Bangladesh has substantially reduced its outstanding dues to India’s Adani Power related to a power-supply deal and the company is confident of recovering the roughly $900 million still remaining, its chief financial officer said. Bangladesh has struggled to pay its dues per the deal, signed in 2017, as imports got costly since the Russia-Ukraine conflict in 2022 and amid the domestic political turmoil last August that led to the ouster of the country’s prime minister.
As a result, Adani had halved supply last year but CFO Dilip Jha said the company has resumed full supply since as the country’s monthly payments started covering some of the dues.
“We are supplying full power to Bangladesh … the payment we are receiving now is more than the monthly billing,” Jha said in a post-earnings call with analysts on Thursday.
“We are hopeful that not only will we continue to receive payments equivalent to the current month’s billing, but that the old outstanding dues will also be liquidated.”
The company said Bangladesh has paid nearly $1.2 billion of the roughly $2 billion totally billed to the country.