Adani cancels Rs 3,110 cr deal to acquire Macquarie toll roads

Adani Road Transport, a subsidiary of Adani Enterprises Ltd, announced on Thursday that the agreement to acquire two stretches in Gujarat and Andhra Pradesh from Macquarie Asia Infrastructure Fund for a valuation of Rs 3,110 crore has been terminated.

The deal, which was initially announced on August 4, 2022, involved Adani's subsidiary acquiring Gujarat Road and Infrastructure Company Ltd (GRICL), currently owned 56.8 percent by Macquarie Asia Infrastructure Fund, and Swarna Tollway Private Ltd (STPL). GRICL also has a 26.8 percent stake owned by IL&FS, with the remaining stake held by the Gujarat government.

Adani Enterprises stated in a stock exchange filing that the share purchase agreement executed on August 4, 2022, has been terminated due to the non-satisfaction of closing conditions by the seller within the agreed timeline.