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SINGAPORE, Aug 13 (Reuters) - An Adani Power (ADAN.NS), opens new tab coal-fired power plant under contract to sell all its output to Bangladesh can now supply the domestic market after an amendment to India's power export rules, helping the company hedge against political risks in Bangladesh.
An internal federal power ministry memo, dated Aug. 12 and seen by Reuters, amends 2018 guidelines governing generators supplying electricity "exclusively to a neighbouring country". Currently only one plant in India - Adani Power's 1,600 megawatt (MW) Godda plant in eastern Jharkhand state - is under contract to export 100% of its power to a neighbouring country.
The memo says "the government of India may permit connection of such generating station to the Indian grid to facilitate sale of power within India in case of sustained non-scheduling of full or part capacity".
The move, which happened nearly a week after longtime Prime Minister Sheikh Hasina fled Bangladesh amid deadly protests triggered by quotas for government jobs, could also benefit future projects where all output is locked into export contracts.
Bangladesh is battling anarchy and vandalism, with a caretaker government vowing that improving law and order was its top priority.
The amendment by the Indian government also allows sale of power to the local grid if there is a delay in payments.
The conglomerate called the plant a "shining example of India-Bangladesh cooperation" in July 2023, shortly after its billionaire Chairman Gautam Adani met Hasina following full-load commissioning of the plant.
On Tuesday, an Adani Group spokesperson said the amendment would help increase the overall availability of power in India, and "help cater to the soaring electricity demand across the country."
An internal federal power ministry memo, dated Aug. 12 and seen by Reuters, amends 2018 guidelines governing generators supplying electricity "exclusively to a neighbouring country". Currently only one plant in India - Adani Power's 1,600 megawatt (MW) Godda plant in eastern Jharkhand state - is under contract to export 100% of its power to a neighbouring country.
The memo says "the government of India may permit connection of such generating station to the Indian grid to facilitate sale of power within India in case of sustained non-scheduling of full or part capacity".
The move, which happened nearly a week after longtime Prime Minister Sheikh Hasina fled Bangladesh amid deadly protests triggered by quotas for government jobs, could also benefit future projects where all output is locked into export contracts.
Bangladesh is battling anarchy and vandalism, with a caretaker government vowing that improving law and order was its top priority.
The amendment by the Indian government also allows sale of power to the local grid if there is a delay in payments.
The conglomerate called the plant a "shining example of India-Bangladesh cooperation" in July 2023, shortly after its billionaire Chairman Gautam Adani met Hasina following full-load commissioning of the plant.
On Tuesday, an Adani Group spokesperson said the amendment would help increase the overall availability of power in India, and "help cater to the soaring electricity demand across the country."
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India has lowered its development aid allocation for Bangladesh by 40% in its annual budget for the fiscal year 2024-25 placed in parliament yesterday (23 July).
This year, the Modi-administration allocated 120 crore rupees for Bangladesh, which is down by 80 crore rupees from that of the previous budget, reports The Daily Star.
A significant portion of the Ministry of External Affairs' (MEA) development assistance of 4,883 crore rupees for 2024-25 has been earmarked for countries such as Nepal, Sri Lanka, Bhutan, Maldives, Afghanistan and Myanmar.
Bhutan has emerged as the highest recipient of India's aid, receiving 2,068.56 crore rupees, less than last year's 2,400 crore rupees.
The provision is for India's multilateral and bilateral aid and assistance programmes to neighbouring and other developing countries in Africa, Central Asia, South Asia and Latin America.
As per the revised estimates for FY24, the Indian government provided 6,541.79 crore rupees to foreign governments, surpassing the budget estimates of 5,848.58 crore rupees.
The estimate for FY25 is 5,667.56 crore rupees.
www.tbsnews.net
This year, the Modi-administration allocated 120 crore rupees for Bangladesh, which is down by 80 crore rupees from that of the previous budget, reports The Daily Star.
A significant portion of the Ministry of External Affairs' (MEA) development assistance of 4,883 crore rupees for 2024-25 has been earmarked for countries such as Nepal, Sri Lanka, Bhutan, Maldives, Afghanistan and Myanmar.
Bhutan has emerged as the highest recipient of India's aid, receiving 2,068.56 crore rupees, less than last year's 2,400 crore rupees.
The provision is for India's multilateral and bilateral aid and assistance programmes to neighbouring and other developing countries in Africa, Central Asia, South Asia and Latin America.
As per the revised estimates for FY24, the Indian government provided 6,541.79 crore rupees to foreign governments, surpassing the budget estimates of 5,848.58 crore rupees.
The estimate for FY25 is 5,667.56 crore rupees.
India cuts development aid allocation for Bangladesh by 40%
India has lowered its development aid allocation for Bangladesh by 40% in its annual budget for the fiscal year 2024-25 placed in parliament yesterday (23 July). This year, the Modi-administration allocated 120 crore rupees for Bangladesh, which is down by 80 crore rupees from that of the...
