Adani terminates deal to acquire Macquarie's toll road portfolio in AP, Guj

On August 4, 2022, Adani Enterprises said ARTL will acquire 56.8% in GRICL and a 100% stake in STPL, subject to regulatory approval

Adani Road Transport, a wholly-owned subsidiary of Adani Enterprises Ltd (AEL), on Thursday said it has decided to terminate the pact to purchase Macquarie Asia Infrastructure Fund's toll road portfolio in Andhra Pradesh and Gujarat for Rs 3,110 crore.

On August 4, 2022, Adani's wholly-owned subsidiary said that it has entered into a definitive agreement to acquire Gujarat Road and Infrastructure Company Ltd (GRICL) -- (owned 56.8 per cent by Macquarie Asia Infrastructure Fund) and Swarna Tollway Private Ltd (STPL) (owned 100 per cent by Macquarie Asia Infrastructure Fund).

However, Adani Enterprises in a BSE filing on Thursday said: "Share Purchase Agreement dated 4th August 2022 ("Share Purchase Agreement") was executed amongst Adani Road Transport Limited (ARTL), a wholly-owned subsidiary of the Company (Purchaser), MAIF Investments India PTE Limited and MAIF Investments India 3 PTE Limited (collectively as "MAIF") (Sellers) in connection with the proposed acquisition of 100 per cent stake in Swarna Tollway Private Limited ("STPL") and 56.8 per cent stake in Gujarat Road and Infrastructure Company Limited (GRICL)".

"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 have been issued by the Purchaser as well as the Company to the Sellers," it added.

On August 4, 2022, Adani Enterprises said ARTL will acquire 56.8 per cent in GRICL and a 100 per cent stake in STPL, subject to regulatory approval.

The transaction was expected to close in September 2022.

STPL has two stretches of toll roads in Andhra Pradesh -- Tada to Nellore on NH-16 connecting important ports like Chennai, and Krishnapatnam in Andhra Pradesh, spanning 110 km; and Nandigama to Ibrahimpatnam to Vijayawada on NH-65, spanning 48 km, which connects key southern metro cities and provides feeder traffic to NH 16, the statement said.

GRICL also has two toll roads in Gujarat -- Ahmedabad to Mehsana on SH-41 spanning 51.6 km with majority passenger traffic, connecting 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.

Macquarie Asset Management is part of Macquarie Group, a diversified financial group providing clients with asset management, finance, banking, advisory and risk and capital solutions across debt, equity, and commodities.

Adani Group stocks had taken a beating on the bourses after Hindenburg made a litany of allegations, including those about fraudulent transactions and share-price manipulation, against the business conglomerate.

Adani Group dismissed the charges as lies, saying it complies with all laws and disclosure requirements.