Adani Power Ltd. has sharply increased electricity supplies to Bangladesh, even as diplomatic tensions between the two neighbours deepen. Government data from both countries shows that electricity exports from Adani’s Godda coal‑fired plant in Jharkhand jumped nearly 38% year‑on‑year to around 2.25 billion kilowatt-hours (kWh) in the October–December quarter, according to a report from news agency Reuters. 

This surge helped push India’s share in Bangladesh’s electricity mix to an all-time high of 15.6% for the year, up from 12% in 2024. Adani began supplying power to the country in early 2023.

The expansion in power trade comes against the backdrop of deteriorating bilateral ties since the ouster of the Sheikh Hasina government in August 2024. Both countries have suspended visa services and summoned envoys over security concerns involving diplomatic missions.

Despite the tension, Dhaka continues to rely heavily on electricity imports to manage an ongoing power shortage, driven largely by a shortfall in natural gas — the country’s primary energy source — and an expected 6–7% rise in demand in 2026. Power Development Board Chairman Rezaul Karim told Reuters that the country will also step up coal imports to boost domestic coal‑based power generation this year.

Bangladesh’s gas output has been falling due to declining fields and bottlenecks in LNG transmission infrastructure. As a result, gas‑fired power generation sank to a historic low of 42.6% last year, compared with nearly two-thirds of total output between 2014 and 2024.

Adani Power has increasingly filled the supply gap, exporting a record 8.63 billion kWh to Bangladesh in 2025 and accounting for 8.2% of total electricity generation. Imports from other Indian suppliers rose only marginally to 7.92 million kWh. For the first 27 days of January, Adani contributed about 10% of Bangladesh’s total power supply.

ALSO READ: Adani Power Raises Rs 7,500 Crore Via Bonds

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)

Adani Power Ltd. on Tuesday raised Rs 7,500 crore via bonds on a private placement basis. The board approved allotted 7,50,000 secured, listed, rated, taxable, non-cumulative, redeemable, non-convertible debentures each bearing a face value of Rs 1 lakh aggregating to Rs 7,500 crore for cash, in dematerialised form, on private placement basis to the identified investors, according to a stock exchange filing.

The bonds come in four tenors: two years Rs 2,860 crore (Series I), three years Rs 2,690 crore (Series II), four years Rs 675 crore (Series III) and five years Rs 1,275 crore (Series IV).

The Adani group, a key player in India’s growth story, is actively exploring opportunities to enter India’s nuclear energy sector, according to the conglomerate’s CFO, Jugeshinder Singh. The Adani Group will invest around $60 billion by financial year 2032 in power sector, especially in renewables, generation and transmission and distribution.

In an investor presentation, Adani Power said the group plans $21 billion investment by FY30 to scale up renewable energy capacity to 50 GW from 14.2 GW in FY25. It will also invest $22 billion by FY32 to have a 41.9 GW capacity from 17.6 GW in FY25.

Further, the group would invest $17 billion in build transmission and distribution capabilities through Adani Energy Solutions Ltd. The company looks to set up 30,000 km of transmission lines to support India’s growing energy needs by FY30, from 19,200 km as of March 31, 2025.

Adani Power is the largest private thermal power producer in India with capacities spread over Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Madhya Pradesh, Jharkhand, and Tamil Nadu, and a 40 MW solar power project in Gujarat.

ALSO READ: Adani Power Raises Capacity Target To 41.87 GW By FY32, Commits Rs 2 Lakh Crore Capex

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)

The logo of the Adani Group. Adani Power and Druk Green Power Corporation Limited have signed the Shareholders Agreement for setting up 570 MW Wangchhu hydroelectric project in Bhutan.
| Photo Credit: Reuters

Image used for illustration purpose only.
| Photo Credit: Reuters

K.T.M. Udayanga Hemapala, Secretary to the Ministry of Energy, Sri Lanka.
| Photo Credit: Meera Srinivasan

Colombo is not seeking to renegotiate the contentious renewable energy project with Adani Green, a top Sri Lankan official said, a week after the company abruptly pulled out of a wind farm initiative in the island’s Northern Province.

Adani Green — which had pledged an investment of $ 442 million in wind power plants in Mannar and Pooneryn — informed Sri Lanka’s Board of Investment [BOI] in a letter dated February 12,2025, that it would “respectfully withdraw” from the project, even as the government sought a lower tariff for power purchase. In a media statement on the decision, a spokesperson of the Adani Group said: “We remain committed to Sri Lanka and are open to future collaboration if the Government of Sri Lanka so desires.”

