Adani Green Energy Ltd. has withdrawn from building two wind power projects in Sri Lanka after the new government sought lower tariffs last month, in the latest setback to the Gautam Adani-led conglomerate’s overseas ambitions.

New Delhi Adani Green Energy, the renewable arm of billionaire Gautam Adani’s conglomerate, has withdrawn from two proposed wind power projects in Sri Lanka, following the Island nation’s new government deciding to renegotiate tariffs.

India's Adani Green Energy has told Sri Lanka it will withdraw from two proposed wind power projects, the company said on Thursday, two weeks after Colombo said it was seeking to lower the cost of the power generated.

"Adani Green Energy has conveyed its Board's decision to respectfully withdraw from further engagement in the renewable energy (RE) wind energy project and two transmission projects in Sri Lanka," the

India’s Adani Group has decided to pull out of its $440mn wind power projects in Sri Lanka after the new government in Colombo launched a review of the tariffs agreed for the deal.

Adani Green Energy, a part of Gautam Adani's conglomerate, withdrew from two wind power projects in Sri Lanka after the new government sought to renegotiate tariffs. Although AGEL respects Sri Lanka's decision,

Signed with then President Wickremesinghe last May, the agreement included the construction of two wind farms on Mannar Island and in the village of Pooneryn. The Dissanayake administration has pulled

The company was to invest a total of USD 1 billion in generating electricity from wind at two projects and laying transmitting lines to take it to users.

The proposed wind projects in Mannar and Pooneryn, including transmission lines would have resulted in a $1 billion investment for Sri Lanka if it had happened.

Adani Green Energy shares climbed 3 per cent to ₹946 during Thursday's intraday session on the BSE after reports emerged that the company is pulling out of its planned wind power generation and transmission project in Sri Lanka,