BENGALURU: India's Adani Ports and Special Economic Zone said on Thursday (May 4) that it has completed the sale of its port in sanction-hit Myanmar for US$30 million, significantly lower than its investmen
The Adani Group company announced the sale in May 2022 after a military coup in Myanmar and an ensuing crackdown on mass protests drew international ire and US sanctions. The deal was, however, delayed due to challenges in meeting certain conditions including completion of the project.
Inputs from key minority shareholders were a key driver in the company's decision to exit the project, Adani Ports previously said, reiterating it would not engage with a sanctioned entity. Adani Ports had originally aimed to complete the exit between March and June 2022, but the delays led to the company renegotiating the sale price with the buyer, Solar Energy, to US$30 million, the company said in a regulatory filing.
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