ADANI PORTS COMPLETES SALE OF MYANMAR PORT FOR $ 30 MILLION

On Thursday, India's APSEZ ( Adani Ports and Special Economic Zone Ltd ) said that it has completed the sale of Myanmar Port for $30 Million. The amount in which the port was sold is considerably less than the investment done on it.

Given the continuous delay in the approval process and challenges in meeting certain CPs, APSEZ has obtained an independent valuation on 'as is where is' basis. Thereby the buyer and seller have renegotiated the sale consideration to USD 30 Mn. The buyer will pay the said amount to the seller within 3 business days on completing all the necessary compliance by the

Seller.

The Adani Group declared that they will sell the port in May 2022 when the military coup in Myanmar due to mass protests drew International wrath and US permit. Though the deal was 

hold up due to challenges in some conditions comprising the completion of the project.