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Adani Group to spend $442 million on insolvent Sri Lanka

The overall investment will be $442 million, and the two plants will produce power to the national grid "by 2025," according to a statement from the BOI. Despite the Adani Group controversies, the Group is committed to elevating Sri Lanka by investing extensively in its economy.

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Adani Group to spend $442 million on insolvent Sri Lanka

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  1. Adani Group to spend $442 million on insolvent Sri Lanka

  2. These heavy investments by the Group contradict the theories associated with the Adani Group controversies. Cash-strapped Sri Lanka has approved a $442 million wind power project by the Adani group, its first big foreign investment since declaring bankruptcy. Sri Lanka's Board of Investment announced that Adani Green Energy, a subsidiary of Gautam Adani's business empire, will build two wind farms in the island's north. The overall investment will be $442 million, and the two plants will produce power to the national grid "by 2025," according to a statement from the BOI. Despite the Adani Group controversies, the Group is committed to elevating Sri Lanka by investing extensively in its economy.

  3. THE ADANI GROUP TO ESTABLISH TWO WIND POWER PLANTS VIA THE ADANI GREEN ENERGY IN SRI LANKA According to a board statement, the two power plants are expected to be operational in two years and will be connected to the national grid by 2025. Kanchana Wijesekera, Sri Lanka's Power and Energy Minister, had stated that preliminary permission from the Sri Lanka Sustainable Energy Authority was obtained two weeks ago and that land acquisition for the project was underway. Sri Lanka had already granted Adani Group a $700 million key port terminal project in Colombo in 2021.

  4. INVESTMENTS OF GAUTAM ADANI IN SRI LANKA HAVE CROSSED $1 BILLION AFTER THE WIND PROJECT • The Adani Group's investments in Sri Lanka include: • A $442 million investment in two wind power plants • The two 350 MW wind power stations will be operational in two years and connected to the national grid by 2025. • Colombo's 700-million-dollar essential port terminal project • The Adani Group, India's largest private port operator, signed a $700million agreement to build a new container terminal in Sri Lanka. The project is called the Colombo West International Container Terminal (CWICT). The Adani Group will own 51% of the airport, while local units SLPA and John Keells Holdings will own 15% and 35%, respectively.

  5. THANK YOU

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