Informed the exchanges.
“We have withdrawn our request for financing from DFC,” APSEZ informed the bourses late on Tuesday.
The CWIT project in Sri Lanka is making “good progress” and is expected to be operational early next year. Its funding will come from the company’s internal accruals and capital management strategy, APSEZ said.
ET reported that the US Development Finance Corporation (DFC), which approved a $553 million loan for Colombo West International Terminal Pvt. Ltd. (CWIT), did not disburse the loan.
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In 2023, the US Development Finance Corporation (DFC) approved a loan to support the development, construction and operation of a deepwater container terminal at the port of Colombo, Sri Lanka. The loan was allocated to a consortium comprising Colombo West International Terminal (CWIT), Sri Lankan conglomerate John Keels Holdings, Sri Lanka Ports Authority (SLPA) and Adani Ports and Special Economic Zones Limited (APSEZ).
Adani said at the time that Colombo Port was the largest and busiest transshipment port in the Indian Ocean. Operating at over 90% utilization from 2021, it highlighted the urgent need for additional capacity. “The new terminal will serve the growing economies in the Bay of Bengal, leveraging Sri Lanka’s strategic position on key shipping routes and its proximity to these expanding markets,” the company added.
Although the transaction was approved in 2023, no funds were disbursed, and the situation was under review, a DFC spokesperson said in response to a query. Economic Times.
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“The project has not reached financial close or signed the loan agreement. We continue to conduct due diligence to ensure that all aspects of the project meet our stringent standards before any loan is disbursed,” DFC said a fortnight ago in response to an email query.
This comes after weeks of investigations by the Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) with law enforcement into allegations related to Adani. “The DFC was aware of the recent allegations regarding Adani and was actively evaluating the implications in light of the DOJ’s announcement. We defer to these agencies for any law enforcement matters and related issues,” the organization said. It also emphasized its commitment to ensure that its projects and partners adhere to the highest standards of integrity and compliance.
The spokesperson said the DFC is “actively evaluating the implications in light of the recent Department of Justice (DOJ) announcement” regarding the allegations against Adani.
(disclaimer: Recommendations, suggestions, opinions and views given by experts are their own. (These do not represent the views of The Economic Times)
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