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NRIPage | Articles | Bangladesh Accuses Adani Power of Breaching Deal Over Tax Benefits and Payments | Get Finance & Economics News. Master Your Financial Future - NRI Page
Bangladesh's interim government has accused Adani Power of breaching a multi-billion-dollar agreement related to the supply of electricity from its coal-fired plant in India. The dispute centers on Adani Power withholding tax benefits that the power plant was entitled to under the agreement. The Indian company signed a deal with Bangladesh in 2017 to supply power from the Godda plant, but Dhaka claims that Adani Power failed to pass on the tax exemptions it received from the Indian government, which were outlined in the contract.
The government of Bangladesh is also seeking to renegotiate the terms of the deal, as it believes the contract, awarded by then-Prime Minister Sheikh Hasina without a competitive bidding process, is overpriced compared to other coal power deals. The dispute has worsened since July 2023 when Bangladesh began falling behind on payments to Adani Power for energy supplied. While the two parties disagree on the exact amount owed, the arrears have become a significant point of contention.
In light of the payment issues, Bangladesh's government, under new leadership after the student-led revolution ousted Hasina, is taking steps to address the power deal. Muhammad Yunus, who assumed power in August, has formed a panel to review energy agreements, including the one with Adani Power. A court in Bangladesh has also ordered an investigation into the deal. Meanwhile, Adani Power has rejected the accusations, maintaining that it has fulfilled all contractual obligations and has not received any indication that Bangladesh intends to review the contract.
The dispute also highlights issues with the pricing structure of the power supply from Godda, which was 55% higher than average Indian power costs. Bangladesh is pressing for changes in the tariff calculation to reflect more favorable benchmarks. Adani Power has rejected these proposals, and the two sides are now preparing for arbitration in Singapore.
