According to those with knowledge of the situation, the Bangladesh Power Board has granted Adani Power a new letter of credit (LC) for a continuous power supply worth $173 million (more than Rs 1,450 crore). Adani Power threatened to suspend energy supply last week after cutting them in half owing to outstanding debts of $843 million (more than Rs 7,000 crore).
The Bangladesh Power Development Board (BPDB) has given Adani Power this LC for the third time. The LC was provided by Krishi Bank in Bangladesh, while its Indian equivalent is ICICI Bank. An official with knowledge of the development stated that the previous LCs did not comply with the power purchase agreement.
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