US funding has been grabbed by the Adani conglomerate last week. This financial deal between the Adani Group and the US government came for the expansion of the overseas port empire of the Adani conglomerate. Last week, Karan Adani announced the same that a financial deal of $553 million has been inked by his family’s conglomerate with the US government toward a port terminal being developed by the group. He termed the deal a “reaffirmation by the international community” while standing before the diplomats of Sri Lanka and the US in a five-star hotel in the Sri Lankan capital. Since Karan Adani announced the same, this deal has been attracting widespread attention. Let’s delve deep into the details of this development and learn more about it. Stick with this page and go through it till the end. Scroll down.
This news came as a welcome reprieve for Adani Group after a damaging short-seller attack and several corporate fraud allegations levied on the conglomerate earlier this year. The US financial deal also signaled the US government’s endorsement of the port empire owned by Karan Adani’s father Gautam Adani who is seen as a close ally of PM Narendra Modi that would help restrain China’s maritime influence in the Indian Ocean.
For the unversed, the Indian Ocean accounts for over two-thirds of oil shipments and one-third of the world’s bulk cargo traffic. The Chief Investment Officer of TCG Asset Management Co. in Mumbai, Chakri Lokapriya, called Adani’s port ambitions a “strategic” play, assisting India to counter China’s own string of ports in its backyard, spreading from Pakistan and Sri Lanka. Shift to the next section and learn more details.
Billionaire Gautam Adani’s son Karan Adani who is the chief executive officer of the operator said in Colombo that now Adani Ports and Special Economic Zone Ltd., seen as the conglomerate’s crown jewel, is seeking further “opportunities in our neighboring countries,”. The potential ventures are expected to be in Bangladesh, East African countries, and Southeast Asian nations as well such as Tanzania and Vietnam. The existing ventures of Adani Group are in Israel and Sri Lanka. The director at Mumbai-based IIFL Securities Ltd, Sanjiv Bhasin said, “In a world that’s “looking beyond China, it is indeed a Chinese-styled expansion by Adani,” Stay tuned to this website for more details and further updates.