Adani, India’s largest private multi-port operator, is building a $290 million port in Yangon on land leased from the military-backed Myanmar Economic Corporation (MEC).
According to the report by Reuters, S&P Dow Jones Indices has said that it has removed India’s Adani Ports and Special Economic Zone Ltd from its sustainability index due to the firm’s business ties with Myanmar’s military which is accused of human rights abuses after a coup this year.
Adani, India’s largest private multi-port operator, is building a $290 million port in Yangon on land leased from the military-backed Myanmar Economic Corporation (MEC).
In a statement on Tuesday, S&P Dow Jones Indices said that Adani Ports and Special Economic Zone Ltd will be removed from the index prior to the open on Thursday, April 15.
As per various media reports, over 700 people have been killed since a Feb.1 military coup that ousted an elected government led by Aung San Suu Kyi.
The port developer did not immediately respond to a Reuters emailed request for comment outside of regular business hours.
On March 31, the Adani Group had said that it would consult authorities and stakeholders on its port project in Myanmar, after human rights groups reported its subsidiary had agreed to pay millions of dollars in rent to the military-controlled firm.
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