Billionaire Gautam Adani's group has pulled out of a loan deal with a US agency to fund a port terminal in Sri Lanka, saying it will use its own resources for the project.

In an exchange filing late on Tuesday, Adani Ports and Special Economic Zone Ltd (APSEZ) said the project "is on track for commissioning by early next year".

"The project will be financed through the company's internal accruals and capital management plan," the firm said. "We

WION

Noida

Uttar Pradesh

India

Adani ditches $553mn US loan for its Colombo Port project

Foreign policy watchers say the Adani Group's rejection of funding to build a deepwater port in Sri Lanka is a big blow to the United States' foreign policy. In a report in The Washington Post, Director of the Wilson Center's South Asia Institute, Michael Kugelman, said the rejection of the loan "is more than symbolic. It is strategic in the sense that this really was an initiative that US officials saw as a way to meaningfully counter China's o…

Media Bias/Fact Check

NDTV

Independent Media

Gautam Adani

New Delhi

Delhi

Adani Group's Rejection Of American Funding For Lanka Port Is US' Loss

The withdrawal marks another low point in U.S.-India ties after the billionaire’s indictment on charges related to fraud, and a blow to Washington’s bid to counter China’s regional clout. Read More The post Tycoon Adani pulls request for U.S. loan to finance strategic Sri Lanka port appeared first on Drudge Report.

Ad Fontes Media

All Sides

The Washington Post

Jeff Bezos

Tycoon Adani pulls request for U.S. loan to finance strategic Sri Lanka port

Invesco

Facing a corruption scandal at home and investment-fraud charges in U.S. courts, India's Adani Group is withdrawing from a U.S. development finan...

The Maritime Executive

After Bribery Charges, Adani Cancels U.S. Gov't Loan for Sri Lankan Port

Indian tycoon drops major US port funding request after legal troublesA significant US-backed port project in Sri Lanka loses its funding request from Indian business leader. This shift comes right after recent legal complications in America

The World Without Fake News!

Indian tycoon drops major US port funding request after legal troubles

Dec 11, 2024 12:09 PM IST   As per the reports, the company said in an exchange filing it will finance the project through its internal accruals and capital management plan. 
Billionaire Gautam Adani-owned Adani Ports and Special Economic Zone (APSEZ) Limited has withdrawn from a $553 million loan pact with the US International Development Finance Corporation (DFC) to develop a port terminal in Sri Lanka’s capital Colombo, outlets such as Bloomb…

Latest For Me

Adani Ports withdraws from $553 million US loan deal for port terminal project in Colombo: Reports – Latest For Me

Adani Group News: Adani Group has recently canceled the decision to take a loan from the US International Development Finance Corporation (DFC). This decision has come at a time when the US Justice Department has accused the group's chairman Gautam Adani and seven others of paying a bribe of $ 265 million to Indian officials. The purpose of these allegations was to get contracts related to solar power supply. However, Adani Group has called thes…

Zoom News

Adani Group News: After US allegations, Adani Group took a big decision, withdrew from this loan deal

India’s leading conglomerate Adani Group has decided to withdraw from a $553 million loan agreement with the U.S.

Marine Insight

Adani Group Cancels $553 Million U.S. Loan To Build Sri Lankan Port Meant To Counter China

India’s Adani Group has withdrawn its request for a $553 million loan from the United States International Development Finance Corporation (DFC). The loan was intended to finance the construction of a deep-sea port in Sri Lanka, located next to a Chinese-run facility. This move comes after a significant indictment in New York accused the conglomerate’s founder, Gautam Adani, of misleading international investors. Adani Ports and Special Economic…

Day News TV

Adani Group Withdraws US-backed Loan for Sri Lanka Port Project - Day News TV

By: Staff Writer December 11, Colombo (LNW): Billionaire Gautam Adani-led conglomerate announced it will use its own resources to fund a Sri Lankan port project and not seek US funding. The Indiajn Company said it has withdrawn a funding request from the US International Development Corporation for its Colombo West International Terminal (CWIT) project in Sri Lanka. In an India’s Bombay Stock Exchange filing late on Tuesday10, Adani Ports and SE…

Adani ditches $553mn US loan for its Colombo Port project

Coverage Details

Give the gift of Perspective

Bias Distribution

Ownership

Similar News Topics

Similar News Topics