Vikrant Shekhawat : Dec 11, 2024, 05:00 PM
Adani Group News: Adani Group has recently canceled the decision to take a loan from the US International Development Finance Corporation (DFC). This decision has come at a time when the US Justice Department has accused the group's chairman Gautam Adani and seven others of paying a bribe of $ 265 million to Indian officials. The purpose of these allegations was to get contracts related to solar power supply. However, Adani Group has called these allegations completely baseless and said that it will take legal measures.Impact on Sri Lanka's port projectAdani Group had agreed to take a loan from DFC for the Colombo West International Terminal (CWIT) project in Sri Lanka. This terminal is being developed in collaboration with Sri Lanka Ports Authority (SLPA) and John Keells Holdings PLC. DFC had agreed to provide a loan of $ 553 million for this project in November last year. But now Adani Group has announced that it will complete this project through its internal resources and capital management plan.Information given to the stock marketAdani Ports and Special Economic Zone Limited (APSEZ) informed the stock market about this change late on Tuesday night. The company said that the project is expected to be operational by early next year and will not require any external funding.Impact on efforts to curb China's influenceThis project of DFC was part of the US government's efforts to curb China's growing influence in the region. It also reflects the ability of Adani Group to develop world-class infrastructure. However, differences emerged between DFC and SLPA over the terms, after which this decision was taken.Allegations of bribery and Adani's stanceThe US agency had started an investigation into the allegations of bribery against the Adani Group. Adani Group has rejected these allegations and said that it will prove its innocence under the legal process. At the same time, as the project is close to completion, the group has decided to proceed with it without any external assistance.ConclusionThis decision of Adani Group shows that the company is committed to complete its projects self-sufficiently despite the controversies. This move not only demonstrates their financial management skills but also highlights their efforts to maintain credibility.