 "Gautam Adani pleads for 0 million payment from Bangladesh, highlighting significant investments and commitment to energy security amid financial strain.")
Gautam Adani, chairman of Adani Group, has reached out to Muhammad Yunus, the advisor to the Bangladesh government, to speed up the clearance of $800 million owed by the Bangladesh Power Development Board for electricity supplies. In his letter, Adani highlighted the urgency of the situation, emphasizing the need for regular payments while fulfilling supply commitments. Adani Power has been supplying electricity from its 1.6 GW coal-based plant in Jharkhand since June last year, but despite expected monthly payments of $90-95 million, it’s only receiving about $40-45 million. Adani reiterated his commitment to Bangladesh’s energy security and expressed a desire to contribute further to the country’s infrastructure development.
Title: Gautam Adani Seeks Help to Receive $800 Million from Bangladesh Power Board
In a recent development, Gautam Adani, the chairman of Adani Group, has reached out to Muhammad Yunus, the chief advisor to the Bangladesh government, looking for assistance in collecting $800 million in unpaid dues from the Bangladesh Power Development Board (BPDB). This amount is owed to Adani Power for electricity provided over the past eight to nine months.
In a letter sent on August 27, Adani highlighted the financial pressure on his company, stating that lenders are becoming increasingly stringent. He expressed a desire for Yunus’s intervention to expedite the payment of the substantial dues. Adani requested that BPDB ensure regular payment of ongoing bills while also making significant monthly payments to help reduce the outstanding amount.
Adani Power, which operates a 1.6 GW coal-based power plant in Godda, Jharkhand, began supplying electricity to Bangladesh in June of the previous year. The company has a 25-year power purchase agreement with BPDB, but despite an expected monthly revenue of around $90 to $95 million, they are currently receiving only $40 to $45 million. This discrepancy has led to increased unpaid receivables.
The letter also emphasized Adani Power’s commitment to Bangladesh’s energy security and development. Adani noted that the company has invested $2 billion in establishing this state-of-the-art plant and transmission infrastructure, overcoming challenges related to the COVID-19 pandemic.
Furthermore, Adani Group has a significant presence in Bangladesh through its subsidiary Bangladesh Edible Oil Ltd, managing multiple oil refineries and rice packaging facilities. Adani mentioned their contributions to the local food supply with popular brands like Rupchanda, Meizan, and Fortune.
As the situation unfolds, all eyes will be on how the Bangladesh government responds to Adani’s request for timely payments.
Tags: Gautam Adani, Adani Group, Bangladesh Power Development Board, electricity payments, energy security, investment in Bangladesh, power supply, edible oil brands.
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What is the news about Adani and Md Yunus?
Adani is asking Md Yunus for help to get $800 million in payments processed and cleared. -
Why does Adani need assistance from Md Yunus?
Adani is facing challenges in clearing certain payments, and they believe Md Yunus can assist them in resolving this issue. -
How much money is involved in this situation?
The amount involved is $800 million that Adani wants to clear. -
What is Adani’s main goal in this request?
Adani’s main goal is to ensure that they receive the payments they are owed promptly. - Who is Md Yunus?
Md Yunus is a well-known social entrepreneur and Nobel Peace Prize winner, recognized for his work in microfinance and social business.
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