Latest news with #Hasina
India.com
2 hours ago
- Business
- India.com
Bangladesh makes big move, set to affect relation with Gautam Adani, decides to...
New Delhi: Bangladesh has significantly reduced its outstanding dues under a power supply agreement with Adani Power in June as it paid $ 384 million to the company, say the sources. How much amount is due on Bangladesh? This amount of $ 384 million paid to Adani Power in June (till 27 June) is a part of the committed $ 437 million to be paid during the month, two sources aware of the matter said. This payment will clear Bangladesh's admitted claims till March 31. Once this amount of Adani's claimed dues is cleared, the total dues will come down to around $ 500 million (assuming Bangladesh meets its month-end commitment), they said. When was the deal made with Adani Power? Bangladesh has struggled to meet its payment obligations under the 2017 deal, as rising import costs following the Russia-Ukraine conflict in 2022 and the massive violent protests led by students in the country. The turmoil led to the ouster of prime minister Sheikh Hasina as she fled on August 5. This entire chain of events has squeezed the country's finances. Adani Power's action over non-payment As a result, Adani had halved supply last year and full supplies were resumed in March 2025 after the country's monthly payments started covering some of the dues. With the latest payments, Bangladesh has paid nearly $ 1.5 billion of the roughly $ 2 billion total billed amount. When contacted, an Adani Power spokesperson confirmed the payments but didn't share details on 'claimed' and 'agreed' dues stating these discussions are private. From which plant in India power was supplied? The 2017 power supply deal between Adani Power and Bangladesh had come in for scrutiny after the ouster of the Sheikh Hasina-led government last year. Interim government, led by Muhammad Yunus, called for the formation of a high-level committee, comprising energy and legal experts, to re-examine the power purchase agreement (PPA). Under the 2017 deal, Adani Power's Godda power plant in Jharkhand was to supply 100 per cent of the electricity generated from burning coal, to Bangladesh for a period of 25 years. Effect of cutting power After payment defaults, Adani had cut electricity supplies by half in November 2024 and restored full supply of 1,600 MW in March. Bangladesh stepped up repayments from July last year, clearing monthly dues. Bangladesh has been struggling to generate sufficient dollar revenues to cover the cost of essential imports such as electricity, coal, and oil. Its foreign currency reserves declined. IMF loan The interim government that succeeded her sought an additional $ 3 billion loan from the International Monetary Fund (IMF) on top of the existing $ 4.7 billion bailout package. Adani's power deal with Bangladesh was one of the many under Sheikh Hasina, which the current interim government has called opaque. Besides Adani Power, other Indian state-owned firms also sell power to Bangladesh, including NTPC and PTC India Ltd. (With PTI inputs)
Time of India
3 hours ago
- Business
- Time of India
Unfair trade practices by Bangla suppliers forced India to restrict import of jute: Officials
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel India imposed restrictions on the import of jute and allied fibre products from Bangladesh in view of its "unfair trade" practices including circumvention of anti-dumping duty that harmed Indian farmers, people familiar with the matter said on new restrictions will apply to imports into India of Bangladesh's jute and allied fibre products across all land and seaports, with the exception of the Nhava Sheva seaport in punitive measures were announced on Friday and they came into effect has been a sharp downturn in India-Bangladesh relations after deposed prime minister Sheikh Hasina fled Dhaka and took shelter in India in August last year in the face of a massive anti-government must not be allowed to persist with "unfair trade" practices that harm the livelihood of Indian farmers and mill workers in a sector that forms the economic backbone of rural regions, said an official on condition of market access extended by India in good faith cannot be undermined to the detriment of India's economic interests, said another decision on Bangladeshi jute and fibre products came weeks after it put restrictions on ready-made garments and several other consumer goods through land the provisions of SAFTA (South Asian Free Trade Area), jute from Bangladesh enjoys a duty free access to the Indian jute industry has, for long, suffered due to the adverse impact of dumped and subsidised imports of jute products, particularly yarn, fibre and bags' from the neighbouring country, the people cited above is credible evidence that Bangladeshi jute exports continue to benefit from state subsidies extended by the government of Bangladesh, they response to these concerns, the Directorate General of Anti-Dumping and Allied Duties (DGAD) conducted detailed investigations and imposed anti-dumping duty (ADD) on jute and goods originating from Bangladesh, the people the imposition of ADD has not yielded a substantial reduction in imports, they from various subsidies, common malpractices by Bangladeshi exporters include circumvention of anti-dumping duty through technical exemptions, mislabelling, exports through ADD exempted firms and "misdeclaration" to secure higher subsidies, the people restrictions are aimed to counter unfair trade practices , promote ' Atmanirbhar Bharat ' (self-reliance), and protect rural livelihoods tied to India's domestic jute economy, the people cited above said."To safeguard the interests of the domestic jute industry and to counter the unfair trade practices employed by the Bangladesh exporters acting in collusion with Bangladeshi establishment, it has been decided to restrict Bangladesh imports of jute and jute products to India through only from Nhava Sheva port," said one of the people."The imposition is expected to streamline the quality checking, prevent misdeclaration and fraudulent labelling, thereby neutralising the malpractices that have plagued the industry for long," the person said."The government is also taking steps to ensure that exporters in Bangladesh do not circumvent the aforesaid restrictions by routing their jute exports through third countries," he added.
