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.
Here's why Macquarie has double upgraded Paytm's stock to 'Outperform'
Adani Green Energy to seek board approval to raise up to $1 billion
Rajiv Jain's GQG Partners to invest another $1 bn in Adani group stocks
Adani Enterprises bounces 17% from day's low on massive jump in Q3 profit
Macquarie double upgrades Paytm to 'outperform', ups target price by 80%
Edtech major Byju's lenders discard talks to restructure $1.2-billion loan
Avataar Holdings sells 5% stake in RateGain Travel for Rs 206 crore
AstraZeneca receives CDSCO's approval for cancer drug Tremelimumab
Radisson Hotel Group signs 11 new hotels across brands this year till April
Aditya Birla Group to invest Rs 1,250 crore into its financial services arm
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.