Adani Ports Abandons Myanmar Container Terminal Plans
NDTV
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.
