India launched the Act East policy in 2014 to intensify economic, strategic, and diplomatic relations with East Asian countries, where China has made. 27.10.2021, Sputnik International
India's 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.
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Adani Ports could abandon Myanmar project if found to violate U.S. sanctions
Adani Ports and Special Economic Zone Ltd (APSE.NS) said on Tuesday it could abandon a Myanmar container terminal project and write down the investment if it is found to be in violation of sanctions imposed by the United States.
“In a scenario wherein Myanmar is classified as a sanctioned country under the Office of Foreign Assets Control (OFAC), or if OFAC opines that the project violates the current sanctions, (Adani Ports) plans to abandon the project and write down the investments,” the company said in a filing to exchanges on Tuesday.
Ports firm had won a terminal project
Adani Ports and Special Economic Zone Ltd. said on Tuesday it could abandon a Myanmar container terminal project and write down the investment if it is found to be in violation of sanctions imposed by the U.S.
“In a scenario wherein Myanmar is classified as a sanctioned country under the Office of Foreign Assets Control (OFAC), or if OFAC opines that the project violates the current sanctions,(Adani Ports) plans to abandon the project and write down the investments,” the company said in a filing to exchanges on Tuesday.
OFAC, part of the U.S. Treasury Department, administers and enforces economic and trade sanctions based on the country’s foreign policy. A military coup in Myanmar on February 1 and an ensuing crackdown on mass protests has drawn sanctions on military-controlled entities.