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The Hindu
4 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
6 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.)
Time of India
6 hours ago
- Business
- Time of India
Bangladesh slashes Adani Power dues with $384 million payment, $500 million still outstanding
Bangladesh paid USD 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 USD 384 million of the committed USD 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. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo With this, Adani's "claimed" dues, while still substantial, will come down to around USD 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. Live Events 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 USD 1.5 billion of the roughly USD 2 billion total billed amount. Adani has reportedly agreed to waive late payment surcharge (LPS) for January-June period, amounting to about USD 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 USD 3 billion loan from the International Monetary Fund (IMF) on top of the existing USD 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 .
Business Recorder
13 hours ago
- Business
- Business Recorder
Dar defends decision to nominate Trump for Nobel prize
ISLAMABAD: Defending the decision to nominate US President for Nobel Peace Prize, Deputy Prime Minister and Foreign Minister Ishaq Dar has said that Pakistan still backs its choice and considers Donald J Trump as a 'Man of Peace'. 'The decision rests with the Norwegian committee. We are uncaring to the outcome, having only acknowledged what Donald Trump initiated,' Dar told this during a news conference here at the Foreign Office (FO) on Friday to brief the media about his recent multi-nation foreign tours. The foreign minister clarified that both the government and the establishment recommended US President for the peace prize in a letter signed on June 11. 'We consider Donald Trump the 'Man of Peace' and I myself signed the nomination letter,' he remarked. Pakistan recommends US President for Nobel Peace 'Donald Trump has been nominated for the Nobel Peace Prize for his role in raising the Kashmir issue, as this matter had been sidelined since the former US President Bill Clinton era,' Dar added. He; however, claimed that Trump's willingness to arbitrate to settle Kashmir dispute and assure a peaceful resolution marked a significant shift in global perception. He stated that a tariff accord with the United States is set to be announced on 'win-win' basis. Dar announced that China has principally agreed to Pakistan's proposal to extend the China-Pakistan Economic Corridor (CPEC) to Afghanistan. In addition, Pakistan and Uzbekistan are set to sign a trilateral railway framework agreement with Afghanistan in the near future for better regional connectivity and economic cooperation. He said that Pakistan and the UAE have signed a protocol during the Pakistan-UAE Joint Ministerial Commission (JMC) meeting in Abu Dhabi for visa exemption for Pakistan's diplomatic and official passports holders. With regard to economic cooperation, the Emirate leadership has agreed to invest in Pakistan in a manner similar to its previous deposits with the State Bank of Pakistan, Dar said. He disclosed there were positive developments in long-stalled negotiations with Etisalat to settle the issue pending for last 18 years. To a query, Dar said Pakistan continues to plead for improved visa processes for its citizens. Responding to questions, DPM/ FM reiterated that Pakistan did not seek or begged a ceasefire with India but agreed to it in a dignified manner. 'Pakistan is always ready for dialogue— on terrorism, trade, Kashmir, and the Indus Waters Treaty— but only through a composite framework,' he stated. On Israel, he reaffirmed Pakistan's stand, stating there would be no recognition until a two-state solution is realised. Pakistan will assume the presidency of the United Nations Security Council (UNSC) in July, with peaceful resolution of disputes set to be a central theme, Dar announced. Copyright Business Recorder, 2025
NBC News
3 days ago
- Politics
- NBC News
Reza Pahlavi, son of king overthrown by Iran's clerical rulers, sees a chance at regime change
This rallying cry is alluring for many of the 4 million Iranian exiles and expats worldwide, just under a third of whom live in the U.S., according to Iranian Foreign Ministry statistics from 2021. 'If change does come, the only path that offers both stability and a sense of national continuity is through Pahlavi,' said Amin, 38, an Iranian now living in Canada who declined to give his second name or exact location because of fear of speaking out against the regime even from abroad. There is a disagreement among experts about Pahlavi's popularity inside Iran itself. A 2022 study by Gamaan, a Dutch-based research group, gauged Pahlavi's domestic popularity at 39%, far more than then-Prime Minister Ebrahim Raisi, in second with 17%, and imprisoned Nobel Peace laureate Narges Mohammadi on 15%. 'He is the only national figure inside Iran with cross-generational, cross-class, and cross-ethnic legitimacy,' one prominent Iranian diaspora account on X, @upuouo, said last week. Other contenders abroad include the dissident group Mujahedeen e-Khalq, more commonly known as the MEK, which has gained high-profile supporters including the former New York mayor and Trump ally Rudy Giuliani. But MEK, widely seen by Western experts as a cult, has negligible support inside Iran thanks to its backing for Saddam Hussein during the Iran-Iraq war of 1980-88. Critics of Pahlavi see him as the pro-Western figurehead of a dynasty that took power in the 1920s aided by the British, cemented its grip with help from the CIA, and is only poised for a return following airstrikes by Israel and the U.S. Amin Aghdasi, 30, from Tehran, described him as 'a coward who betrays his nation' and someone waiting 'for power to be handed to him.' Pahlavi 'thinks a war criminal like Bibi can help bring back his monarchy,' Aghdasi added, referring to Israeli Prime Minister Benjamin Netanyahu. NBC News has requested comment from Pahlavi's media team, both on concerns about his familial ties to his father's legacy, and the decision to use preselected questions at his news conference. Some analysts are also skeptical of polling inside Iran, where some opinions can lead to jail or worse. 'There's been a real push to get Pahlavi to be seen as a credible opposition figure in Iran, but my sense is he's not,' said Dina Esfandiary, the Middle East geoeconomics lead for Bloomberg Economics, Bloomberg's internal research division. 'He's got a following outside of the country,' but 'honestly, inside Iran, not that much. He hasn't been inside the country in over 40 years' and many 'people believe his family is the reason why Iran is where it is today.' She agrees there are few good options. 'That's one of the reasons why the Iranian people, while they want change, are afraid of it, because they have nobody to coalesce around,' she said. Any lasting solution, she thinks, would 'need Iranians to work together and to present a viable opposition.' One reason that's not been possible domestically is Iran's crushing of successive protest movements with deadly force. Most notably the Green Movement of 2009, in which marchers railed against that year's rigged election, and the mass outcry over the death of Mahsa Amini following her detention for not following female headscarf laws in 2022. In Paris, Pahlavi sought to portray himself as a model of openness and selflessness who would help birth a new peaceful and democratic era in Iran, perhaps along the lines of Spain's King Juan Carlos I who helped dismantle the authoritarian regime of Francisco Franco and establish a parliamentary monarchy. Though he was reluctant to give a formal name to the transitional role he might play — saying 'I don't believe I need a title' — he was unequivocal about his message to the ayatollah. 'Step down,' he said down the barrel of the camera. 'If you do, you will receive a fair trial and due process of law — which is more than you have ever given any Iranian.'
