South Africa tour of India 2019
Bangladesh protests Adani's "expensive" power deal.
The Daily Star published an article claiming that the then-Bangladesh government had no good reason to sign the power purchase agreement even though it was made two years after the deal was first announced. This article has since gone viral as Adani's business dealings have been scrutinised globally.
The Adani Group Company Adani Power Limited inked an agreement with the Bangladesh Power Development Board (BPDB) in November 2017 that is now under scrutiny and being called for revisions by the BPDB itself.
Bangladeshi media reported on August 11, 2015, that an agreement had been reached with Adani Power under the 2011 Indo-Bangla Framework Agreement for Cooperation; this was only about two months after Prime Minister Narendra Modi's first visit to Bangladesh. The deal was found to be "exceptionally expensive" and "overtly favouring" Adani Power, according to legal and energy experts, and the report in the Daily Star, which is now being shared widely with Adani's business dealing coming under global scrutiny, claims that nothing explains the then-Bangladesh government's rationale for signing the power purchase agreement for the deal two years later.
Since the plant was constructed at an estimated cost of Rs.14,816 crore on an "unconditional and irrevocable" sovereign guarantee from the Bangladesh government that it would purchase the entire power generated for 25 years, the report notes that there is virtually no room for BPDB to get out of the contract for power purchase from the plant.
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