President says Adani Group’s global troubles won’t affect SL’s investment decisions

• “If they have worked in a manner that suits us, fits our initiatives, we don’t mind working with Adani Group”- Dissanayake says in an interview with Economic Times
• Says will be weighing pros and cons of case that is pending in court as well as consensus of people and then look at what is best 
• Asserts that environmental concerns are as important as investment for Sri Lanka

While controversies revolve around India’s Adani Group, President Anura Kumara Dissanayake has placed on record that his government is not concerned with Adani Group’s dealings with other countries.

Dissanayaka, who was in India this week on his first official visit, told Economic Times in an exclusive interview that the government focused only on what the entity does in the island nation.

“We are basically concerned about our investments, our development. We will be looking at how they have worked in our country. If they have worked in a manner that suits us, fits our initiatives, we don’t mind working with Adani Group,” Dissanayaka said, as quoted by Economic Times.

Dissanayake also noted that his “stable government” intends to “pave the way” for more Indian investments. 

“We don’t have any concerns over how they (Adani) work with other countries. What is important for us is how they work with us,” he reiterated in the interview with Economic Times.

“They (Adani) are completing the west terminal of the Colombo Port. They are also looking at investments in the energy sector. There are so many investments they have looked at but unfortunately, a case has been filed by people who have environmental concerns.” However, Dissanayake said Sri Lanka would be “weighing the pros and cons of the case that is pending in the court (as well as) the consensus of the people” and then look at what is best. He also asserted that the environmental concerns are as important as investment for Sri Lanka.

Last week, Adani Ports and Special Economic Zone Limited announced in a disclosure to the Bombay Stock Exchange that it has pulled back from a funding request from US International Development Finance Corporation (USIDFC) for the Colombo West International Terminal (CWIT) project in Sri Lanka.

The project, which is a joint venture with John Keells Holdings and the Sri Lanka Ports Authority, would be financed through the company’s internal accruals and capital management plan.

In November last year, USIDFC announced it would invest US $ 533 million in CWIT. It would have been the corporation’s largest infrastructure investment in Asia and an effort to improve America’s presence in the region to counter China’s dominance.

However, following the bribery charges filed against Adani Group in the United States, the corporation initiated due diligence last month. 

The US prosecutors indicted Gautam Adani and others, on charges of assisting in driving a bribery scheme of about US $ 250 million, to win Indian solar energy contracts and concealing the scheme from the US investors from whom they sought to raise funds.  USIDFC said the bribery allegation does not implicate the Adani subsidiary involved in the Sri Lankan project.