Adani Power has resumed power supply to Bangladesh after halting it for almost four months over unpaid dues, sources in the know said.
Bangladesh is making payment of $90-95 million per month, but earlier dues are yet to be paid , sources said.
“…the payments from Bangladesh are just about meeting monthly consumption by it. The have promised they will clear earlier dues,” sources said.
Bangladesh owed $850 million to Adani Power, which currently stands at $800 million. These would be cleared in next six months, people familiar with the matter said.
An Adani Power spokesperson did not comment on the matter.
Adani Power had halved supply from its 1,600-megawatt thermal plant in Jharkhand in November after a series of payments were missed by Bangladesh, which at the time was battling a foreign exchange crisis amid a turbulent change of regime.
“We’re making regular payments to Adani and receiving power as per our requirements,” news agency Bloomberg quoted Rezaul Karim, chairman of Bangladesh Power Development Board (BPDP) as saying.
According to data from BPDB, the Adani arm increased the power supply to the neighbouring country more than two weeks ago.
Adani Power stock ended at Rs 519.65 on the BSE on Thursday, 4.39% higher than the previous day’s close.