Time of India
5 hours ago
- Business
- Time of India
Bangladesh-Adani dues: Bangladesh pays $384 million to Adani Power, trims outstanding to $500 million
Bangladesh has paid $384 million to Adani Power this month, significantly reducing its outstanding dues under a 2017 power supply agreement with the Indian company, according to sources. As of June 27, Bangladesh has paid $384 million of the committed $437 million scheduled for the month. Sources said this amount clears the country's "admitted" dues till March 31, though "claimed" dues by Adani remain about $500 million—provided Bangladesh completes its June-end payment commitment, PTI reported. The payments come amid Dhaka's ongoing struggle to meet obligations under the 25-year power supply pact signed during the tenure of former Prime Minister Sheikh Hasina. The agreement had come under strain after rising import bills—exacerbated by the Russia-Ukraine war—and a severe dollar crunch triggered by months of political turmoil that led to Hasina's ouster in August 2024. In response to mounting unpaid bills, Adani Power halved electricity supply to Bangladesh in November 2024. Full supply from its 1,600 MW Godda plant in Jharkhand resumed in March 2025 after Bangladesh resumed monthly payments. With the latest tranche, Bangladesh has paid nearly $1.5 billion of the total $2 billion billed so far. Adani has reportedly agreed to waive late payment surcharges for January to June 2025, amounting to $20 million, contingent on timely future payments. However, differences remain between Adani's 'claimed' and Bangladesh's 'admitted' dues—primarily due to disagreements over coal costs and plant capacity calculations. A spokesperson for Adani Power confirmed the June payments but declined to comment on outstanding disputes, calling the discussions private. The 2017 deal has faced renewed scrutiny under Bangladesh's interim government led by Nobel laureate Muhammad Yunus. The administration has initiated a review of several power purchase agreements, including Adani's, through a committee comprising energy and legal experts. Adani's contract involves supplying the entire output from its coal-based Godda plant to Bangladesh. Following payment defaults, Adani had reduced supply by half in late 2024 but resumed full exports after partial liability clearance, the report said. Bangladesh's financial crunch, driven by reduced forex reserves and growing import bills for energy, had resulted in widespread power outages last year. The country has since been repaying monthly dues and recently sought an additional $3 billion from the International Monetary Fund (IMF), atop an earlier $4.7 billion bailout package. Adani Power is among several Indian firms selling electricity to Bangladesh. Others include state-run NTPC and PTC India Ltd. The interim government has labelled several Hasina-era power deals 'opaque' and is in the process of evaluating their long-term financial and legal implications. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
The Hindu
7 hours ago
- Business
- The Hindu
Bangladesh pays $384 million to Adani Power to clear majority of dues
Bangladesh paid $384 million to Adani Power in June, significantly reducing its outstanding dues under a power supply agreement with the Indian firm, according to sources. In June (till June 27), Bangladesh has paid $384 million of the committed $437 million to be paid during the month, two sources aware of the matter said. This would clear Bangladesh's "admitted" claims till March 31. With this, Adani's "claimed" dues, while still substantial, will come down to around $500 million (assuming Bangladesh meets its month-end commitment), they said. Bangladesh has struggled to meet its payment obligations under the 2017 deal, as rising import costs following the Russia-Ukraine conflict in 2022 and domestic political turmoil - which led to the ouster of prime minister Sheikh Hasina — strained the country's finances. As a result, Adani had halved supply last year and full supplies were resumed in March 2025 after the country's monthly payments started covering some of the dues. Nearly $1.5 billion paid With the latest payments, Bangladesh has paid nearly $1.5 billion of the roughly $2 billion total billed amount. Adani has reportedly agreed to waive late payment surcharge (LPS) for January-June period, amounting to about $20 million, if Bangladesh keeps its payment commitment. Sources said both parties are engaged in discussion to resolve some issues related to coal cost and plant capacity calculations. These are the key reasons behind the difference between "claimed" and "admitted" dues. When contacted, an Adani Power spokesperson confirmed the payments but didn't share details on "claimed" and "agreed" dues stating these discussions are private. The 2017 power supply deal between Adani Power and Bangladesh had come in for scrutiny after the ouster of the Sheikh Hasina-led government last year. Interim government, led by