India-based Adani Business Group has sold a port and special economic zone project in Yangon for $30 million, according to Reuters.
Adani’s assets have been bought by a company called Solar Energy for $30 million, Reuters reported.
According to the statistics released in May 2021, the Adani group company invested US$127 million to establish the Yangon Port and Special Economic Zone in Myanmar, of which US$90 million was used for land.
According to a person close to the company, the investment of Adani company in Myanmar could be up to 195 million dollars, the news continued.
Reuters reports that Adani officials have yet to comment on the sale of multi-million dollar investments in Myanmar at a loss.
Adani Group announced in May last year that it would sell its investments in Myanmar as the United States imposed sanctions on Myanmar.
Source: Daily Eleven