Given the continuous delay in the approval process and challenges in meeting certain CPs, APSEZ (Adani Ports and Special Economic Zone Ltd) 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. On receipt of the total transaction value, APSEZ shall transfer the equity to the buyer and its exit will stand concluded.
Karan Adani, CEO and Whole-time Director, APSEZ stated, “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.”