Adani Ports and Special Economic Zone Ltd (APSEZ) said on Thursday it had completed the sale of Myanmar port for a total consideration of $30 million.

In May 2022, APSEZ announced the signing of a Share Purchase Agreement (SPA) to sell its Myanmar port. A SPA has certain prerequisites (CPs), including project completion and related approvals from the buyer for the smooth conduct of business.

In a statement, APSEZ said that given the ongoing delays in the approval process and the challenges of meeting certain CPs, APSEZ had obtained an independent valuation on an “as is where is” basis.

As a result, the buyer and seller have renegotiated the sale consideration to $30 million.

According to the statement, the buyer will pay the above amount to the seller within 3 business days after the seller completes all necessary compliances.

It said that upon receipt of the total transaction value, APSEZ shall transfer the equity interest to the buyer, and its exit will be concluded.

Karan Adani, CEO and full-time director of APSEZ, said: “This exit is in line with the guidance provided by the APSEZ Board of Directors based on the recommendations of the risk committee in October 2021.

The project sparked controversy after APSEZ CEO Karan Adani reportedly met in July 2019 with Myanmar Army Chief General Min Aung Hlaing, who staged a coup to topple the democratically elected government.

In August 2021, APSEZ said its investments in Myanmar ports did not violate any sanctions guidance issued by the US Treasury Department’s Office of Foreign Assets Control (OFAC).

APSEZ is India’s largest port developer and is part of the globally diversified Adani Group.