Ahmedabad: Adani Ports and Special Economic Zone Ltd (APSEZ) on Thursday (May 4) mentioned that it has concluded the Myanmar Port sale for a complete consideration of USD 30 million. In May 2022, APSEZ introduced signing of a Share Purchase Agreement (SPA) for the sale of its Myanmar Port. The SPA had sure Condition Precedents (CPs), together with completion of the challenge and related approvals for clean conduct of enterprise by the customer.
The firm in an announcement mentioned given the continual delay within the approval course of and challenges in assembly sure CPs, APSEZ has obtained an unbiased valuation on “as is where is” foundation. Thereby the customer and vendor have renegotiated the sale consideration to USD 30 million, it added.
“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 mentioned.
Commenting on the event, Karan Adani, CEO and Whole-time Director, APSEZ acknowledged “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.”
Adani Ports and Special Economic Zone Ltd (APSEZ), part of the globally diversified Adani Group has developed from a port firm to an Integrated Transport Utility offering an end-to-end resolution from its port gate to buyer gate.
It is the most important port developer and operator in India with 6 strategically situated ports and terminals on the west coast (Mundra, Dahej, Tuna and Hazira in Gujarat, Mormugao in Goa and Dighi in Maharashtra) and 5 ports and terminals on the East coast of India (Dhamra in Odisha, Gangavaram, and Krishnapatnam in Andhra Pradesh, and Kattupalli and Ennore in Tamilnadu) representing 24 per cent of the nation’s complete port volumes, thus offering capabilities to deal with huge quantities of cargo from each coastal areas and the hinterland.
The firm can be creating two transshipment ports at Vizhinjam, Kerala and Colombo, Sri Lanka. Our Ports to Logistics Platform comprising port amenities, built-in logistics capabilities together with multimodal logistics parks, Grade A warehouses, and industrial financial zones, places us in an advantageous place as India stands to learn from an impending overhaul in international provide chains.
Our imaginative and prescient is to be the most important ports and logistics platform on this planet within the subsequent decade. With a imaginative and prescient to show carbon impartial by 2025, APSEZ was the primary Indian port and third on this planet to enroll for the Science-Based Targets Initiative (SBTi) committing to emission discount targets to regulate international warming at 1.5°C above pre-industrial ranges, it added.
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