Adani Road Transport calls off plan to acquire Macquarie Asia toll project worth ₹3,110 crore
1 min read 01 Jun 2023, 10:30 PM ISTAdani Road Transport has terminated the agreement to acquire Macquarie Asia Infrastructure Fund's toll road in Andhra Pradesh and Gujarat for ₹3,110 crore.
PremiumAdani Road Transport, a wholly-owned subsidiary of Adani Enterprises has decided to terminate the agreement to acquire Macquarie Asia Infrastructure Fund's (MAIF) toll road in Andhra Pradesh, Gujarat for ₹3,110 crore. In a filing with the exchanges, the company stated that it had opted to terminate the share purchase agreement because the seller had not met the conditions for closing within the time frame specified in the agreement.
Adani Enterprises arm Adani Road Transport Ltd was to acquire a 100% stake in Swarna Tollway Private Ltd (STPL) and 56.8% stake in Gujarat toll roads portfolio (GRICL), from Macquarie Asia Infrastructure Fund (MAIF) last year in August. The transaction is expected to close last year in September.
“We would like to inform that due to non-satisfaction of conditions to closing by the seller within the agreed timeline under the share purchase agreement, the purchaser has decided to terminate the share purchase agreement and accordingly, notices to that effect has been issued by the purchaser as well as the company to the sellers," said the company in an exchange filing.
In Gujarat and Andhra Pradesh, STPL & GRICL have two lengths of toll roads. In addition to owning 100% of STPL, MAIF also controls 56.8% of GRICL. The Gujarat government controls the remaining shares in GRICL, with IL&FS holding a 26.8% interest. As a result of this acquisition, the filing in August stated that Adani Road Transport was to consider buying IL&FS's interest in GRICL.
The Macquarie Group, a financially diversified organisation that offers clients asset management, banking, advising, and risk and capital solutions spanning debt, equities, and commodities, includes Macquarie Asset Management.
After Hindenburg levelled a slew of accusations, including those involving fraudulent activities and share-price manipulation, against the business behemoth, shares of Adani Group had fallen sharply on the stock exchanges.
On Thursday, shares of Adani Enterprises ended flat at ₹2,492.25 on BSE.
Also Read: Adani Group to acquire Macquarie Asia's toll road in AP, Gujarat for ₹3,110 cr
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