the firm said. "We have withdrawn our request for financing from the International Development Finance Corporation (DFC)".
APSEZ has a market cap of Rs 2.66 lakh crore, as of December 11. Adani Ports holds 51 per cent of the venture. As the project is nearing completion, Adani Ports chose to proceed with the project without funding from the DFC, officials privy to the process explained.
The US IDF had in November last year agreed to provide a USD 553 million (around Rs 4690 crore) loan to support the development, construction, and operation of a deep-water container terminal called the Colombo West International Terminal (CWIT) at the Port of Colombo in Sri Lanka. The CWIT is being developed by a consortium of Adani Ports, Sri Lankan conglomerate John Keells Holdings Plc, and the Sri Lanka Ports Authority (SLPA).
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DFC financing was part of the US government's broader efforts to counter China's growing influence in the region and was seen as an endorsement of Adani's ability to develop world-class infrastructure. However, the loan process stalled after the DFC asked that the agreement between Adani and the SLPA be amended to align with their conditions, which then went under review by Sri Lanka's Attorney General. As of September 30, 2024, Adani Ports had approximately USD 1.1 billion (Rs 8,893 crore) in cash reserves and generated an operating profit of USD 2.3 billion (Rs 18,846 crore) in the past 12 months.
(With inputs from PTI)
