The Indian conglomerate Adani Group has begun to curb electricity supplies to Bangladesh and threatened to completely shut down power exports as the new government in Dhaka struggles with a backlog of overdue payments.
The infrastructure-focused company owned by billionaire Gautam Adani on Thursday started slashing cross-border electricity flows by as much as half from its 1,600-megawatt capacity Godda coal-fired plant in eastern India, according to data published by Bangladesh’s power grid.
The group has set a November 7 deadline for a full cut-off unless Bangladesh can clarify how it will settle amounts owed to the company, according to a person familiar with the matter.
Adani Group has previously warned that the overdue payments have become “unsustainable”. Its executives told analysts last month that the country owed about $800mn at the end of September.
