Sri Lanka has revoked a power purchase deal with India's Adani Group after a probe into U.S. allegations that the conglomerate's executives paid bribes to secure Indian power supply contracts, according to an AFP report published by the Economic Times newspaper on Friday.

The decision is in line with a desire to secure lower electricity tariffs, as activists had claimed smaller renewable projects in Sri Lanka were selling power at much lower rates, the AFP report said.

Sri Lankan President Anura Kumara Dissanayake began investigations into Adani's local projects after founder Gautam Adani faced bribery allegations from the United States last year

Sri Lanka has canceled a power purchase agreement with Adani Group, amid corruption allegations against the company's founder, Gautam Adani . The decision was taken by President Anura Kumara Dissanayake's administration, which is now reviewing the proposed wind power project.

Sri Lanka’s Cabinet of Ministers chaired by President Anura Kumara Dissanayake has revoked a decision announced in June last year to award a controversial 484 MW of wind power plants in Mannar and Pooneryn to Adani Green Energy SL Ltd.

Adani Power shares fell after reports suggested that Sri Lanka has cancelled a power purchase agreement with the Adani Group amid corruption allegations from the US

Sri Lanka revokes Adani Group power deal amid U.S. bribery probe, sparking concerns and reviews from partners and investors.

Sri Lanka's Cabinet, under President Anura Kumara Dissanayake, has canceled the award of 484 MW wind power plants in Mannar and Pooneryn to Adani Green Energy SL Ltd, a project initially granted in June 2024 by former Prime Minister Ranil Wickremesinghe.