Dhaka: The National Review Committee of Bangladesh’s Power and Energy Ministry on Sunday recommended a review of major power contracts awarded by the ousted Sheikh Hasina government in Jharkhand, including the Adani Group.
A statement issued by the office of Principal Counsel Muhammad Yunus said the committee is currently reviewing seven major energy and power projects, including the Adani (Godda) BIFPCL 1234.4 MW coal-fired plant. Adani (Godda) BIFPCL is a wholly owned subsidiary of Adani Power. . The panel has proposed a review by a reputed law firm and a global investigative agency.
The development comes at a time when Adani Power is awaiting its delayed payments.
Meanwhile, in an extraordinary resolution, the committee headed by retired High Court judge Moinul Islam Chaudhary said it needed more time to further analyze all the agreements.
The panel is gathering evidence that may lead to possible renegotiation or annulment of the agreement in accordance with international arbitration laws and procedures, the review committee said in its resolution. “To facilitate this, we recommend the immediate engagement of one or more high-quality international legal and investigative bodies to assist our committee,” he said.
The panel emphasized that it wanted to ensure that its investigation aligned with international standards and would be admissible in international negotiations and arbitration.
Adani Group recently sent a letter to the Yunus government for its unpaid $800 million power supply bill while Bangladesh’s state-run Power Development Board said it had already paid $150 million despite the dollar crisis and expected to pay the full amount.
Adani’s Godda thermal plant was set up solely to supply power to Bangladesh but India recently changed a law allowing the Indian company to sell Godda power in the domestic market, fueling speculation if Bangladesh would get a dedicated power supply from the plant.