(Reuters) – Two major Adani Group projects in Kenya were scuttled after its founder Gautam Adani was indicted by U.S. prosecutors over his alleged role in a $265 million bribery scheme – allegations that his conglomerate has denied.
Here is a list of the group’s major overseas projects.
HAIFA PORT IN ISRAEL
Adani Ports, India’s largest private ports operator, owns 70% of Haifa port in northern Israel while Israel’s Gadot Group owns the rest.
The firms bought the port in early 2023 for $1.2 billion and the purchase revived hopes of creating a trade gateway connecting the terminal and the broader Middle East, including Saudi Arabia, which does not have ties with Israel.
Haifa port accounts for 3% of Adani Ports’ annual cargo volumes.
CARMICHAEL MINE IN AUSTRALIA
The group bought the controversial Carmichael coal mine project in the Australian state of Queensland in 2010. The mine became the focus of a seven-year campaign by climate activists worried about emissions and damage to the Great Barrier Reef. Their protests scared off lenders, insurers and engineering firms.
It was not until December 2021 that the first cargo from the mine was shipped.
The mine’s annual production capacity is 10 million metric tons a year, far lower than an earlier envisioned 60 million.
The conglomerate is facing accusations of racism at its Australian coal unit after an Aboriginal group filed a complaint with the country’s Human Rights Commission.
COLOMBO PORT IN SRI LANKA
Adani Ports owns 51% of a new container terminal project in Sri Lanka’s capital Colombo which is expected to begin operations next year.
An agreement was signed in 2021 to develop the West Container International Terminal along with Sri Lankan conglomerate John Keells Holdings and the Sri Lankan Port Authority.
Last year, the consortium raised $553 million from the U.S. International Development Finance Corp to finance the project.
BANGLADESH POWER
Adani Power has a 1,600 megawatt (MW) Godda plant in eastern India’s Jharkhand state that only exports electricity to Bangladesh’s capital Dhaka.
Supplies began in April 2023. But Adani Power cut the supply for a second time last month as it seeks to recover more than $800 million in money owed amid a political crisis in Bangladesh.
OVERSEAS HYDROELECTRIC PLANS
The Adani Group plans to build 10 gigawatts of overseas hydroelectric projects over the next few years, sources familiar with the plans said last month.
The group is exploring building hydroelectric projects in countries such as Nepal, Bhutan, Kenya, Tanzania, the Philippines and Vietnam, the sources said.
TANZANIA
Earlier this year, a unit of Adani Ports signed an agreement to operate the main container terminals in Tanzania’s capital Dar es Salaam for 30 years.
A venture formed by the unit with Abu Dhabi-based AD Ports Group and East Africa Gateway bought a 95% stake in the terminal for $39.5 million.
VIETNAM
The group is considering investing in two airports in the Southeast Asian country, the Vietnamese government said in July.
The Vietnamese government also said last year that the Adani Group was looking at possibly investing $3 billion in seaport and renewable energy projects.
(Reporting by Nandan Mandayam in Bengaluru; Editing by Edwina Gibbs)
Brought to you by www.srnnews.com
