Adani Ports Abandons Myanmar Container Terminal Plans

A military coup in Myanmar in February and an ensuing crackdown on mass protests in which hundreds have been killed has drawn international condemnation and sanctions on military figures and military-controlled entities.

Adani Ports said on Wednesday it was abandoning plans to build a container terminal in Myanmar, weeks after applying for a US licence for the project, saying it believed it did not violate sanctions.

A military coup in Myanmar in February and an ensuing crackdown on mass protests in which hundreds have been killed has drawn international condemnation and sanctions on military figures and military-controlled entities.

"The company's risk management committee, after a review of the situation, has decided to work on a plan on exiting the company's investment in Myanmar, including exploring any divestment opportunities," Adani Ports said in a statement, without giving further reasons for the change in plan.

The company is expected to fully exit the investment in the strife-torn south Asian nation between March and June next year, it said.