Myanmar Port sold at discounted price of $30 million by Adani Ports

08 May 2023 CW Team

The APSEZ has received an independent valuation on a "as is, where is" basis because of the ongoing delays in the approval process and difficulties in complying with some CPs. As a result, the selling consideration was renegotiated between the buyer and seller to $30 million. After the seller has completed all required compliance, the buyer will pay the specified sum to the seller within three business days, according to a statement from APSEZ. According to the company's regulatory filing, a company called Solar Energy is the buyer. There is still a lack of information. According to the statement, APSEZ will transfer the equity to the buyer once it has received the final transaction value and will then complete its exit.

The port operator was embroiled in dispute over the project after a military coup in February 2021, which was announced in May 2019. After the US put sanctions on the military officials in the country responsible for the coup, there were claims that the conglomerate was in reality aiding in genocidal measures in the nation. "With the ensuing military takeover in Myanmar and the ongoing US sanctions against the commercial engagement with Myanmar. According to the risk committee's suggestion, the business has chosen to sell its interest in Myanmar since February 2021. We anticipate that this transaction will be completed by the end of this fiscal year,” Adani stated in the company's October 2021 results call.

Adani Ports and Special Economic Zone (APSEZ), the largest private port operator in India, stated that it had agreed to sell the contentious Myanmar Port for $30 million, which is $120 million less than the value of its previous investment in the port. Karan Adani, CEO & Director, APSEZ stated that, 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 business announced the signing of a share-purchase agreement for the sale of its Myanmar Port in May 2022. The agreement included a number of condition precedents (CPs), including the project's completion and the buyer's receipt of all necessary approvals. The APSEZ has received an independent valuation on a as is, where is basis because of the ongoing delays in the approval process and difficulties in complying with some CPs. As a result, the selling consideration was renegotiated between the buyer and seller to $30 million. After the seller has completed all required compliance, the buyer will pay the specified sum to the seller within three business days, according to a statement from APSEZ. According to the company's regulatory filing, a company called Solar Energy is the buyer. There is still a lack of information. According to the statement, APSEZ will transfer the equity to the buyer once it has received the final transaction value and will then complete its exit. The port operator was embroiled in dispute over the project after a military coup in February 2021, which was announced in May 2019. After the US put sanctions on the military officials in the country responsible for the coup, there were claims that the conglomerate was in reality aiding in genocidal measures in the nation. With the ensuing military takeover in Myanmar and the ongoing US sanctions against the commercial engagement with Myanmar. According to the risk committee's suggestion, the business has chosen to sell its interest in Myanmar since February 2021. We anticipate that this transaction will be completed by the end of this fiscal year,” Adani stated in the company's October 2021 results call.

Resources

04 Jun 2026

ULCCS Showcases Cooperative Model at UN Symposium

Uralungal Labour Contract Co-operative Society (ULCCS) showcased its community-led development model at the United Nations Headquarters in New York, where it participated as a panellist at the International Symposium on Cooperative Financial Institutions held on 28–29 May 2026.Jointly organised by the United Nations Department of Economic and Social Affairs (UN DESA), the International Cooperative Banking Association (ICBA), and the International Cooperative Alliance (ICA), the symposium was held under the theme ‘Fuelling Inclusive and Equitable Growth’ and brought together policymakers,..

Infrastructure Transport

04 Jun 2026

Delhi Airport to Finalise 20-Year Master Plan

Delhi International Airport Ltd (DIAL) is finalising a 20-year master plan to guide long term infrastructure and operational development at Indira Gandhi International Airport, an official said. The operator expects the plan to reflect changes in the airline industry, shifts in the competitive landscape and evolving infrastructure requirements across terminals, airside and support services. The official said the document is likely to be ready in the next two to two-and-a-half months as the operator moves through planning stages. The plan will be prepared after consultations with airport users ..

Real Estate

04 Jun 2026

Aadhar Housing Finance Targets Rs 500 bn AUM By FY29

Aadhar Housing Finance has set a target to raise its asset under management to Rs 500 billion (bn) by the end of FY29, aiming to achieve this over the next three financial years through an 18-20 per cent loan growth trajectory. The firm focuses on the low-income segment with a ticket size of less than Rs 1.5 million (mn) and has relied on that segment to drive expansion. The company closed FY26 with an AUM of Rs 305.71 bn, reflecting the expansion in recent years, and it reported a net profit rise of 22 per cent to Rs 11.08 bn. Management indicated that gross non-performing assets stood at 1.0..