Adani Ports completes sale of Myanmar port for $30 mln
Mar 23,2024 | DAXTROMNSOLAR
Indian port operator Adani Ports and Special Economic Zone Ltd has successfully concluded the sale of its stake in a port in Myanmar for $30 million. The company had acquired the stake in 2018 as part of its expansion strategy in the region. The transaction was completed as Adani Ports decided to exit the project due to the ongoing political instability in Myanmar.
The port in question, the Haldia Petrochemicals Ltd Visakhapatnam Port Pvt Ltd (HPVPPL), was a joint venture between Adani Ports, Haldia Petrochemicals, Visakhapatnam Port Trust, and the Government of Andhra Pradesh. Adani Ports held a 58.1% stake in the port, which has a capacity to handle 1.2 million containers annually.
This move by Adani Ports reflects the challenges faced by companies operating in politically unstable regions. The decision to sell the stake in Myanmar indicates the company's prioritization of stability and risk mitigation. It will be interesting to see how this development impacts Adani Ports' future expansion plans in the region.
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