Also read: Cannot justify Adani’s ‘excessive tariff’, Sri Lanka’s President Dissanayake tells Parliament

However, indicating that the outreach on such a future investment must come from the company’s side, and not Sri Lanka’s, K.T.M. Udayanga Hemapala, Secretary to the Ministry of Energy, told The Hindu on Thursday: “The company has decided to withdraw from the project, it is their call. We are now in the process of addressing the legal requirements after they decided to close the project. But if the company wishes to return, and commits an investment through the BOI, we are open to talking to them based on our position that the tariff must be lower,” he said. While the government is keen to bring in foreign investments to Sri Lanka, it would not lobby any specific investor, he added. “We welcome all investors through proper channels, they must follow due process. We will ensure that the investments are beneficial to our people.”

Citing ongoing cases at Sri Lankan courts challenging the Adani power project, Secretary Hemapala said the petitions were based on three main concerns: whether the project was to be considered “Government-to-Government”, the validity of the Environmental Impact Assessment (EIA) undertaken, and the power-purchasing tariff.

Adani Green’s recent decision to withdraw from the project came weeks after President Anura Kumara Dissanayake’s Cabinet revoked a 2024 power purchasing agreement — signed by the predecessor President Ranil Wickremesinghe administration — according to which Sri Lanka was to purchase power at $0.0826, or 8.26 cents, per kWh from Adani Green Energy. The Cabinet decision was in line with President Dissanayake’s view that Adani Green’s tariff for the project was high , and went against his government’s stated aim of bringing down the electricity tariff by 30 % in the next five years.  Further, the Cabinet had appointed a committee to reevaluate the project. In response, a spokesman of the Adani Group told the media on January 24, 2024, that the Sri Lankan government’s decision to reevaluate the tariff was part of a “standard review process”, and categorically denied the project was cancelled as had been reported by some media. But, in just over a fortnight, Adani Green withdrew its investment.

Sampur solar plant

Meanwhile, Sri Lanka’s Cabinet has cleared a proposal to set up solar power plants in Sampur, in the eastern Trincomalee district, in a joint venture of the governments of Sri Lanka and India, through the Ceylon Electricity Board and National Thermal Power Corporation of India.  The plants, of 50 MW and 70 MW capacity, would come up in two stages, according to a statement issued by the Department of Government Information on Thursday. The decision appears to revisit an old project envisaged during the time of the Gotabaya Rajapaksa administration. In March 2022, the NTPC signed an agreement with CEB to jointly set up a 100 MW solar power plant in Sampur, a decade after a joint coal power project deal at the same location was signed and subsequently scrapped.

Adani Power has agreed to fully restore supply from a 1,600 MW India power plant to Bangladesh in a few days after a gap of three months but has rejected Dhaka’s request for discounts and tax benefits, two sources told Reuters.

Billionaire Gautam Adani’s company halved supply to Bangladesh on October 31 due to payment delays as the country battled a foreign exchange shortage. This led to the shutdown of one of the two equal-sized units of the plant on November 1, followed by Bangladesh’s request to keep supplying only half the power, citing low winter demand and as the payment issue bubbled.

Ahead of summer demand and on Bangladesh Power Development Board’s (BPDB) request, Adani Power has agreed to resume full supplies by next week, said the two sources who had direct knowledge of the matter but declined to be named as they were not authorised to talk to the media. The plant in eastern India sells only to Bangladesh.

Adani Power, however, has not agreed to meet several other demands from BPDB, including giving discounts and concessions potentially worth millions of dollars to Bangladesh, said the sources. The two sides had a virtual meeting on Tuesday and more are likely to carry on the discussions.

“They don’t want to give up on anything, even $1 million,” said one of the sources, referring to Adani Power. “We have not got any concessions. We want a mutual understanding, they are invoking the power purchase agreement.”

BPDB Chairperson Md. Rezaul Karim did not respond to questions about the differences. He told Reuters earlier this week that “now there is no big issue with Adani” and that full power supply was going to begin, while he tried to step up payments beyond $85 million a month.

An Adani Power spokesperson did not immediately respond to a request for comment. The company said in a statement following a Reuters story on Tuesday that “dispatch of power by a power generator is dependent on the procurers’ requirements, which keep changing”.

In December, an Adani source said BPDB owed the company about $900 million, while Karim said at the time the amount was only about $650 million. The pricing dispute revolves around how power tariffs are calculated.

BPDB earlier wrote to Adani Power seeking tax benefits worth millions of dollars and resumption of a discount programme that ran for a year until May.

