With the Adani Group’s stocks continued to be hit hard by the Hindenburg Research’s report, Prime Minister Narendra Modi’s government on Thursday subtly distanced itself from a power purchase agreement between India’s richest man Gautam Adani’s conglomerate and neighbouring Bangladesh, although the deal appeared to have run into a hitch.
The Bangladesh Power Development Board (BPDB) has sought revision of a 2017 agreement to buy electricity from a 1600 MW plant of the Adani Power Limited – a unit of the Adani Group – at Godda in Jharkhand in India. The BPDB has asked for the revision of the deal as the price the Adani Power Limited asked for electricity generated at the coal-powered plant appeared to be too expensive.
