New Delhi, November 29 (UITV) – Sri Lanka Ports Authority has expressed full confidence in its project with Adani Group. This reaction has come after there were reports of Adani Group’s company’s name coming up in an ongoing investigation in the US. Despite this, Sri Lanka, Abu Dhabi’s global sovereign fund International Holding Company (IHC) and the Tanzanian government have said that there will be no impact on their business relations with Adani Group.
Adani Group is going to invest one billion dollars in the expansion of Colombo Terminal in Sri Lanka. This is the largest foreign direct investment in Sri Lanka’s port sector so far. Sri Lanka Ports Authority Chairman Admiral Sirimevan Ranasinghe (Retd) clarified that there has been no discussion on cancelling this project and it will start in the next few months.
However, Sri Lankan government spokesperson Nalinda Jayatissa said on November 26 that Sri Lanka has also started reviewing the local investments of Adani Group in view of the ongoing bribery transaction investigation in the US.
Abu Dhabi’s global sovereign fund IHC has taken a positive stance on its partnership with Adani Group. IHC said, “Our partnership with Adani Group reflects our belief in their contribution to the green energy and sustainability sectors.”
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IHC invested about $1.5 billion in Adani Group companies in April 2022. This investment includes Adani Green Energy, Adani Transmission and Adani Enterprises.
Similarly, the Tanzanian government has also expressed confidence in its projects with Adani Group. He said that all contracts have been made in accordance with the laws of the country and there is no concern about the projects.
Major investors have also shown confidence in Adani Group shares. GQG Partners said that the US investigation will not have any major impact on the business of Adani Group. He said that the infrastructure work being done by Adani Group is controlled by the Government of India and involves long-term contracts.
Despite the ongoing investigation in the US, countries and investors continue to trust the Adani Group. Countries like Sri Lanka and Tanzania have expressed their commitment and made it clear that their agreements will not be affected. The support of big investors like IHC shows the stability and long-term potential of the Adani Group.
