Sri Lanka Cancels $442 Million Power Deal with Adani Group Amid Controversy

Sri Lanka canceled a $442 million deal with India's Adani Group for a power purchasing agreement, following corruption allegations against the conglomerate by the U.S. This current deal involved setting up two wind power plants of 484 MW capacity in northern Sri Lanka. Thus, while the contract has been canceled, the project itself is still being looked into by a committee that made new appointments. Adani Group denied the allegations and declared that it is a standard operating procedure for the Sri Lankan Cabinet to review the tariff, restating its commitment to invest $1 billion into green energy infrastructure in Sri Lanka. 

Source: Reuters, Mint