Adani Group sets June deadline for clearing dues
Staff Correspondent
India's Adani Group on Sunday urged the Bangladesh Power Development Board (PDB) to clear outstanding bills of $845 million by June, warning that failure to comply would result in late payment surcharges.
In a letter to the PDB, the Indian conglomerate said that the amount has accrued as unpaid bills for electricity supplied up to 6 January.
The letter further warned that if the dues remain unpaid by June, the PDB will be liable for late fees in accordance with the terms of the agreement.
However, the PDB said there is a dispute over coal prices in the bill. While Adani is calculating coal prices based on the formula outlined in the agreement, the PDB is basing its calculations on the actual cost of coal.
According to the PDB’s estimates, Adani’s outstanding dues amount to approximately $700 million. Despite the backlog, the PDB stated that current bills are being paid on time.
Sources from the PDB revealed that representatives from Adani Power and the PDB held a meeting on 9 January to discuss the issue of unpaid dues.
Subsequent to the meeting, the Adani Group issued the formal letter reiterating its demands.
