- No impact of Adani FPO cancellation on economy: Union finance minister Nirmala Sitharaman
- London’s Science Museum to continue its association with the Adani Group
- Investments in Adani’s entities were undertaken in full compliance, says TotalEnergies
NE NEWS SERVICE
DHAKA, FEB 5
Electricity will be purchased from India’s Adani Godda Power Plant as per the Power Purchase Agreement (PPA), said Nasrul Hamid, the state minister for power, energy and mineral resources.
He also assured that Bangladesh would start getting electricity from India’s Adani Godda Power Plant in the first week of March, reported The Daily Star..
“The price of electricity [purchased from the Adani Group] will be the same as mentioned in the agreement, and the price will depend on the international price of coal. So, power price may go up or down due to changes in coal price,” he told reporters at the secretariat.
Asked about the alleged manipulation of coal prices, the state minister said the price of coal depends on several indexes. “In our case, the price of coal will be fixed according to the deal. We will get coal at competitive prices. There is no scope of manipulating the price.”
Replying to a query about the uncertainty of getting electricity from Adani, the minister said such comments are “foolish talks.”
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— Sadhguru (@SadhguruJV) February 5, 2023
“The commercial operations are scheduled to start on February 28 and we will get electricity from Adani by the first week of March,” he said.
As per the agreement, Adani Power will install a dedicated 106-km transmission line from Godda, Jharkhand to the interconnection point at the border and a 28-km transmission line is being built by the Power Grid Company of Bangladesh connecting the Rohanpur substation to India-Bangladesh border.
No impact of Adani FPO cancellation on economy: Union finance minister Nirmala Sitharaman
The withdrawal of Adani Enterprises’ follow-on public offer (FPO), according to Union Finance Minister Nirmala Sitharaman, will not have any effects on the economy or the public’s perception of the economy. According to Sitharaman, the public sector banks, LIC, and the RBI have all made declarations regarding their exposure to the Adani group and the Adani issue. Sitharaman further said the FPO cancellation would have no impact on the economy’s fundamentals. The foreign reserves going up by $8 billion proved that the perception about India and its inherent strength is intact, she added.
London’s Science Museum to continue its association with the Adani Group
The prestigious Science Museum in London indicated it will continue its association with the Adani Group. The Science Museum, set to open this year, is sponsored by Adani Green, a division of the Adani Group. This sponsorship was announced in 2021. A spokesman for the Science Museum stated that “Adani Green Energy is the title sponsor of a major new Energy Revolution gallery at the Science Museum in London that will study how the world may experience the fastest energy transition in history to combat climate change.” The Gallery, which debuts in late 2023, will examine the most recent findings in climate science as well as the energy revolution required to reduce the world’s reliance on fossil fuels and meet the goals set forth in the Paris (Agreement) to combat global warming.
Axis Bank says exposure to Adani Group at 0.94% of total loans
Private sector lender Axis Bank said on February 4 that its exposure to the crisis-ridden Adani Group stands at 0.94 percent of its net advances. “According to the Bank’s credit assessment system, we offer loans with confidence based on obligors’ cash flow, security, and repayment capacity. We continue to feel at ease with our exposure to the Adani Group on the same basis,” the bank said in a regulatory filing. The exposure to Adani Group is primarily to the operating companies in sectors like ports, transmission, power, gas distribution, roads and airports, it said
Investments in Adani’s entities were undertaken in full compliance, says TotalEnergies
Following the serious allegations by US-based short-seller Hindenburg Research against Adani Group, TotalEnergies came out with a detailed statement saying its investments in Adani’s entities were undertaken in full compliance with applicable – namely Indian – laws, and with TotalEnergies’ own internal governance processes. The France energy major further said that the due diligence, which was carried out to TotalEnergies’ satisfaction, was consistent with best practices, and all relevant material in the public domain was reviewed, including the detailed disclosures to regulators required under applicable laws.
