Adani Ports Sells Its Myanmar Port at Lower Price Than Investment

Adani Ports and Special Economic Zone Ltd said on Thursday declared that it has sold its port in sanction-hit Myanmar for $30 million. This price is much lower than the company’s investment in the project.

The Adani Group company announced the sale of this port in May 2022. This decision was taken by the company following a military coup in Myanmar that led to international ire and US sanctions.

Inputs from key minority shareholders were a key driver in the company’s decision to exit the project, Adani Ports previously said, reiterating it would not engage with a sanctioned entity.

Adani Ports had originally aimed to exit from the Myanmar port project between March and June 2022. But negotiations with the buyer, Solar Energy Ltd is said to have delayed the process.

As per the May 2021 data, the company invested $127 million in the Myanmar port project.