Nobel Peace prize laureate Muhammad Yunus, called for the formation of a high-level committee, comprising energy and legal experts, to re-examine the power purchase agreement (PPA). Under the 2017 deal, Adani Power's Godda power plant in Jharkhand was to supply 100 per cent of the electricity generated from burning coal, to Bangladesh for a period of 25 years. After payment defaults, Adani had cut supplies by half in November 2024. It restored full electricity supply, which is around 1,600 MW, in March after the country reduced liabilities. Bangladesh stepped up repayments from July last year, clearing monthly dues. This came after the country suffered from increased power shortages in rural areas. Struggling economy Bangladesh has been struggling to generate sufficient dollar revenues to cover the cost of essential imports such as electricity, coal, and oil. Its foreign currency reserves declined amid months of student-led protests and political unrest, which culminated in the ousting of the Sheikh Hasina government in August 2024. The interim government that succeeded her sought an additional $3 billion loan from the International Monetary Fund (IMF) on top of the existing $4.7 billion bailout package. Adani's power deal with Bangladesh was one of the many under Sheikh Hasina, which the current interim government has called opaque. Besides Adani Power, other Indian state-owned firms also sell power to Bangladesh, including NTPC and PTC India Ltd.
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Business Standard
8 hours ago
- Business
- Business Standard
Bangladesh pays $384 mn to Adani Power to clear major portion of power dues
Bangladesh paid $384 million to Adani Power in June, significantly reducing its outstanding dues under a power supply agreement with the Indian firm, according to sources. In June (till June 27), Bangladesh has paid $384 million of the committed $437 million to be paid during the month, two sources aware of the matter said. This would clear Bangladesh's "admitted" claims till March 31. With this, Adani's "claimed" dues, while still substantial, will come down to around $500 million (assuming Bangladesh meets its month-end commitment), they said. Bangladesh has struggled to meet its payment obligations under the 2017 deal, as rising import costs following the Russia-Ukraine conflict in 2022 and domestic political turmoil - which led to the ouster of prime minister Sheikh Hasina - strained the country's finances. As a result, Adani had halved supply last year and full supplies were resumed in March 2025 after the country's monthly payments started covering some of the dues. With the latest payments, Bangladesh has paid nearly $1.5 billion of the roughly $2 billion total billed amount. Adani has reportedly agreed to waive late payment surcharge (LPS) for January-June period, amounting to about $20 million, if Bangladesh keeps its payment commitment. Sources said both parties are engaged in discussion to resolve some issues related to coal cost and plant capacity calculations. These are the key reasons behind the difference between "claimed" and "admitted" dues. When contacted, an Adani Power spokesperson confirmed the payments but didn't share details on "claimed" and "agreed" dues stating these discussions are private. The 2017 power supply deal between Adani Power and Bangladesh had come in for scrutiny after the ouster of the Sheikh Hasina-led government last year. Interim government, led by Nobel Peace prize laureate Muhammad Yunus, called for the formation of a high-level committee, comprising energy and legal experts, to re-examine the power purchase agreement (PPA). Under the 2017 deal, Adani Power's Godda power plant in Jharkhand was to supply 100 per cent of the electricity generated from burning coal, to Bangladesh for a period of 25 years. After payment defaults, Adani had cut supplies by half in November 2024. It restored full electricity supply, which is around 1,600 MW, in March after the country reduced liabilities. Bangladesh stepped up repayments from July last year, clearing monthly dues. This came after the country suffered from increased power shortages in rural areas. Bangladesh has been struggling to generate sufficient dollar revenues to cover the cost of essential imports such as electricity, coal, and oil. Its foreign currency reserves declined amid months of student-led protests and political unrest, which culminated in the ousting of the Sheikh Hasina government in August 2024. The interim government that succeeded her sought an additional $3 billion loan from the International Monetary Fund (IMF) on top of the existing $4.7 billion bailout package. Adani's power deal with Bangladesh was one of the many under Sheikh Hasina, which the current interim government has called opaque. Besides Adani Power, other Indian state-owned firms also sell power to Bangladesh, including NTPC and PTC India Ltd. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
