In a surprising turn of events, Adani Ports, part of the Adani Group conglomerate, has decided to walk away from a $553 million loan offered by the United States Development Finance Corporation (DFC) for its Colombo Port project in Sri Lanka. This decision, disclosed by the company on Tuesday, raises questions about what might have pushed the Indian giant to reject such a large financial backing.
Why Adani Walked Away
The project, called the West Container Terminal (WCT) at Colombo Port, is already nearing 85% completion, with its first phase expected to be operational by early 2025. Adani Ports initially agreed to the loan in November 2023, but sources revealed that delays and changing conditions made the deal impractical.
According to insiders, the DFC had requested changes to the loan terms, which were still under review by Sri Lanka’s Attorney General. While these changes primarily concerned Sri Lankan authorities, Adani Ports decided it no longer made "business sense...
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