Adani Group pulls out of US loan deal for port in Sri Lanka’s Colombo

India’s Adani Group has withdrawn its request for a US government-backed loan to construct a port in Sri Lanka seen as a counter to a rival Chinese project, according to company filings. The move comes weeks after a bombshell indictment in New York accused the conglomerate’s billionaire founder Gautam Adani of deliberately misleading international investors as part of a bribery scheme. Subsidiary Adani Ports and Special Economic Zone Ltd said in a Tuesday statement that it was pulling its request for a loan of $553 million from the United States International Development Finance Corporation (DFC) to build the deep-sea Colombo West International Terminal. It said the project was “progressing well and is on track for commissioning by early next year”.