Adani Group company Adani Roads Transport Ltd (ARTL) terminated yet another proposed acquisition and said it will not be going ahead with the acquisition of four road assets worth ₹3,110 crore from Australian investor Macquarie, as per a stock exchange filing.
ARTL had entered into an agreement with Macquarie Asia Infrastructure Fund to acquire 100% stake in Swarna Tollway Private Limited (STPL) and 56.8% stake in Gujarat Road and Infrastructure Company Limited (GRICL) on 4 August 2022.
The two companies own two toll road projects each in the states of Gujarat and Andhra Pradesh. “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,” the stock exchange filing read.
After the fallout of the Hindenburg Research report, the Adani group is going slow on new capex and focusing on core businesses.
In February, Adani Power had let expire its pact to buy thermal power assets from DB Power, causing the Rs 7,017 crore deal to fall through. Later in March, PTI reported that the group is suspending activities at the Rs 34,900-crore Mundra petrochemicals project
These developments came in the wake of Adani group pulling out its Rs20,000 crore ($2.5 billion) follow-on public offering due sharp correction in group companies stock prices after publication of the Hindenburg report. The group, however, is looking to hit the fundraising street again.
ET reported on 12 May that Adani group is in talks with potential investors to raise $2-2.5 billion via share sales in Adani Enterprises, Adani Transmission and Adani Green Energy, said sources.
Source: Economic Times