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Adani Ports withdraws DFC funding request for Colombo port project
DFC last year said it would provide $553 million in financing for the port terminal project, which is partly owned by the Adani Group.
FILE PHOTO: The logo of the Adani Group is seen on the facade of its Corporate House on the outskirts of Ahmedabad, India, November 22, 2024. / REUTERS/Amit Dave
India's Adani Ports and Special Economic Zone Ltd said on Dec. 10 it would finance its Colombo port terminal project through internal accruals and a capital management plan, withdrawing its request for funding from the U.S. International Development Finance Corp (DFC).
DFC last year said it would provide $553 million in financing for the port terminal project, which is partly owned by the Adani Group.
The company, however, said the Colombo West International Terminal project is progressing well and is on track for commissioning by early 2025.
DFC did not immediately respond to a Reuters request for comment.
Ports-to-edible oils Adani Group, controlled by Indian billionaire Gautam Adani, holds a 51 percent stake in the west container terminal of the port, which also has a terminal run by China Merchants Port Holdings Co Ltd.
Sri Lankan conglomerate John Keells Holdings owns 34 percent of the terminal and the rest is held by the state-run Sri Lanka Ports Authority.
Last month, U.S. authorities accused Adani Group Chairman Gautam Adani and seven others of being part of a $265 million scheme to bribe Indian officials, and of misleading U.S. investors while raising funds there.
The ports-to-power conglomerate has termed the allegations "baseless" and said it would seek "all possible legal recourse".
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