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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TMC will be voted back to power in Bengal: Tejashwi Yadav
Patna (PTI): Leader of Opposition in Bihar assembly, Tejashwi Yadav, on Tuesday exuded confidence that the Mamata Banerjee-led TMC will again be voted to power in West Bengal.
Yadav returned to Patna after a four-day poll campaign in West Bengal.
“The atmosphere there is euphoric and people want to bring Didi (Mamata Banerjee) back to power. I am fully confident that the TMC will win the election,” he told reporters here.
He said that a large number of people from Bihar living in West Bengal share a lot of love and respect for Mamata Banerjee.
Responding to BJP’s allegations that the TMC had “ruined” West Bengal during its tenure, the RJD leader said the “entire country has been ruined under the Narendra Modi-led government”.
“I want to ask one question to Modi ji – you have been prime minister for more than 11 years, tell me one thing you have done for Bengal,” Yadav said.
The first phase of elections to the 294-member West Bengal assembly was held on April 23, while the second phase will take place on April 29. Votes will be counted on May 4.
