India’s Adani Group Chairman Gautam Adani has reportedly requested the interim government’s Chief Adviser Muhammad Yunus for urgent intervention to expedite the clearance of $800 million in receivables for electricity exports to Bangladesh, according to Indian newspapers Hindustan Times and Economic Times.
According to the reports, Adani is pushing for a swift resolution to the overdue payment issue. The reports stated that the Adani Group is owed $800 million by the Bangladesh Power Development Board (BPDB) for electricity supplied.
In his letter, Gautam Adani urged the chief adviser to expedite the payment process.
He wrote, "The lenders have now been severe on us as we continue to meet our commitment to Bangladesh. I would request your kind intervention in the early liquidation of $800 million of receivables due from the Bangladesh Power Development Board."
"May we request regular payment of routine bills as we continue with our commitment to supply, and, in addition, significant tranches be made each month to liquidate outstanding dues," he continued.
Previous reports indicate that Adani has been awaiting this payment for the past eight to nine months. The Adani Group has been supplying electricity to Bangladesh from a 1,600-megawatt power plant in Godda, Jharkhand, with the supply commencing in June via a dedicated transmission line.
Gautam Adani highlighted that Adani Power has invested $2 billion in developing a modern power plant and essential transmission infrastructure. In his correspondence, he reaffirmed his commitment to Bangladesh's energy security and infrastructure development.
Additionally, Gautam Adani pointed out his company’s significant role in supporting food security in Bangladesh through its well-known edible oil and premium rice brands, such as Rupchanda, Meizan and Fortune.
He expressed appreciation for the support and cooperation his company has received from Bangladesh’s authorities, local communities and stakeholders.
The Economic Times, citing a report from the Financial Times, noted that the Adani Group views the delayed payments as unsustainable.
Adani Power, responding to the Financial Times, conveyed that it is continuing discussions with Bangladesh and while it remains committed to supplying electricity, the current situation poses challenges due to its financial obligations to lenders and suppliers.
