Adani Group Responds to U.S. Bribery Allegations, Pulls Out of DFC Funding for Sri Lanka Project

Recently, the Adani Group's name came up in a bribery case being heard in a U.S. court. Following this, the group issued a clarification and denied the allegations. Now, the Adani Group has given a strong response to the U.S., announcing that it will no longer seek funding from the U.S. financial firm, DFC (Development Finance Corporation), for its port project in Sri Lanka. Instead, the group has decided to independently fund the project.

According to Adani Ports and Special Economic Zone Limited, the company will now raise the required capital for the Colombo West International Terminal project in Sri Lanka through its own resources and capital management plans. The company also confirmed that it has withdrawn its request for funding from DFC. This decision follows allegations against Gautam Adani and seven others associated with the Adani Group in a bribery and fraud case in New York, U.S. The allegations involve a claim that they offered a $265 million bribe to officials to secure a $2 billion solar energy project. The Adani Group, however, has rejected these charges, with the U.S. Department of Justice and the Securities and Exchange Commission clearing them of the bribery and fraud accusations.

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In 2023, the U.S. had decided to provide financial assistance for the Colombo West International Terminal project in Sri Lanka, which was being developed by the Adani Group. The U.S. International Development Finance Corporation (DFC) had promised to provide $553 million for the project, aimed at reducing China's influence in the region. However, after the recent allegations, the Adani Group's decision to withdraw from the DFC funding plan signals a significant shift in their approach to financing the project.