Adani Canceled Contract | Gautam Adani’s company canceled the contract worth 3 thousand crores, due to these reasons the contract had to be withdrawn

File Pic Mumbai: The last few months have seen a sea change in the way the Adani Group does business. Meanwhile, several proposed contracts by Adani group companies have been cancelled. Now another agreement has been added to it. Now Adani Group has decided to cancel the proposed deal with Macquarie. 3100 crore contract Adani Roads Transport Limited is a company of Adani Group. has informed the stock exchanges about this new development. Adani Roads Transport Limited was to buy four road assets from Australian investor Macquarie. The deal was worth Rs 3,110 crore. However, this deal will no longer happen. Adani group company has decided to withdraw from the proposed deal. The deal was signed last year Adani Roads Transport Ltd had signed an agreement to acquire 100% stake in Swarna Tollway Pvt Ltd and 56.8% stake in Gujarat Road & Infrastructure Company Ltd on August 4, 2022. Both these companies have 2 toll road projects in Gujarat and Andhra Pradesh. Adani Company has given the reason Adani Roads Transport Limited has informed the stock market that the seller i.e. Macquarie has not satisfactorily fulfilled the conditions of completion of the contract within the stipulated time as per the share purchase agreement, therefore Adani Group has decided to buy the shares. decided to terminate the agreement. After this, companies have been informed about this through notices. Read this also Contract was suspended earlier also This is not the first contract after January 2023, from which Adani group has decided to withdraw. Earlier in February, Adani Power, another Adani Group company, terminated its agreement to buy thermal power assets from DB Power. Due to this, the contract worth Rs 7,017 crore remained incomplete. Also, the group has put on hold the proposed Rs 34,900-crore Mundra petrochemical project. In fact, after the Hindenburg report came out on 24 January, Adani Group has changed its business strategy. Now the group’s focus is on reducing debt and winning investors’ confidence rather than expanding business into new areas.