Former President Ranil Wickremesinghe has urged the government to rethink the investment deal with India’s Adani Group, emphasising the losses Sri Lanka could face due to the rejection of such a project.

Addressing an event, Ranil Wickremesinghe pointed out that it was essential for Sri Lanka to launch the Adani Group’s renewable energy project. 

“I met Indian PM Modi to discuss the Adani project. He inquired how much Sri Lanka can offer. As I am not an engineer or well-versed in this subject, I said we can offer between 25 to 50 GW. We could have earned a large sum of money through this project,” he said. 

Ranil Wickremesinghe said that apart from earning money, Sri Lanka could have easily secured more foreign investments. 

“It is not good for us to lose this. If possible, we should offer more such projects through which Sri Lanka could monetarily benefit. Just because Adani invested, several more investors approached Sri Lanka,” he said.

Stressing that India was Sri Lanka’s friend and was willing to assist in any way, the former President said that questions are being raised whether Sri Lanka was against India. 

“During my recent visit to India, some people there questioned if Sri Lanka was against India. It is not good to give such an impression. We need to move forward,” he warned. (Newswire)

The post Ranil warns Sri Lanka of losses due to rejection of Adani project appeared first on Newswire.

India’s Adani Group has categorically refuted rumours circulating about claimed changes to its renewable energy agreement in Sri Lanka.

Issuing a statement, Adani Green Energy SL Ltd said claims suggesting that the company has offered to revise the pricing to 7 cents per kilowatt-hour are entirely false and without foundation. 

“We remain fully committed to the original terms of the agreement as established with the relevant Sri Lankan authorities. Adani Green Energy SL Ltd’s investment plans and project parameters have not changed,” it added. 

Adani Green Energy SL Ltd further said that while the company has wilfully and respectfully withdrawn from the proposed wind project, Adani Group reaffirms that it would always be available to undertake any development opportunity if the Sri Lankan government ever considers it to participate. 

In February, the Adani Group officially announced that it had pulled out of further engagement in a $442 million wind power venture in Sri Lanka after the country’s authorities attempted to modify the agreement.

“Adani Green Energy has conveyed its Board’s decision to respectfully withdraw from further engagement in the RE wind energy project and two transmission projects in Sri Lanka. However, we remain committed to Sri Lanka and are open to future collaboration if the Government of Sri Lanka so desires,” the group said in a statement. 

In February 2023, Sri Lanka’s Board of Investment (BOI) approved Adani Green Energy’s $442-million wind power project, with plants planned for Mannar and Pooneryn in Northern Sri Lanka.

Since then, the project faced legal challenges, with its details being subjected to Supreme Court review. (Newswire)

The post Sri Lanka project rumours : Adani Group issues statement appeared first on Newswire.

The government has commenced the process of reviewing the prices offered by India’s Adani Group for the 484 MW wind power plant project in Mannar and Pooneryn in the Northern Province, Cabinet Spokesman Minister Nalinda Jayatissa said. 

Responding to queries on the Adani project, Minister Nalinda Jayatissa clarified that the project has not been suspended, but steps are being taken to amend the prices to ensure it is beneficial for Sri Lanka.

He told the media today that the government was working to adjust the proposed prices of the Adani group to be beneficial for Sri Lanka and that the review in this regard had commenced.

Minister Jayatissa said attention has also been focussed on sending a delegation to India for further talks related to the project.

His remarks were in response to queries over recent reports of Sri Lanka cancelling the conglomerate’s over $400 million project.

Recently, local media reported that the Sri Lankan government has decided to revoke the contract awarded to India’s Adani Group for the 484 MW of wind power plants in Mannar and Pooneryn signed under the Ranil Wickremesinghe regime in June last year.

When inquired by Newswire, a Senior Government official said the decision was taken as the Adani Green Energy SL Ltd has proposed US cents 8.26 per kilowatt hour while local bidders have offered prices as low as 4.88 US cents.

