The Colombo West International Project by Adani Port and Special Economic Zone has received a renewed commitment from the Sri Lanka Ports Authority (SLPA). Admiral Sirimewan Ranasinghe (Retd), the chairman of the SLPA, has emphasized in a statement that there is no immediate plan to review or end the agreement. The Adani Group is contributing significantly to the development of the nation’s port infrastructure. With a $1 billion investment, the Colombo terminal project will be the biggest foreign direct investment in Sri Lanka’s port industry.
A day after the Indian conglomerate stated that neither its Chairman Gautam Adani nor his associates are facing bribery charges under the US Foreign Corrupt Practices Act, the SLPA issued a statement reiterating the stability of the Adani Group’s project in Colombo. In a filing to the stock exchange, the company stated that Adani, his nephew Sagar Adani, and senior officer Vneet Jaain are not named in any conspiracy involving FCPA crimes in the US Department of Justice indictment that was submitted to a New York court last week.
Last Monday, Adani Group announced it will pursue legal action to defend itself and rejected all of the accusations as unfounded. Abu Dhabi’s International Holding Company, however, has reiterated its backing for the Adani Group and insisted that its investment stance has not changed. “As with every one of our investments, our staff keeps a close eye on pertinent data and advancements. We are still optimistic about these initiatives at this time,” IHC said in a statement.
The Tanzanian government has also reaffirmed its complete commitment to its agreements with Adani Ports, claiming that all contracts are fully compliant with domestic legislation and that there are no issues with the ongoing projects. A 30-year concession deal for the operation of Container Terminal 2 at the port of Dar es Salaam was finalized in May 2024 by Tanzania and Adani Ports. A 30-year concession deal for the operation of Container Terminal 2 at the port of Dar es Salaam was finalized in May 2024 by Tanzania and Adani Ports.
