Mumbai: Adani Ports and Special Economic Zone Ltd ( APSEZ ) said Thursday that it has concluded the sale of its port in Myanmar at a discounted price of $30 million after multiple delays in getting relevant approvals.The company had announced in May last year that it had signed an agreement for the sale of the asset at a price that will enable it to recover its entire investment . The company had invested $195 million in the greenfield project, which had not become operational yet.APSEZ's decision to exit Myanmar came after the country was hit with sanctions following a military coup and allegations of human rights violations. The project had run into controversy after S&P Dow Jones Indices removed APSEZ from its sustainability index due to the firm's perceived business ties with Myanmar's ruling military government The sale agreement included certain conditions around completion of the project and receiving relevant approvals. However, following delays in getting approvals and challenges in meeting some of the conditions, APSEZ obtained an independent valuation for the port on an "as is where is" basis, the company 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," Karan Adani, CEO and Whole-time Director, APSEZ, said in a statement.The company said that the buyer - Solar Energy Limited, a Myanmar-based company - will pay the agreed amount within three business days of completion of all the necessary compliances.

Source: Economic Times May 05, 2023 17:23 UTC