Sign up here.Embattled billionaire Gautam Adani pulled out of a loan deal with an American agency to fund a port terminal in Sri Lanka’s capital, ending an agreement hailed a year ago as an effort by India and the US to counter China’s growing influence in the region.

The CWIT is being developed by a consortium of Adani Ports, Sri Lankan conglomerate John Keells Holdings Plc, and the Sri Lanka Ports Authority

Adani Ports has withdrawn from $553M US DFC funding for its Colombo port project, opting to use "internal resources" for completion by early next year

India's Adani Ports and Special Economic Zone Ltd said on Tuesday it would finance its Colombo port terminal project through internal accruals and a capital management plan, withdrawing its request for funding from the U.

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

Adani Ports said that Colombo West International Terminal (CWIT) project in Sri Lanka was progressing well and was on track for commissioning by early next year.

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.

As per the reports, the company said in an exchange filing it will finance the project through its internal accruals and capital management plan.