Adani Enterprises cancels Rs 30 bn Macquarie road project deal

05 Jun 2023 CW Team

The Adani group announced the termination of an agreement between Adani Roads, a subsidiary of Adani Enterprises, and Macquarie Asia Infrastructure Fund (MAIF) to acquire the road portfolio for Rs 31.10 billion. Adani Enterprises had previously disclosed in August 2022 its plan to acquire a 100% stake in Swarna Tollway (STPL) and a 56.8% stake in Gujarat Road and Infrastructure Company.

The purchaser decided to terminate the share purchase agreement due to the seller's failure to meet the closing conditions within the agreed timeline under the share purchase agreement. The purchaser and the company issued notices to the sellers regarding this termination. STPL operates two toll road stretches in Andhra Pradesh, namely the 110-km stretch from Tada to Nellore on National Highway - 16, which connects important ports such as Chennai, Krishnapatnam, and Nandigama, and the 48-km stretch from Nandigama to Ibrahimpatnam to Vijayawada on NH-65, which connects key southern metro cities and provides feeder traffic to NH16.

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