Sri Lanka maintains stance on Adani, open to investment

Sri Lanka has reaffirmed its stance on doing business with India’s Adani Group, stating that it remains open to investment opportunities from the conglomerate, Cabinet Media Spokesperson Minister Dr. Nalinda Jayatissa said yesterday (March 11).

The announcement comes amid ongoing scrutiny of the Adani Group following allegations by U.S. prosecutors that its chairman, Gautam Adani, and senior executives of Adani Green were involved in a $265 million bribery scheme to secure solar power deals in India.

On November 20, 2024, U.S. authorities stated that eight individuals, including Adani and his nephew Sagar, had agreed to pay approximately $265 million in bribes to Indian government officials to obtain contracts expected to generate $2 billion in profit over 20 years and to develop India’s largest solar power plant project.

The company and its executives have denied any wrongdoing.

Despite the controversy, Sri Lanka has maintained that it is “unconcerned” about Adani Group’s dealings in other countries. However, the government remains firm on negotiating the purchasing costs of power generated from Adani’s proposed wind power projects.

Adani Group had previously planned to invest in two wind power projects in Sri Lanka but later withdrew. The Sri Lankan government has indicated its willingness to engage with the conglomerate on future ventures, provided that agreements on pricing and other terms align with national interests.