Adani group investments approved by Sri Lanka
Colombo (PTI): Sri Lanka's investment promotion body has approved two renewable energy projects of India's Adani group to be set up in the north and eastern regions of the island nation at a total investment of USD 442 million.
The wind power plant in Mannar will operate at a capacity of 250 MW (megawatt) while the wind power plant in Pooneryn will operate at a capacity of 100 MW.
"The Board of Investment of Sri Lanka has issued a letter of approval to India's Adani Green Energy Limited, for the two wind power plants to be set up in Mannar and Pooneryn at a total investment of USD 442 million," a release said on Thursday.
The two wind power plants of 350 MW are scheduled to be commissioned in two years and they will be added to the national grid by 2025.
The new project will generate 1500-2000 new employment opportunities.
Early this week, the Adani Group representatives met the minister of Energy Kanchana Wijesekara to check on the progress of the two projects.
This was the first official meeting since US-based short seller Hindenburg Research made a litany of allegations, including fraudulent transactions and share-price manipulation, against the Indian conglomerate. The company has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
The Adani investments in Lanka's energy sector are in addition to their investment in the port of Colombo's Western container terminal.
Gautam Adani, the group's chief, had met the then president Gotabaya Rajapaksa in October 2021 to push ahead with the group's investments in the country after they annexed the deal to develop the Colombo port's western container terminal under the Rajapaksa presidency.
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PhonePe system faces outage due to technical glitch
New Delhi, May 12 (PTI): The country's biggest fintech firm PhonePe reported a technical glitch in its system that led to the failure of transactions on its platform.
PhonePe co-founder Rahul Chari said that the company at PhonePe has initiated active DR drills, with heightened cybersecurity measures on its network firewall.
"This evening, 100 per cent of our traffic across all our services was being served through a new data centre. Unfortunately, the Monday evening peak traffic exposed a network capacity shortfall due to which transactions started failing.
"We have now rebalanced our traffic across our other sites and are seeing the recovery. Our apologies for this. We assure to take these learnings and further strengthen our systems," he said.
According to the digital services outage tracker platform Downdetector, the report started coming in at around 6 pm IST and peaked around quarter part seven.
Several users across the country experienced transaction failures in UPI transactions but they confused it as a glitch in UPI system.
UPI system had earlier faced three outages between March 26 to April 12.
