After Abu Dhabi’s International Holding Company (IHC) reaffirmed its support to the Adani Group, other international partners also expressed their continued support for the group.
The Sri Lanka Ports Authority expressed its ongoing confidence in its partnership with Adani, as the Indian group plays a vital role in expanding the country’s port infrastructure.
With $1 billion investment in the Colombo terminal, the project is poised to be the largest foreign direct investment in Sri Lanka’s port sector.
Sri Lanka Ports Authority chairman Admiral Sirimewan Ranasinghe (Retd) has reportedly stated that there are no discussions regarding the project’s cancellation. The project will be operational in the next couple of months.
Sri Lanka government spokesman Nalinda Jayatissa on November 26 said that the island nation has opened an investigation into the local investments of Adani Group in the wake of US bribery charges against its tycoon founder.
Speaking at the first cabinet briefing of President Anura Kumara Dissanayake’s new government, Jayatissa said both the finance and foreign ministries had been asked to review infrastructure projects awarded to the Indian conglomerate.
The Tanzanian government also reaffirmed its commitment to its agreements with Adani Ports, as it feels that there are no concerns regarding the ongoing projects and that all contracts fully comply with Tanzanian law.
In May 2024, Tanzania and Adani Ports finalised a 30-year concession agreement to operate Container Terminal 2 at Dar es Salaam port.
Additionally, Adani Ports acquired a 95 percent stake in Tanzania International Container Terminal Services, a state-owned entity, for $95 million.
Abu Dhabi’s International Holding Company (IHC), one of the largest sovereign funds that manages assets close to $100 billion, has reaffirmed its support to the Adani Group, saying its outlook on investments in the group remains unchanged despite the US indictment of the conglomerate’s founder chairman Gautam Adani.
“Our partnership with the Adani Group reflects our confidence in their contributions to the green energy and sustainability sectors,” IHC, one of Adani group’s key foreign investors, said in a statement.
“As with all our investments, our team continues to evaluate relevant information and developments. At this time, our outlook on these investments remains unchanged,” it added.
US authorities last week accused Adani, his nephew and executive director Sagar Adani and managing director of AGEL, Vneet S Jaain, of being part of a scheme to pay bribes to secure Indian power supply contracts and misleading US investors.
Adani Group last week denied all allegations as baseless and said it would seek legal recourse to defend itself.
Shares of all 10 listed group entities of the company were trading in the positive territory on November 28. This happened after the Indian conglomerate claimed that there were no bribery charges against Gautam Adani and other group executives.