Sri Lankan President Backs Adani Ports Deal, Confident About Group's Revenue

The Sri Lankan government is not concerned with Adani's Group's dealings with other nations, said President Anura Kumara Dissanayake. He added that the leadership is focused only on what the conglomerate does in Sri Lanka, reported The Economic Times on Wednesday. The Sri Lankan president is in India on an official trip.

"We don't have any concerns over how they (Adani) work with other countries. What is important for us is how they work with us," Dissanayake told ET.

Dissanayake stated that his "stable government" wants to focus on more Indian investments and that the government will be looking at how "they (Adani) have worked in our country."

"If they have worked in a manner that suits us, fits our initiatives, we don't mind working with Adani Group," said the president, as per the report.

Notably, in a recent announcement, Adani Ports and Special Economic Zone indicated that it will fund the Colombo West International Terminal project in Sri Lanka using its internal accruals, opting out of financial support from funds derived from the US.

The company confirmed in an exchange filing that the project is progressing smoothly and remains on schedule for commissioning early next year.

"The project will be financed through our internal accruals and capital management plan. We have also withdrawn our financing request to the US International Development Finance Corporation (DFC)," it stated.

The Group had secured $553 million in funding last year from the US International Development Finance Corp. for the strategically important Colombo West International Terminal project.

On this decision, Dissanayake reacted by saying, "I learnt that they have dropped it, but it seems they have their own sources of revenue or income for that."