Adani Restores Power Supply To Bangladesh As Payments Resume
Full electricity supply has been restored in Bangladesh from Adani's power generation unit. This is after four months of half the supply due to unpaid dues. The Bangladesh Power Development Board is making regular payments to the company.
The chairman did not disclose the amount of payments or the clearance of past arrears. The unpaid dues, which stood at $850 million, are now at $800 million and are expected to be cleared in next six months.
“We're making regular payments to Adani and receiving power as per our requirements,” said Rezaul Karim, chairman of BPDP, according to Bloomberg. Data from the BPDP showed that Adani Power Ltd. had increased power supply more than two weeks ago.
Adani Power had earlier lowered its supply from its 1,600 megawatt coal-fired plant in India's Jharkhand to half in November, after multiple payments were missed. Restoration of supply is set to help Bangladesh avoid blackouts in the summer months when temperatures go up to 38C or higher.
BPDB had also provided guarantees to reassure Adani's lenders to ease the company's working capital crunch, according to Bloomberg. The restoration of power is a step to help repair business ties between the two countries.
Disclaimer: NDTV Profit is a subsidiary of AMG Media Networks Limited, an Adani Group Company.
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