Adani Group urges Bangladesh to expedite payment of $800m outstanding dues: Moneycontrol
The Indian company, however, assured Bangladesh of uninterrupted power supply from its Godda power plant despite the dues
The Adani Group has called on Bangladesh to expedite the country's current outstanding payments surpassing $800 million to Adani Power Ltd.
The Indian company, however, assured Bangladesh of uninterrupted power supply from its Godda power plant despite the dues, reports Indian media outlet Moneycontrol, citing sources familiar with the situation.
"The group has requested Bangladesh's interim government to accelerate the payment of dues," a source was quoted as saying by the portal.
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The Adani Group reportedly informed the Bangladesh government that it is under pressure from lenders to repay debt accumulated during the construction of the plant, according to the report.
The group expressed hope that the payments, along with interest accrued due to delays, would be cleared soon.
Moneycontrol wrote that it had sent an email to the Adani Group spokesperson regarding the matter but had not received a response.
Adani Power supplies electricity to Bangladesh from its 1,600MW Godda power plant, located in Jharkhand.
Monthly billing for this supply ranges between $90 and $100 million. The company signed a 25-year power purchase agreement (PPA) with BPDB in November 2017, under the leadership of the now-ousted Hasina government, to supply 1,496MW of electricity, which accounts for about 10% of Bangladesh's peak power demand.
Bangladesh Bank Governor Ahsan H Mansur recently told Bloomberg in an interview that Adani Power has raked up unpaid dues of as much as $800 million from Bangladesh.