Adani Power’s Godda plant in Jharkhand. File
| Photo Credit: adanipower.com

Bangladesh has asked Adani Power to fully resume supplies from its 1,600-megawatt plant in Jharkhand, a Bangladesh official said, after more than three months of reduced sales with supplies halved due to low winter demand and payment disputes.

Adani, which signed a 25-year contract under former Prime Minister Sheikh Hasina in 2017, has been supplying power from its $2 billion plant in Godda, Jharkhand. The plant, with two units each of 800 megawatts capacity, sells exclusively to Bangladesh.

The company halved supply to Bangladesh on October 31 due to payment delays as the country battled a foreign exchange shortage. This led to the shutdown of one unit on November 1, resulting in the plant operating at about 42% capacity.

Subsequently, Bangladesh told Adani to keep supplying only half the power.

‘No issue with Adani’

The state-run Bangladesh Power Development Board (BPDB) said it had been paying $85 million a month to Adani to clear outstanding dues and has now told the company to resume supply from the second unit.

“As per our requirement today, they have planned to synchronise the second unit, but due to the high vibration, it didn’t happen,” BPDB Chairperson Md. Rezaul Karim told Reuters, referring to some technical problems that stopped the unit from restarting on Monday (February 10, 2025).

“Right now, we are making a payment of $85 million per month. We are trying to pay more, and our intention is to reduce the overdue. Now there is no big issue with Adani.”

BPDB and Adani officials were due to meet virtually on Tuesday (February 11, 2025) following another meeting recently to work out various issues between them, said a source with direct knowledge of the matter who did not want to be named as he was not authorised to talk to the media.

An Adani Power spokesperson did not immediately respond to a request for comment. In December, an Adani source said BPDB owed the company about $900 million, while Karim said at the time the amount was only about $650 million.

Pricing dispute

The pricing dispute revolves around how power tariffs are calculated, with the 2017 agreement pricing off an average of two indexes. Adani’s power costs Bangladesh about 55% more than the average of all Indian power sold to Dhaka, Reuters has reported.

A Bangladesh court has ordered an examination of the contract with Adani by a committee of experts, with results expected this month. This could potentially lead to contract renegotiations.

Last year, Bangladesh’s interim government accused Adani of breaching the power-purchase agreement by withholding tax benefits that the Jharkhand plant received from New Delhi, Reuters reported in December citing documents. Bangladesh officials also said they were reviewing the contract.

A spokesperson for Adani told Reuters at the time that it had upheld all contractual obligations with Bangladesh and had no indication Dhaka was reviewing the contract.

Mr. Karim has not replied to Reuters‘ questions on whether the two sides have resolved their differences.

In November, U.S. prosecutors indicted Adani Group founder Gautam Adani and seven other executives for their alleged role in a $265 million bribery scheme in India. Adani Group has called the U.S. allegations “baseless”.

In September, the Bangladesh government appointed a panel of experts to examine major energy deals signed by Ms. Hasina, who fled to New Delhi in August after deadly student-led protests.

The National Company Law Appellate Tribunal (NCLAT), Chennai on Friday (September 6, 2024) ordered status quo to be maintained as on date in the matter of Corporate Insolvency Resolution Process of Coastal Energen Private Limited, based on an appeal filed against the approval of a ₹3,335.52 crore (excluding resolution process cost) resolution plan submitted by Dickey Alternative Investment Trust and Adani Power Limited consortium for the company.

NCLAT Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain directed the resolution professional Radhakrishnan Dharmarajan to run the Coastal Energen plant and maintain the resolution amount in a separate account until the case is decided on merits.

The NCLAT has posted the case for further hearing on September 18, 2024.

Interestingly, the development comes even as the Dickey Alternative Investment Trust (DAIT) and Adani Power consortium have already implemented the resolution plan and taken over Coastal Energen.

Last month, the National Company Law Tribunal (NCLT) Chennai gave the nod for Dickey Alternative Investment Trust and Adani Power resolution plan for Coastal Energen, which owns and operates an imported coal-based thermal power plant at Tuticorin, Tamil Nadu. As per the approved resolution plan, secured lenders of Coastal Energen will get about ₹3,330 crore, which is 28.52% of the admitted claims of about ₹11,677 crore.

Against the NCLT nod, Ahmed Buhari, erstwhile director of Coastal Energen, moved an appeal before the NCLAT, alleging that the due process was not followed in picking the DAIT and Adani Power consortium as the successful bidder under the insolvency and bankruptcy process.

