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Sri Lanka is yet to make any public remark on whether the Hindenburg row would impact Adani’s projects in the country
Lanka approves Adani’s $442-m wind energy project
BY MEERA SRINIVASAN
Crisis-hit Sri Lanka has approved a $442 million-wind power project of Adani Green Energy, barely a month since the conglomerate’s stocks plummeted following US-based short seller Hindenburg’s damaging report on the Group.
“Adani, a leading Indian company” received the project approval “to start two wind power plants in Mannar and Pooneryn areas of (northern) Sri Lanka,” the Board of Investment (BOI) of Sri Lanka said on Wednesday. The project will likely create 2,000 jobs and in two years, generate about 350 MW of power, the Board said in a statement.
The BOI’s approval effectively takes Adani Group’s total investments in the island nation over the $1 billion-mark. It has already committed to pumping in $700 million at a strategic port terminal in Colombo and work on the west container terminal began in November last year.
Sri Lankan authorities are yet to make any public remark on whether the Group’s crashing stocks, following the Hindenburg allegations, would impact its ambitious projects in the investment-starved island nation.
When contacted, Sri Lanka’s State Minister of Investment Promotion Dilum Amunugama said the fall in Adani Group’s stocks “will not affect a company like them”.
“As far as our government and our Ministry are concerned, we are keen on investments and will ensure they are in order. That is why we approved this project,” he said on Thursday. Earlier, Sri Lanka’s Power and Energy Minister Kanchana Wijesekera held a “progress review” meeting with the visiting officials of the Adani Group, on the renewable energy projects.
Last year, the Adani Group’s projects triggered controversy in Sri Lanka, with government critics raising questions over transparency and due process in clearing the projects. The Opposition accused the Group of making a “backdoor entry” into the country’s energy sector, and within months, Sri Lanka amended its energy laws to eliminate competitive bidding in the energy sector.
In a separate development at the time, a former Ceylon Electricity Board chairman resigned after his controversial remarks to a parliamentary panel — he subsequently withdrew them and resigned — that Prime Minister Narendra Modi had “pressured” then Sri Lankan President Gotabaya Rajapaksa to clear an Adani Group project in the island nation. Rajapaksa “vehemently denied” the claim.
Meanwhile, the signing of the renewable energy project comes amid a renewed push by India and Sri Lanka to link their energy grids, an idea that the neighbouring countries first mooted over a decade ago. Currently, Sri Lanka generates power totaling some 4,200 MW a year, and the annual demand for energy is estimated to increase by about 5 per cent over the next two decades. Authorities have said they aim to add about 2,800 MW renewable energy into the national grid over the next three years.
Meera Srinivasan is The Hindu Correspondent in Colombo.
A group of Tamil Progressive Alliance (TPA) members, including its Leader Mano Ganesan, met President Anura Kumara Dissanayake on Thursday (02) morning at the Presidential Secretariat.
Extensive discussions were held on the issues faced by the Malayagam communities, particularly in relation to education, housing and land, as well as on the urgent measures required to address these concerns. The President paid special attention to all these matters.
Attention was also drawn to the recruitment of qualified Tamil-medium teachers to address the teacher shortage in estate sector schools and this too was discussed at length.
Members of Parliament P. Digambaram and V. Radhakrishnan, along with several other party members, were present at the meeting.
Minister of Foreign Affairs, Vijitha Herath, held talks with Deputy Foreign Minister of Russia Andrey Rudenko at the Foreign Ministry, in Colombo, on Thursday (02), with both sides reaffirming their commitment to strengthening bilateral relations.
The Sri Lanka Ministry of Foreign Affairs said the visiting Russian Deputy Minister noted that Russia regarded Sri Lanka as a long-standing friend.
Rudenko assured that Russia stood ready to support Sri Lanka when required, including in the swift supply of Russian oil to help address the current energy challenges, encouraging Russian investors to explore new opportunities in the country and promoting increased tourist arrivals.
He also expressed Russia’s readiness to provide compensation for Sri Lankan war veterans who had lost their lives in the ongoing conflict between Russia and Ukraine.
Minister Herath welcomed Russia’s willingness to assist, emphasising that Sri Lanka valued the support extended by its “old friend”, particularly at a time when the country was facing pressing energy needs.
He noted that the two countries shared nearly seven decades of diplomatic relations and said the present moment provided an opportunity to further strengthen ties, including through long-term trade agreements.
The discussions focused on enhancing cooperation in the fields of energy, investment, tourism and diplomacy, with both sides reiterating their commitment to further deepen the longstanding friendship between Sri Lanka and Russia.
Police yesterday arrested 157 foreign nationals in connection with an alleged organised online financial scam, conducted from a hotel in the Iranawila area in Chilaw.
The suspects were taken into custody during a raid carried out by the Police while they were staying at the hotel in Iranawila.
Police said the arrested group included 143 nationals from China, 13 from Bangladesh and one from Vietnam.
Investigators suspect the group had been involved in a coordinated online financial scam, targeting victims through digital platforms.
The suspects are being detained for further questioning while investigations are continuing to determine the full extent of the operation and whether additional individuals were involved.Police said further inquiries are underway.
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