Adani writes to Yunus for $800m power dues

Gautam Shantilal Adani, an Indian billionaire business magnate has requested Muhammad Yunus, chief of Bangladesh interim government to expedite the clearance of $800 million owed by Bangladesh Power Development Board (BPDB) for electricity supplies.

Adani, chairman of Adani Group, reportedly reached out to the chief advisor seeking his intervention in the early clearance of $800 million of receivables due from BPDB to Adani Power for electricity supplies, reports Hindustan Times.

In a letter, Gautam Adani wrote as per Economic Times, "The lenders have now been severe on us as we continue to meet our commitment to Bangladesh. I would request for your kind intervention in early liquidation of $800 million of receivables due from Bangladesh Power Development Board."

He said, “May we request for regular payment of routine bills as we continue with our commitment on supplies and in addition significant tranches be made each month to liquidate outstanding dues.”

This comes as it was reported that the Bangladesh Power Development Board owes Adani Power $800 million in power supply dues for a period of eight to nine months.

Adani Power supplies electricity to Bangladesh from its 1.6 GW coal-fired power plant in Jharkhand through a dedicated transmission corridor which it began from last June.

Gautam Adani said that Adani Power has invested $2 billion in building a state-of-the-art plant and associated transmission infrastructure, adding, “I would like to reiterate our commitment to your country's energy security and infrastructure development.”

"We contribute to Bangladesh's food supply through popular edible oil and premium rice brands such as Rupchanda, Meizan, and Fortune," he said, asserting that he appreciates the support and cooperation received from authorities, local communities and stakeholders in the country.