NCLT admitted Coastal Energen for the corporate insolvency resolution process via an order dated February 4, 2022, following a case filed by the State Bank of India, and had appointed Radhakrishnan Dharmarajan as the resolution professional.

New Delhi:

Adani Power has announced its results for the first quarter of 2024-25 fiscal, reporting a 30 per cent year-on-year continuing revenue growth. Continuing EBIDTA, meaning earning before interest, taxes, depreciation, and amortization, has grown 53 per cent. And the continuing Profit Before Tax grew 95 per cent year-on-year.

“As Adani Power grows from strength to strength, we have undertaken advance development activities to secure execution pipelines for three Ultra-supercritical projects of 1,600 MW each to prepare ourselves for the anticipated resurgence in the thermal power sector. Our strategic focus is to derisk our growth plans by utilizing high efficiency, low emission technologies, pooling our deep experience and multi-domain expertise for project development, securing access to fuel resources, and revitalizing the organization to become more agile and competitive in the digitalized world,” SB Khyalia, CEO of Adani Power Limited, said in a statement.

“Adani Power is dedicated to enhancing lives and ensuring India’s energy security by proactively addressing the need for sustainable, affordable, and reliable power, while also being a responsible steward of the environment and surrounding communities,” it added.

The consolidated power sale volume at 24.1 Billion Units in the first quarter is up by 38 per cent due to improved power demand and larger effective operating capacity, the statement said.

“Power demand is continuing to exhibit strong growth across India, with aggregate power demand in the first quarter growing at 10.6% year-on-year and peak demand growing at 12% to reaching a record level of 250 GW. This positive environment for the power sector has resulted in higher offtake from APL’s power plants from both contracted capacities and open capacities,” the statement said.

“During Q1 FY 2024-25, higher volumes were contributed by almost all plants led by Mundra and Mahan in addition to Godda, the second 800 MW unit of which was commissioned on 26th June 2023. Domestic power sales volumes continued to be driven by growing power demand , and offtake under Power Purchase Agreements (“PPAs”) was further supported by falling prices of imported coal,” it said.

Adani Power, it said, has transitioned to an era of greater regulatory certainty after satisfactory resolution of all major regulatory matters and recovery of regulatory dues during FY 2023-24. “Consequently, prior period revenue recognition on account of regulatory orders has come down significantly,” it said.

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)

Logo of the Adani Group installed at a roundabout on the ring road in Ahmedabad, Gujarat. FILE
| Photo Credit: REUTERS

Shares of all Adani Group companies tumbled on Tuesday as the initial trend showed BJP winning a lesser number of seats than predicted in exit polls.

The stock of Adani Ports plummeted 20 per cent, Adani Energy Solutions plunged 19.80 per cent, Adani Power slumped 19.76 per cent, Ambuja Cements tumbled 19.20 per cent and the group’s flagship firm Adani Enterprises tanked 19.13 per cent on the BSE.

Erasing the record-rally of the previous trade, the 30-share BSE Sensex dropped 4,131.44 points or 5.40 per cent to 72,337.34, and the Nifty slumped 1,263.3 points or 5.43 per cent to 22,000.60.

Shares of all Adani Group companies rallied sharply on Monday, with Adani Power surging nearly 16 per cent in line with a massive surge in the equity market, taking the combined market valuation of the ten listed firms to Rs 19.42 lakh crore.

The stock of the majority of the group firms, including Adani Enterprises, Adani Ports, Adani Power and Adani Green, also bounced back to their pre-Hindenburg Research report levels on Monday.

The BJP-led NDA was ahead with leads in 296 seats and the opposition INDIA bloc not far behind in 227 seats as votes were counted for the Lok Sabha elections on Tuesday, setting the course for a third consecutive term as prime minister for Narendra Modi but with a stronger opposition.

While the BJP was ahead in 236 of 542 seats, the Congress had leads in 97, signalling a dip for the ruling party from the 303 score in 2019 and a spike for the opposition party’s 52 from the last election. An election marked by acridity and acrimony could end with the treasury benches in reduced numbers and an opposition with more teeth.

ALSO READ:Adani Group’s FY24 net jumps 55%; mulls $90-billion capex

In trends available till 11.45 am, the NDA was close to the 300 mark, comfortably over the magic figure of 272 with the opposition INDIA bloc making significant gains.

Shares of all group companies surged on Friday by up to 14 per cent after US brokerage Jefferies put a bullish view on the group that is back to an expansion spree with a planned USD 90 billion capital expenditure over the next decade.