(Reuters) -India’s Adani Ports and Particular Financial Zone Ltd stated on Tuesday it might finance its Colombo port terminal mission via inside accruals and a capital administration plan, withdrawing its request for funding from the U.S. Worldwide Improvement Finance Corp (DFC).
DFC final 12 months stated it might present $553 million in financing for the port terminal mission, which is partly owned by the Adani Group.
The corporate, nonetheless, stated the Colombo West Worldwide Terminal mission is progressing nicely and is on monitor for commissioning by early 2025.
DFC didn’t instantly reply to a Reuters request for remark.
Ports-to-edible oils Adani Group, managed by Indian billionaire Gautam Adani, holds a 51% stake within the west container terminal of the port, which additionally has a terminal run by China Retailers Port Holdings Co Ltd.
Sri Lankan conglomerate John Keells Holdings owns 34% of the terminal and the remaining is held by the state-run Sri Lanka Ports Authority.
Final month, U.S. authorities accused Adani Group Chairman Gautam Adani and 7 others of being a part of a $265 million scheme to bribe Indian officers, and of deceptive U.S. traders whereas elevating funds there.
The ports-to-power conglomerate has termed the allegations “baseless” and stated it might search “all doable authorized recourse”.
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