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Adani Ports Scraps Myanmar Container Terminal Plans

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

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Coup effect: Adani ready to scrap plans for Myanmar

Gautam Adani (File photo)
Billionaire Gautam Adani-controlled Adani Ports and Special Economic Zone is considering abandoning a plan to set up a container terminal at Yangon in Myanmar and write down the investment after a military coup in that country.
In a scenario wherein Myanmar is classified as a sanctioned country under OFAC, or if OFAC opines that the project violates the current sanctions, Adani Ports plans to abandon the project and write down the investment, the port company said in an investor presentation on Tuesday. The company was referring to the US Department of the Treasury s Office of Foreign Assets Control. OFAC administers and enforces economic and trade sanctions based on US foreign policy and national security goals. ....

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