New Delhi: After the Hindenburg report came, Adani Group Chairman Gautam Adani seemed to be besieged from all sides. They are being attacked from all sides. Shares continue to decline after the Hindenburg report. The company’s earnings are declining. The personal wealth of Gautam Adani himself is decreasing. In the list of rich, he has reached number 16 from third. Suddenly he had to withdraw his AEPO. Credit Suisse, now Citigroup also added to their woes. At the same time, SEBI and NSE increased the monitoring of their shares. There were setbacks after another that even the seven-year-old deal with Bangladesh seems to be getting hit. In the year 2017, there was an agreement between Bangladesh and Adani Power Limited regarding the purchase of power. Now a dispute has arisen between the two regarding the Power Purchase Agreement ie PPA. Bangladesh has demanded Adani to revise the power purchase agreement. He said that they are getting very expensive electricity.
Bangladesh has sought amendments to the 2017 power purchase agreement with Adani Power Ltd. While giving this information in Dhaka on Thursday, officials said that electricity generated from coal is very expensive. “We have approached the Indian company to amend the agreement,” a Bangladesh Power Development Board (BPDC) official said on condition of anonymity, without giving further details. According to media reports, the exorbitant price of coal procured for Adani’s plant in Jharkhand, India has emerged as the main bone of contention. According to Bangladesh’s private news agency UNB, the electricity buyer BPDC has written a letter demanding amendment. Earlier, Adani Power had requested it to import coal for its 1,600 MW plant at Godda in Jharkhand. An unnamed BPDC official told UNB, “According to us, the coal price quoted by them (US$400 per tonne) is very high. It should be less than the $250 a tonne we are paying for imported coal in our other thermal power plants.
Asked about Bangladesh’s demand to amend the agreement, Ministry of External Affairs spokesperson Arindam Bagchi said in New Delhi that it was a deal between a sovereign government and an Indian company. He said, “I understand you are referring to a deal between a sovereign government and an Indian company. I don’t think we are in it. Asked whether this does not come under the purview of bilateral relations, he said the government largely focuses on issues such as economic integration and connectivity with neighboring countries.
