Adani backs out of $533mn US loan for Sri Lanka port – Newz9

MUMBAI: Following US securities and wire fraud allegations, Adani Ports and Special Economic Zone, led by Gautam Adani, has withdrawn from a financing association with a US company for a Sri Lankan port terminal venture, opting as a substitute to make the most of its personal assets.
In gentle of the US indictment, securing loans from American establishments has turn out to be difficult. In Nov 2023, US company International Development Finance Corporation (IDFC) had agreed to offer a $553 million loan for growing the Colombo West International Terminal – a deep-water container facility at Sri Lanka’s Port of Colombo.
Adani Ports mentioned the venture will now be funded by means of inside assets and its capital administration plan. It added that it has withdrawn its financing request from IDFC. The venture, initially scheduled to start operations this month, is “progressing well and is on track for commissioning by early 2025”, Adani Ports mentioned. Following the US indictment in Nov, IDFC had mentioned that it had not disbursed the $553 million loan and was conducting extra due diligence.
The financing withdrawal signifies potential funding limitations from the US for Adani Group following the US expenses. Despite these challenges, Gautam Adani maintained that “every attack makes us stronger” whereas constantly denying any misconduct.