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Bond Market News
Adani Power’s Unpaid Dues from Bangladesh Stand at $800mn
August 26, 2024
Adani Power currently has unpaid dues of about $800mn from Bangladesh for electricity being supplied by the company’s coal-fired plant in the Godda district. Bangladesh Bank’s newly-appointed Governor Ahsan H. Mansur said, “If we don’t pay them, they will stop providing electricity”. Sources on the other hand, said that the company has no plans of cutting the power supply lines as of now. However, they noted that it will come under pressure from lenders and coal suppliers if the payments remain unpaid. Following the violent protests recently in Bangladesh, an interim government has been put in place and Adani power is said to be in talks with them to sort out this issue. Mansur further added that Bangladesh is currently facing an economic crisis with overall arrears of as much as $2bn, including dues to airlines that have to be paid immediately. Its forex buffers have been eroding, with reserves of $20.5bn as of end-July, sufficient to cover only about three months of imports.
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