Bangladesh's interim government scrutinising deal with Adani Group: Report
Adani Group
The interim government in Bangladesh is set to scrutinise its deal with Indian conglomerate, Adani Group. The government, headed by Muhammad Yunus, is keen to know the terms of the 2017 agreement under which Adani Group exports power to Dhaka from its Jharkhand unit.
The government wants to know the terms and conditions of the agreement and if a fair price was being paid for availing the services.
“There will be scrutiny of Indian businesses, like the Adani business...what kind of contracts have been signed, what are the terms and conditions, one cannot have a foreign company not follow the law of the land,” a senior official of the interim government was quoted as saying by The Indian Express.
The official added that the decision to examine the Indian company should not be seen as 'painting a target' on such businesses.
"They will be scrutinised for what they are doing here, how much is Bangladesh paying, is it justified, all these questions will come up."
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The 25-year, 1,496 MW deal was signed by Adani Power (Jharkhand) Ltd (APJL) with the Bangladesh Power Development Board under the Power Purchase Agreement in November 2017. Under the deal, Bangladesh had been purchasing 100 per cent of electricity produced by APJL's Godda plant, which amounts to 7-10 per cent of Bangladesh's base load.
In the previous calendar year, the Gautam Adani-owned company exported approximately 7,508 million units of power to Bangladesh which is 63 per cent of India’s total power exports (11,934 million units).
Notably, Dhaka had not paid over $800 million in payments to Adani Group with the company stating that the backlog of overdue payments had become 'unsustainable'.
Adani Group faces protest in Kenya
The news comes a day after aviation workers in Kenya went on strike against Adani Group's proposed takeover of theJomo Kenyatta International Airport (JKIA) in Nairobi.
Although the strike was called off later, the aviation workers union demanded that the government scrap the plan to lease the airport to Adani Group for 30 years in exchange for a $1.85 billion investment.
The union as well as critics of the move argue that Adani Group's takeover would lead to job losses for local staff and rob taxpayers of future airport profits.
(With inputs from agencies)