Home Business Adani Ports sold Myanmar port, deal completed for Rs 245 crore

Adani Ports sold Myanmar port, deal completed for Rs 245 crore

by Trend News
2 minutes read
Adani Port

Adani Ports and Special Economic Zone Limited (APSEZ) has completed the sale of Myanmar Port for a total of $30 million or Rs 245.21 crore. The company first announced the signing of a share purchase agreement for the sale of its Myanmar port in May 2022.

A press release has been issued by the company in this regard. Accordingly, in view of the persistent delay in the approval process and the challenges faced in meeting the terms of the Share Purchase Agreement, Adani Ports has obtained an independent valuation on an as-is, where-is basis.

When will the equity be transferred to the buyer?

In this deal, the buying and selling company renegotiated the sale price and fixed it at $30 million. The press release states that the buyer will pay this amount to the seller within three business days of the seller completing all required compliances.

Read this also: Adani Enterprises Q4 Results: Excellent quarterly results; Profit doubled, income increased by 26%.

Once the total transaction value is realized, Adani Ports and Special Economic Zone Limited will transfer the equity to the buyer and APSEZ will exit completely.

Karan Adani, Chief Executive Officer and Whole Time Director of Adani Ports and SEZ Limited, said that the company will exit based on the guidance given by the company’s board, which will be based on the recommendations given by the Risk Committee in October 2021.

You may also like


Stay up to date on the latest trending news stories with our comprehensive coverage of current events, politics, tech, sports, entertainment, business, and more.



Contact us: [email protected]

Copyright © 2023 Trend News – All Right Reserved

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More