India's Adani Group's power purchase deal with the Sri Lankan government is intact, the company said on Friday, after the AFP news agency reported it had been revoked, citing a government official and a document.

The Adani Group clarified that the Sri Lankan Cabinet’s decision to reevaluate the tariff approved in May 2024 is part of a standard review process, particularly with a new government

Sri Lanka cancelled the agreement after allegations of corruption in a US probe last year, AFP reported citing unnamed government officials.

Sri Lanka has revoked a power purchase agreement with Indian conglomerate Adani Group following allegations of corruption, according to an AFP report that was published by the Economic Times newspaper on Friday.

Adani Green Energy shares fell nearly 6% after reaching a day’s high, following a report that Sri Lanka cancelled a $440 million power purchase agreement with the company.

Reports that Adani Group's 484 megawatts (MW) wind power projects in Sri Lanka's northern Mannar and Pooneryn districts have been cancelled are false and misleading, an Adani Group spokesperson said Friday.

Sri Lanka's government has reportedly revoked a power purchase agreement with Adani Group amid corruption allegations against its founder Gautam Adani. President Dissanayake's administration is reviewing the proposed wind power project,