He further said that as the revocation requires a standard procedure, the Cabinet of Ministers has appointed a committee to review the agreement and submit recommendations.

In February 2023, Sri Lanka’s Board of Investment (BOI) approved Adani Green Energy’s $442-million wind power project, with plants planned for Mannar and Pooneryn in Northern Sri Lanka.

Since then, the project faced legal challenges, with its details being subjected to Supreme Court review. (Newswire)

The post Adani project : What’s happening now? appeared first on Newswire.

India’s Adani Group has refuted reports claiming that its 484 MW wind power projects in Mannar and Pooneryn have been cancelled, stating they are false and misleading.

Issuing a statement, a spokesman for the Adani Group said the company categorically states that the project has not been cancelled. 

“The Sri Lankan Cabinet’s decision of 02 Jan 2025 to reevaluate the tariff approved in May 2024 is part of a standard review process, particularly with a new government, to ensure that the terms align with their current priorities and energy policies,” the statement read.

The statement added that Adani remains committed to investing $1 billion in Sri Lanka’s green energy sector, driving renewable energy and economic growth.

The clarification comes in the backdrop of local media reporting that President Anura Kumara Dissanayake’s government has decided to revoke the contract awarded to India’s Adani Group for the 484 MW of wind power plants in Mannar and Pooneryn signed under the Ranil Wickremesinghe regime in June last year.

When inquired by Newswire, a Senior Government official said the decision was taken as the Adani Green Energy SL Ltd has proposed US cents 8.26 per kilowatt hour while local bidders have offered prices as low as 4.88 US cents.

He further said that as the revocation requires a standard procedure, the Cabinet of Ministers has appointed a committee to review the agreement and submit recommendations.

He said the newly appointed committee is tasked with reviewing issues surrounding the contract, such as government-to-government and environmental.

Stating that the committee has commenced its process to review the contract, he said that based on the committee’s recommendations, the government will take a final decision on the Adani project.

In February 2023, Sri Lanka’s Board of Investment (BOI) approved Adani Green Energy’s $442-million wind power project, with plants planned for Mannar and Pooneryn in Northern Sri Lanka.

Since then, the project faced legal challenges, with its details being subjected to Supreme Court review.

Adani Group, led by Indian billionaire Gautam Adani, is also involved in the development of a $700-million container terminal at the Colombo Port, adding to its growing presence in Sri Lanka. (Newswire)

The post Adani Group says Sri Lanka didn’t cancel project appeared first on Newswire.

Sri Lankan President Anura Kumara Dissanayake said his government is not concerned with Adani Group’s dealings with other countries, but is instead focused only on what the conglomerate does in Sri Lanka.

He said his “stable government” intends to “pave the way” for more Indian investments. “We don’t have any concerns over how they (Adani) work with other countries. What is important for us is how they work with us,” Dissanayake told Economic Times in an exclusive interview on Tuesday.

“We are basically concerned about our investments, our development. We will be looking at how they have worked in our country. If they have worked in a manner that suits us, fits our initiatives, we don’t mind working with Adani Group.”

The business house, which has important investments in Sri Lanka, is under the scanner in the US and contesting an indictment by the FBI.

While the Sri Lankan President was clear his government would not be looking at the group through the same prism, he did flag some ecological worries over a project.

“They (Adani) are completing the west terminal of Colombo port. They are also looking at investments in the energy sector. There are so many investments they have looked at but unfortunately, a case has been filed by people who have environmental concerns,” said Dissanayake.

“We will be weighing the pros and cons of the case that is pending in the court, (as well as) the consensus of the people, and then see what is best. Environmental concerns are as important as investment for Sri Lanka,” he said.

On Adani Group’s decision to withdraw its request for a $553-million financing arrangement with the US International Development Finance Corporation, Dissanayake said, “I learnt that they have dropped it, but it seems they have their own sources of revenue or income for that.” (The Economic Times)

The post President AKD speaks about Adani Group projects in SL appeared first on Newswire.

