Adani Ports Withdraws U.S. Funding Bid For Colombo Port Project

India's Adani Ports and Special Economic Zone Ltd. has announced that it would finance its Colombo port terminal project through internal accruals and a capital management plan, withdrawing its request for funding from the US International Development Finance Corp. (DFC), Nilutpal Timsina reported for Reuters.

Despite withdrawing the funding request, the Adani Group assured that the project is progressing well and remains on track for commissioning by early 2025. I Photo: Adani Ports

The DFC had previously committed $553 million to the Colombo West International Terminal (CWIT) project, which is partly owned by the Adani Group. Despite withdrawing the funding request, the company assured that the project is progressing well and remains on track for commissioning by early 2025.

Adani Group, controlled by Indian billionaire Gautam Adani, owns a 51% stake in the CWIT.

Sri Lankan conglomerate John Keells Holdings owns 34%, while the Sri Lanka Ports Authority holds the remaining share. The port also features a terminal operated by China Merchants Port Holdings Co. Ltd.

This announcement comes amid legal scrutiny of Adani Group Chairman Gautam Adani in the US. Last month, authorities accused him and seven others of participating in a $265 million scheme to bribe Indian officials and mislead US investors during fundraising efforts.