Adani Ports to abandon Myanmar project if US classifies it as 'sanctioned country'

Business Today

BusinessToday.In
June 23, 2021

Adani Ports, which is India's largest port operator, has been facing criticism from various international investors over its plan to construct a container terminal in Yangon, Myanmar, on land leased from a Myanmar military-owned conglomerate.

Adani Group Chairman Gautam Adani

Adani Ports and Special Economic Zone Limited has said it'll abandon its project in Myanmar and write-down its investments in full if the country is classified as a sanctioned country by the US. Adani Ports' statement comes following reports that Norwegian pension fund KLP is divesting its stake in the company as its links with Myanmar military breaches the fund's responsible investment policy.

India’s Adani Faces Scrutiny for Port Deal in Myanmar

THE WALL STREET JOURNAL
Dieter Holger

April 19, 2021 

Adani Group says it halted transactions with a Myanmar military-linked company for a port project that it says doesn’t violate U.S. sanctions

An Adani Group building on the outskirts of Ahmedabad, India.PHOTO: AMIT DAVE/REUTERS

A major index provider and some investors are distancing themselves from the marine-ports operator controlled by Indian conglomerate Adani Group over past business transactions with a company linked to the military regime in Myanmar.

Financial data firm S&P Global Inc. last week said it would remove Adani Ports & Special Economic Zone Ltd. from its Dow Jones Sustainability Indices, which consists of various different regional indexes holding companies that rank highly on environmental and social affairs. Adani Ports was among around 100 indexed companies in the emerging markets category.