Adani Green Shares Sri Lanka Project: Adani Green shares surge after news of Sri Lanka withdrawing wind power complex projects Adani Group company Adani Green Energy will no longer build its two proposed wind power complexes in Sri Lanka. This 484 MW project was to be built in the Mannar and Puneri coastal areas of Sri Lanka. Today on Thursday (February 13), the company gave this information through a press note.
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Adani Green Shares Sri Lanka Project
The company said, ‘Adani Green Energy has decided to withdraw from renewable energy, wind energy and two transmission projects in Sri Lanka. This information has been given to the concerned department of Sri Lanka. We are committed to Sri Lanka and are ready for future cooperation if the Sri Lankan government wishes.
Purchase agreement was canceled due to corruption case in America
Recently, Sri Lanka had decided to end the power purchase agreement with Adani Group. Then Sri Lanka had argued that the group’s owner Gautam Adani had faced serious allegations of corruption in America.
The government had entered into this agreement to purchase electricity from Adani Wind Power Complex in May 2024. The Sri Lankan government had entered into an agreement to purchase electricity from this power complex at the rate of $0.0826 (current value – approximately Rs 7.18) per kilowatt.
Dissanayake Administration Begins Investigation into the Project
According to the report, President Anura Kumara Dissanayake administration had also formed a committee to review the local projects of the group companies. Several Sri Lankan activists challenged the project, arguing that many smaller renewable energy projects were selling power at two-thirds the price of Adani. Apart from this, a separate case is going on in the Supreme Court against the company due to environmental concerns.
Adani Green Shares Sri Lanka Project: Adani Accused of Bribery and Fraud in America
It is not within the power of the US Securities and Commission (SEC) to send summons to Adani Group Chairman Gautam Adani on charges of bribery and fraud worth billions of rupees. This claim has been made in some media reports. It says that the summons will have to be sent through proper diplomatic channel.
This case related to 8 people including Gautam Adani has now reached the Supreme Court. Advocate Vishal Tiwari has filed a petition in the Supreme Court demanding investigation into this matter.
The petition also alleges shortcomings in the investigation conducted by market regulator SEBI into the allegations by short seller Hindenburg Research against Adani Group and raises concerns over the credibility of the Securities Exchange Board of India.
Adani Green Shares Sri Lanka Project: Bangladesh Electricity Demand from Adani in November.
In November 2024, Bangladesh had halved the purchase of electricity from Gautam Adani’s power company Adani Power. The government of Bangladesh had taken this decision due to lack of demand due to winter and delay in payment of outstanding payments.
Earlier, on October 31, 2024, the company had halved the electricity supply to the country due to delay in due payment. Then the Chairman of Bangladesh Power Distribution had said…
Share Performance
Amidst the ups and downs in the stock market, today a Adani Green stock reached the high level of the day Rs 946 with a rise of 3%. The market cap of the company is Rs 1.45 lakh crore. Adani Green Energy shares rose 3% to Rs 946 in intraday trade on BSE on Thursday
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