Adani opts out of US funding for its Colombo Port project

NEW DELHI: Billionaire Gautam Adani-led conglomerate on Tuesday said it will use its own resources to fund a Sri Lankan port project and not seek US funding.

In an exchange filing late on Tuesday, Adani Ports and SEZ Ltd said the project “is on track for commissioning by early next year” and added that the company will fund the ongoing project through “internal accruals”, aligning with its capital management strategy.

The company said it has withdrawn its 2023 “request for financing from the US International Development Finance Corporation (DFC)”.