Adani off $442 mn wind power project in Lanka

Indian conglomerate Adani Group has withdrawn from a troubled $442 million wind power project in Sri Lanka after the island nation's government sought to renegotiate the deal.

- AFP

COLOMBO:

Sri Lanka's Board of Investment (BOI) said it received a two-page letter dated Wednesday from Adani Green Energy Limited saying it had decided to "respectfully withdraw" from the project. A BOI official told AFP the government was yet to respond to the letter while a spokesman for Adani said the firm would make a public statement later Thursday.

The withdrawal move followed a decision by President Anura Kumara Dissanayake's administration to revoke a power purchase agreement with Adani Group to negotiate lower energy costs.

Dissanayake's party had strongly criticised the deal as "corrupt" and wanted it renegotiated.