This is going too far, reconsider! Another blow to Adani; Big shock from Bangladesh

New Delhi: A report by Hindenburg Research has put Adani Group in trouble. Hindenburg’s 106-page report launched the Adani empire. Shares of companies have fallen more than 60 percent. The loss has crossed 10 lakh crores. Adani, who reached the second position in the list of richest businessmen in the world, is no longer even in the top 20. Adani has lost as much wealth in five days as it earned in the last year. Now Adani has been given a blow by Bangladesh.

After the Adani group got into trouble, now the rest of the countries are on alert. It also includes Bangladesh. Bangladesh signed a power purchase agreement with Adani Power Limited in 2017. Bangladesh has demanded to amend it. Electricity tariffs fixed by Adani Group are high. Bangladesh government has demanded that they should be reduced.

What is the deal between Adani Power and Bangladesh?
Adani Power Limited is setting up a power generation plant in Jharkhand’s Godda district. The capacity of this center is 1600 MW. Electricity will be sent to Bangladesh from this centre. Bangladesh currently imports 1160 MW of electricity from India. According to the 2017 agreement, 1,600 MW of electricity generated from the Godda center will be sent to Bangladesh. The agreement between Adani Group and Bangladesh is for 25 years. Bangladesh will get electricity from Godda from March this year.
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What happened now?
Bangladesh Power Development Board (BPDB) has sent a letter to Adani Group for changes in power purchase agreement. The officials of the board have said that the rates of coal required for this project should be reconsidered. Adani Group has sent a letter to BPDB to open letter of credit for coal import. Demand note from BPDB is required to obtain Letter of Credit from Government of India. BPDB officials say that the burden of coal prices that Adani Power will purchase to purchase power generation will ultimately fall on Bangladesh.
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What is the demand of Bangladesh?
Adani Group has sent a demand note to Bangladesh. It mentions the price of coal at $400 (Rs. 32,897) per metric ton. BPDB officials have said that this rate is very high. The price should be $250 (Rs. 20,561), officials said. The letter mentions that we are calculating the same rate for other power stations as well.