Adani Enterprises scraps deal to buy Rs 3K-crore Macquarie road projects

Adani group was also planning to buy stake of IL&FS in the GRICL


Photo: Bloomberg

BS Reporter Mumbai

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An agreement between Adani Roads — a subsidiary of Adani Enterprises — to acquire the road portfolio from Macquarie Asia Infrastructure Fund (MAIF) for Rs 3,110 crore was terminated by the Adani group, the company said in a regulatory filing on Thursday.

Adani Enterprises said it had earlier announced a plan in August 2022 to acquire 100 per cent stake in Swarna Tollway Private (STPL) and 56.8 per cent stake in Gujarat Road and Infrastructure Company.

“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," it said in a filing.

STPL operates two stretches of toll roads in Andhra Pradesh from Tada to Nellore 110-km stretch on National Highway - 16 connecting important ports such as Chennai, and Krishnapatnam and Nandigama to Ibrahimpatnam to Vijayawada on NH-65 spanning 48 km connecting key southern metro cities and providing feeder traffic to NH16.

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On the other hand, GRICL’s two stretches of toll roads connected Ahmedabad to Mehsana on State Highway-41 spanning 51.6 kms with majority passenger traffic connecting important northern Gujarat corridors and Vadodara to Halol on SH-87 spanning 31.7 km, which is on Delhi-Mumbai Industrial Corridor with proximity to several industries. 

Adani group was also planning to buy stake of IL&FS in the GRICL. But the group has changed its focus to prepay debt and completing existing projects instead of taking additional debt in its books.

First Published: Jun 1 2023 | 10:12 PM IST

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