Minister of Ports Bimal Rathnayake says it is important that India’s Adani Group commences development of the West Container Terminal of the Colombo Port.

Speaking to the media during a tour of the Colombo Port yesterday, Minister Rathnayake said objections were only raised on the Adani Group’s wind power project in Mannar as it is not feasible for Sri Lanka. 

Commenting on the Port project, Minister Rathnayake said that an issue has arisen regarding funding, but the problem was between the Adani Group and the US institution that had agreed to grant the fund.

Minister Rathnayake said that, however, the Adani Group has already addressed the matter, stating that funds will be disbursed internally for the Colombo Port project.

The Minister of Ports pointed out that it was imperative that the Adani Group commences operations at the Colombo Port soon, as it could be beneficial for Sri Lanka, as well as the Ports Authority. 

He added that it was essential to develop a country’s ports as it was one of the largest industries and an international business. (Newswire)

The post Adani Group must commence Colombo Port project work – Ports Minister appeared first on Newswire.

Kenyan President William Ruto has ordered the cancellation of a procurement process that had been expected to award control of the country’s main airport to India’s Adani Group after its founder was indicted in the United States.

Ruto made the announcement on Thursday in his state of the nation address.

Under the proposed deal worth nearly $2bn, the Adani Group was to add a second runway at Jomo Kenyatta International Airport and upgrade the passenger terminal in exchange for a 30-year lease.

Ruto also said he was cancelling a separate 30-year, $736m public-private partnership that an Adani Group firm signed with the Ministry of Energy and Petroleum last month to construct power transmission lines.

“I have directed agencies within the Ministry of Transport and within the Ministry of Energy and Petroleum to immediately cancel the ongoing procurement,” Ruto said, attributing the decision to “new information provided by investigative agencies and partner nations”.

Ruto’s announcement was met with thunderous applause and cheers from lawmakers in parliament, where he gave his address. The deals have drawn sharp criticism from many politicians and members of the public over concerns about a lack of transparency and value for money.

Representatives from the Adani Group did not immediately respond to a request for comment.

US authorities said in the indictment on Wednesday that group founder Gautam Adani, one of the world’s richest people, and seven other defendants agreed to pay about $265m in bribes to Indian government officials.

The Adani Group denied the allegations and said in a statement that it would seek “all possible legal recourse”.

Protests

The Adani Group made the airport proposal in March under a procedure that circumvents competitive bidding, but it did not become public until July through a leak on social media.

A Kenyan court temporarily blocked it in September in response to a lawsuit arguing it did not offer taxpayers value for money.

Senior government officials, including Ruto, had repeatedly defended the deals despite allegations made in 2023 by US short-seller Hindenburg Research – denied by the Adani Group – of improper governance practices at the company.

As late as Thursday morning, Energy Minister Opiyo Wandayi told senators he expected the transmission lines contract to go ahead because there was no bribery or corruption involved in its awarding.

George Kamau, a Kenyan lawyer specialising in public procurement, said the Adani Group might go to arbitration to challenge the cancellations, especially of the transmission lines deal, which had already been signed.

“That said, any dispute resolution framework … is likely to lean towards the state, considering the fact that the deal has been cancelled on the basis of integrity issues,” he said. (Al Jazeera/ Reuters)

The post Kenya cancels more than $2.5bn in deals with Adani after US indictment appeared first on Newswire.

Discussions have been held with representatives of the Indian multinational conglomerate, Adani Group, Sri Lanka’s Tourism Minister Harin Fernando stated.

Minister Fernando stated that Dhaval Shah and Manoj Deshmukh from the Adhani Group participated in the discussion.

He further stated that the discussions focused on the future projects of the Adani Group in Sri Lanka, including a large Solar Panel project.

Minister Harin Fernando added that Sri Lanka’s Tourism Ambassador Sanath Jayasuriya also participated in the discussion. (NewsWire)

The post Tourism Minister meets Adani Group officials appeared first on Newswire.