The electricity deal charged impoverished and indebted Bangladesh more for power than from comparable coal-fired plants.
Furthermore, the unusual terms included the absence of a price ceiling on coal, meaning that Adani — who is likely to import coal for the power plant from his own overseas coal mines via his own shipping network and coal-handling ports — could charge Bangladesh an even steeper price, The Post reported.
The power purchase agreement between Adani and Bangladesh was signed following a 2015 state visit by Modi to Bangladesh, where the Indian leader urged his counterpart, Sheikh Hasina, to facilitate the entry of Indian businesses into Bangladesh. In recent weeks, Bangladeshi officials have expressed unease about the deal with Adani and have hoped for a renegotiated terms, according to local media reports. But in its letter to Indian regulators this week, Adani Power said the power purchase agreement is not being renegotiated. Varsha Chainani, an Adani spokeswoman, declined further comment.A spokesman for Nasrul Hamid, the Bangladeshi minister for power, did not respond to a request for comment.
The investigation last year by The Post found that the Adani power project received extensive tax breaks and legislative changes pushed through by officials under the Modi government that would effectively save the billionaire’s firm more than $1 billion.
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