This article is more than 7 month old.

Adani Group to exit its investments from Myanmar by June 2022

Mini

Adani Ports on Wednesday said the company has decided to exit its investments from Myanmar.

Adani Group to exit its investments from Myanmar by June 2022
Billionaire Gautam Adani's port-to-energy conglomerate on Wednesday said the company has decided to exit its investments from Myanmar by June 2022.
"The Company’s Risk Management Committee, after a review of the situation, has decided to work on a plan on exiting Company’s investment in Myanmar, including exploring any divestment opportunities (Expected to be concluded by Mar - Jun 2022)," Adani Ports and Special Economic Zone Ltd (APSEZ) said in a filing on Wednesday.
In August this year, APSEZ had said its investment in a port in Myanmar was not in violation of any sanction guidelines issued by the Office of Foreign Assets Control (OFAC) of the US Department of Treasury.
Also Read:
"APSEZ believes that it is not in violation of any sanction guidelines issued by OFAC, and has, therefore, applied to OFAC for a general license to operate the Port," it had said.
Adani Group is building a $290 million Yangon International Terminal project on land leased from the military-backed Myanmar Economic Corporation (MEC). It had won the Yangon International Terminal project last year through a global competitive bid. The project requires a $290 million investment.
The project had run into controversy after it was reported that APSEZ chief executive Karan Adani had in July 2019 met Senior General Min Aung Hlaing, the army chief who led the coup against the elected government. The firm had paid 'land lease fees' to Myanmar Economic Corporation (MEC), which was one of the entities that were sanctioned by the US administration following the coup.
The land acquisition for the project was facilitated by "the Myanmar Investment Commission led by U Thaung Tun, its chairman and Minister of Investment and Foreign Economic Relations under the guidance of Her Excellency President Aung San Suu Kyi's National League for Democracy government," it had previously said.
next story

Market Movers

Currency

CompanyPriceChng%Chng