Skip to content
Search

Latest Stories

Adani invests in bankrupt Sri Lanka

Adani invests in bankrupt Sri Lanka

CASH-STRAPPED Sri Lanka announced its first major foreign investment since it declared bankruptcy, approving a $442 million (£368m) wind power project by India's Adani group.

Sri Lanka's Board of Investment said Adani Green Energy, part of the business empire of controversial Indian tycoon Gautam Adani, will set up two wind farms in the island's north.


The total investment will reach $442m and the two plants will be supplying power to the national grid "by 2025", the BOI said in a statement.

The project comes after Sri Lanka awarded Adani a $700m (£582m)  strategic port terminal project in Colombo in 2021.

That concession was widely seen as a bid to address New Delhi's growing concern over China's expanding influence in the region -- Adani had been nominated as the contractor by the Indian government.

The firm is building a 1.4-kilometre, 20-metre deep jetty right next to a Chinese-operated terminal at Colombo harbour, the only deep-sea container port between Dubai and Singapore.

Energy minister Kanchana Wijesekera said he met with Adani officials in Colombo on Wednesday to finalise the wind farm project.

"We expect the power plants to be commissioned by December 2024," he said.

The development comes after a US investment firm last month accused Adani's companies of accounting fraud and price manipulation, triggering a rout that saw $120 billion (£99.8bn) wiped off the group's market capitalisation.

Adani denies the allegations.

A Chinese firm was awarded a $12m (£9.98m) Asian Development Bank-funded project to build three wind farms on islands in the Palk Strait between India and Sri Lanka in 2019, but it was cancelled after objections from New Delhi.

China is Sri Lanka's largest official lender, accounting for 52 per cent of bilateral credit. Colombo is awaiting financial assurances from Beijing to unlock a $2.9bn (£2.4bn) bailout from the International Monetary Fund.

(AFP)

More For You

‘All options on the table’ as Britain
prepares for likelihood of US tariffs

Sir Keir Starmer with Jonathan Reynolds

‘All options on the table’ as Britain prepares for likelihood of US tariffs

BRITAIN is likely to be hit by US tariffs despite making “rapid progress” over a trade deal with Washington, prime minister Sir Keir Starmer said on Tuesday (1).

He spoke as US trading partners around the world braced for an expected fresh raft of tariffs from president Donald Trump, in addition to levies already imposed on steel and those set to take effect this week on cars.

Keep ReadingShow less
single-use vapes-iStock

Analysis by Material Focus estimates that 8.2 million vapes are discarded or littered each week in the UK—equivalent to 13 every second. (Representational image: iStock)

iStock

Shops told to clear single-use vapes before ban starts on June 1

SHOPS across the UK have until 1 June 2025 to sell off remaining stocks of single-use vapes before a nationwide ban comes into force.

The legislation, confirmed last year, follows a government consultation that showed strong support for restricting their sale and supply.

Keep ReadingShow less
Primark-London-Getty

During his 15-year tenure, Marchant expanded Primark’s store network to more than 450 locations across 17 countries in Europe and the United States. (Photo: Reuters)

Primark chief Paul Marchant steps down after misconduct probe

PAUL MARCHANT, the head of fashion retailer Primark, has resigned with immediate effect after admitting to an "error of judgment" in his behaviour towards a woman in a social setting.

Associated British Foods (AB Foods), Primark's parent company, announced his resignation on Monday.

Keep ReadingShow less
Jaguar’s bold gamble: Can it woo young, wealthy drivers with a £123k EV?

Jaguar’s bold gamble: Can it woo young, wealthy drivers with a £123k EV?

JAGUAR’S ambition to seduce younger, richer drivers was on full display in Paris with a presentation of its newest prototype, the Type 00, which promises all-electric luxury... at a steep price.

The low-slung, muscular-looking concept car presented to European reporters last Friday (21) prefigures a production model expected mid-2026 at a base cost of €150,000 (£123,472.8).

Keep ReadingShow less
Starmer-Trump-Getty

Trump has suggested the possibility of a 'great' trade deal that could help the UK mitigate the impact of tariffs he has pledged to introduce. (Photo: Getty Images)

Starmer, Trump talk trade deal progress in 'productive' discussion

KEIR STARMER and Donald Trump spoke on Sunday about ongoing UK-US trade negotiations, with Downing Street describing the talks as "productive."

Since leaving the European Union, the UK has been working to secure a trade agreement with the United States. Successive British governments have pursued a deal, but it has remained elusive.

Keep ReadingShow less