The Adani Ports and Special Economic Zone Limited said on Tuesday that it will use its own resources to finance a port project in Sri Lanka’s Colombo and not seek funding from the United States International Development Finance Corporation.

The finance corporation is a United States agency that invests in development projects mainly in lower and middle-income countries.

Adani Ports and Special Economic Zone Limited is part of the Adani Group led by industrialist Gautam Adani.

In November 2023, the United States International Development Finance Corp said that it would provide a $553 million loan to support the construction and operation of a deep-water container terminal called the Colombo West International Terminal at the Port of Colombo in Sri Lanka.

In an exchange filing on Tuesday, Adani Ports and SEZ Limited, which holds a 51% stake in the west container terminal of the port, said it would finance the project through internal accruals and a capital management plan.

The company added that the Colombo West International Terminal project was progressing well and on track for commissioning by early 2025.

Sri Lankan conglomerate John Keells Holdings owns 34% of the terminal and the remaining stake is held by the state-run Sri Lanka Ports Authority, according to Reuters. The port also has a terminal run by China Merchants Port Holdings Co Ltd.

The development on Tuesday comes amid the indictment proceedings against Gautam Adani in the United States in a multibillion-dollar bribery and fraud scheme related to the conglomerate’s solar projects in India.

Gautam Adani, his nephew Sagar Adani and six others were indicted last month by the United States Attorney’s Office for the Eastern District in New York for allegedly agreeing to pay over $265 million, or nearly Rs 2,236 crore, in bribes to Indian government officials between 2020 and 2024 to obtain contracts for Adani Green Energy.

The contracts were expected to yield a profit of $2 billion, or nearly Rs 16,880 crore, over 20 years.

The United States Securities and Exchange Commission has summoned Gautam Adani and Sagar Adani in connection with the allegations.

The Adani Group has denied the accusations, calling them “baseless”.