Are Adani Power’s days in Bangladesh numbered?

Days after Gautam Adani asked the interim government in Bangladesh to clear the dues the country owes to Adani Power, troubling reports are coming from the neighbouring country for the Indian conglomerate

[Gautam Adani with Sheikh Hasina in a file photo.]

Mumbai: Days after Gautam Adani asked the interim government in Bangladesh to clear the dues the country owes to Adani Power, troubling reports are coming from the neighbouring country for the Indian conglomerate.

Adani Power supplies electricity to Bangladesh from its 1600 MW thermal plant in Godda, Jharkhand since July 2023 after it struck a deal with the Sheikh Hasina government.

Hasina however was forced to resign and flee the country on August 05, 2024 after massive protests led by students.

After Hasina’s ouster, Adani in a letter dated Aug 27 wrote to the interim government led by Nobel Laureate Muhammad Yunus to clear $800 million of receivables due from Bangladesh Power Development Board.

Even as a response to Adani’s letter was awaited, reports coming from Bangladesh said the Yunus led interim government is seeking to scrutinise the terms of Adani Power’s agreement with the Hasina government, especially the price.

“There will be scrutiny of Indian businesses, like the Adani business… what kind of contracts have been signed, what are the terms and conditions, one cannot have a foreign company not follow the law of the land,” The Indian Express reported quoting a top functionary of the interim government.

Adani Power deal with the ousted Hasina government has been in controversies back home too.

Back in 2016, the opposition parties in Jharkhand had accused the state government of undue favour to Adani Group’s thermal power plant.

The opposition parties alleged that the land was sold to Adani Group at a price less than almost 80% of the actual rate.

There was also a dispute over the electricity supply from the Adani’s plant to Jharkhand and its tariff.

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