look news india
A big news has come to light regarding Gautam Adani, who is allegedly facing bribery charges in America. Gautam Adani’s company has rejected US funding for the Colombo port project in Sri Lanka. This fund was worth 553 million dollars (about Rs 4692 crore). Giving information in this regard to the stock exchange, the company said that now it will use its own resources and not American funding to complete this project. This means that now Gautam will complete Adani’s big project with his own money.
What is the Colombo Port Project?
The Colombo Port Capacity Expansion Project was launched in 2021 and is being completed by Gautam Adani’s company Adani Ports and Sri Lankan conglomerate John Keells Holdings. Colombo West International Terminal (CWIT) will be Sri Lanka’s largest container terminal. To complete this work, Adani Group company started talks for American funding.
This deal was done last year
Adani Ports negotiated funding of $553 million with the US Development Finance Corporation (DFC) for the project in Colombo. It was approved in November last year and is under review. But meanwhile, amidst the alleged allegations in America, Adani Ports (APSEZ) has taken a big decision and has decided not to take this funding.
The company gave this information in the filing
Billionaire Gautam Adani-led Adani Group said in an exchange filing late on Tuesday that it will now use its own resources to complete the Sri Lankan port project and will not seek US funding from DFC, PTI reported. Along with this, the company said that the Colombo project is all set to start operations early next year and we have withdrawn our request for funding from the US International Development Finance Corporation.
