By news section
Adani Group’s two renewable energy projects in Sri Lanka have been approved by the country’s investment promotion body.
The total investment for these projects is $44.2 crore. Its value in Indian rupees is around Rs 3,650 crore. As per the proposed plan, Adani Group will set up a wind farm at Mannar with a capacity of 250 MW and a village power plant at Puner with a capacity of 100 MW.
The Board of Investment of Sri Lanka has issued a letter of approval to Adani Green Energy for these projects. It is reported that 2000 people will be employed through this new project.
Earlier, the US-based Hindenburg Research Institute had published a report that the Adani Group was involved in stock fraud. The Adani Group’s share price started falling after this report was released.
So far, the group has incurred a loss of over Rs.11 lakh crore. Adani, who was ranked 2nd in the world’s billionaires list, was pushed down to 26th place by this report.
In this case, the Adani Group has a debt of Rs.2.26 lakh crore. The Adani Group has embarked on a full debt repayment drive to restore confidence lost among investors following the Hindenburg report. Adani Port Company has repaid Rs 1,500 crore loan last Monday.
Of this, Rs.1,000 crore has been given to SBI Mutual Fund and Rs.500 crore to Aditya Birla Life Mutual Fund.