Adani Ports Sells Myanmar Port For $30 Million

Adani Ports and Special Economic Zone Ltd (APSEZ), India's largest private ports and logistics company, has completed the sale of its entire stake in Mynamar Ports for a total consideration of $30 million.

Adani Ports had announced the sale of Adani Ports Myanmar Ltd in May 2022, following the military coup in Myanmar and the resulting crackdown on protests that drew global condemnation and U.S. sanctions.
The completion of the sale was delayed as certain conditions, including the project's completion, proved challenging to meet. Adani Ports had reiterated that it would not engage with a sanctioned entity, and the decision to exit the project was influenced by inputs from key minority shareholders.

Adani Ports had initially planned to complete the sale between March and June 2022. However, due to delays in meeting certain conditions, the company had to renegotiate the sale price with the buyer, Solar Energy Ltd, which was eventually agreed at $30 million, according to a regulatory filing. The location of the buyer remains unknown at the moment.

In May 2021, the company had invested $127 million in the project, which included an upfront payment of $90 million for leasing the land.

Adani Ports invested $195 million in the greenfield project, which had not yet commenced operations, according to a source familiar with the matter.
Adani Ports has not yet responded to a request for comment from Reuters. After the announcement, Adani Ports' shares increased by as much as 1.2%.