Adani Ports and Special Economic Zone sells Myanmar Port for USD 30 million
Adani Ports and Special Economic Zone Ltd (APSEZ) on Thursday said it has concluded the Myanmar Port sale for a total consideration of USD 30 million. In May 2022, APSEZ had announced signing of a Share Purchase Agreement (SPA) for the sale of its Myanmar Port. The SPA had certain Condition Precedents (CPs), including completion of the project and relevant approvals for smooth conduct of business by the buyer.
APSEZ in a statement said given the continuous delay in the approval process and challenges in meeting certain CPs, APSEZ has obtained an independent valuation on "as is where is" basis. Thereby the buyer and seller have renegotiated the sale consideration to USD 30 million, it added.
According to the statement, the buyer will pay the said amount to the seller within 3 business days on completing all the necessary compliance by the seller.
On receipt of the total transaction value, APSEZ shall transfer the equity to the buyer and its exit will stand concluded, it said.
APSEZ chief executive officer and whole-time director Karan Adani said, "This exit is in line with the guidance provided by the APSEZ Board based on the recommendations made by the risk committee in October 2021.
The project had run into controversy after it was reported that APSEZ chief executive Karan Adani had in July 2019 met Senior General Min Aung Hlaing, the Myanmar's army chief who led a coup against the elected government.
In August, 2021, APSEZ had said its investment in a port in Myanmar was not in violation of any sanction guidelines issued by the Office of Foreign Assets Control (OFAC) of the US Department of Treasury.
APSEZ, the largest port developer in India, is part of the globally diversified Adani Group.
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Another North Goa nightclub sealed; Kejriwal says corruption led to fire tragedy
Panaji (PTI): As part of a crackdown against tourist establishments violating laws and safety norms in the aftermath of the Arpora fire tragedy, Goa authorities on Saturday sealed a renowned club at Vagator and revoked the fire department NOC of another club.
Cafe CO2 Goa, located on a cliff overlooking the Arabian Sea at Vagator beach in North Goa, was sealed. The move came two days after Goya Club, also in Vagator, was shut down for alleged violations of rules.
Elsewhere, campaigning for local body polls, AAP leader Arvind Kejriwal said the fire incident at Birch by Romeo Lane nightclub at Arpora, which claimed 25 lives on December 6, happened because the BJP government in the state was corrupt.
An inspection of Cafe CO2 Goa by a state government-appointed team revealed that the establishment, with a seating capacity of 250, did not possess a no-objection certificate (NOC) of the Fire and Emergency Services Department. The club, which sits atop Ozrant Cliff, also did not have structural stability, the team found.
The Fire and Emergency Services on Saturday also revoked the NOC issued to Diaz Pool Club and Bar at Anjuna as the fire extinguishers installed in the establishment were found to be inadequate, said divisional fire officer Shripad Gawas.
A notice was issued to Nitin Wadhwa, the partner of the club, he said in the order.
Campaigning at Chimbel village near Panaji in support of his party's Zilla Panchayat election candidate, Aam Aadmi Party leader Kejriwal said the nightclub fire at Arpora happened because of the "corruption of the Pramod Sawant-led state government."
"Why this fire incident happened? I read in the newspapers that the nightclub had no occupancy certificate, no building licence, no excise licence, no construction licence or trade licence. The entire club was illegal but still it was going on," he said.
"How could it go on? Couldn't Pramod Sawant or anyone else see it? I was told that hafta (bribe) was being paid," the former Delhi chief minister said.
A person can not work without bribing officials in the coastal state, Kejriwal said, alleging that officers, MLAs and even ministers are accepting bribes.
