Adani Group Chairman Gautam Adani has sought assistance from Muhammad Yunus, chief advisor to the Bangladesh government, to expedite the clearance of USD 800 million in overdue payments owed to Adani Power by the Bangladesh Power Development Board (BPDB), as per a media report.
In a letter dated 27 August, Adani urged Yunus to facilitate the early liquidation of the outstanding receivables for electricity supplied to Bangladesh, as the company faces increasing financial pressure from its lenders.
Adani Power has been supplying electricity to Bangladesh from its 1.6 GW coal-fired power plant in Godda, Jharkhand, since June 2022. The plant was built with an investment of USD 2 billion and operates under a 25-year power purchase agreement with BPDB. However, payment delays have caused receivables to pile up over the past eight to nine months.
While Adani Power is expected to receive about USD 90-95 million per month for its electricity supply, it has been receiving only USD 40-45 million, leading to significant unpaid dues.
As per the media report, Adani stressed in his letter that the company remains committed to its obligations despite the growing financial burden. He requested regular payment of bills and suggested that larger tranches be allocated each month to clear the accumulated debt. He also mentioned the group’s rapid completion of the state-of-the-art plant and associated transmission infrastructure in record time, despite challenges posed by the COVID-19 pandemic.
The Adani Group also has huge investments in Bangladesh’s food sector, including oil refineries and rice packaging units under brands like Rupchanda, Meizan, and Fortune. Adani reiterated his company’s long-term commitment to Bangladesh’s energy security and infrastructure development and expressed appreciation for the cooperation received from the country’s authorities and stakeholders.
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