In a major decision the Adani Group has withdrawn from further engagement in a USD 442 million (approx Rs 38447837194) wind power venture in neighboring Sri Lanka following its authorities attempt to modify the agreement. In a written communication to the countrys Board of Investment (BOI) on Wednesday the Adani Group wrote that its sister company Adani Green Energy has withdrawn from engagements in the RE wind energy project and two transmission projects in Sri Lanka. In a media statement the group wrote Adani Green Energy has conveyed its Board’s decision to respectfully withdraw from further engagement in the RE wind energy project and two transmission projects in Sri Lanka. However we remain committed to Sri Lanka and are open to future collaboration if the Government of Sri Lanka so desires. Th group took the decision after Sri Lankan government led by President Anura Kumara Dissanayake cancelled a power purchase arrangement with the Adani Group to seek more favourable energy rates. Earlier Dissanayake’s faction termed Adani agreement as corrupt and demanded renegotiation. In the communication with BOI the group reported spending of around USD 5 million on initial development work for the proposed 484-megawatt facility located on the north-western coast of Sri Lanka. The company also expressed its ongoing readiness to collaborate with the Sri Lankan government on potential future development projects even after stepping back from this particular initiative. Last month the Sri Lankan government stated that about the discussion with the Adani Group regarding the reduction of electricity costs from their billion-dollar ventures. It was learnt that another Cabinet appointed negotiations committee and Project Committee would be constituted to renegotiate the project proposal the company wrote in a letter addressed to the chairman of Sri Lankas board of investment. In a letter dated February 12 the company announced that after discussions at its Board it has chosen to respectfully withdraw from the project while acknowledging and honoring Sri Lankas sovereign rights and decisions.