Adani wins approvals to develop US$290 million container terminal in Myanmar
INDIA's Adani Group has received approvals to develop a new US$290 million container terminal in Myanmar as the diversified conglomerate spreads its port operations beyond India, reports Chennai's Hindu daily
INDIA's Adani Group has received approvals to develop a new US$290 million container terminal in Myanmar as the diversified conglomerate spreads its port operations beyond India, reports Chennai's Hindu daily.
The develoment has sparked criticism that it breaches Australian, American and United Nations' international sanctions against the Burmese regime.
'Adani rejects insinuations that this investment is unethical or will compromise human rights,' the group said in a statement. 'As with all its international investments, the Adani Group has been guided by the Securities and Exchange Board of India and other key international guidelines and will inform the concerned authorities when we firm up the agreements.'
The land where the port is proposed to be built has been leased from the Myanmar Economic Corporation (MEC).
'An Adani Group company, the Adani Yangon International Terminal Co, has received approval from the Myanmar Investment Commission for an investment in a new container port in the Yangon Region,' the company said in a statement without giving details of the investment it is going to make in developing the terminal to receive containers sailing on ships.
Adani operates five ports in India including Mundra and Hazira in Gujarat and has three terminals at ports in Murmugao, Vishakhapatnam and Tuna-Tekra. It is building a container terminal at Ennore in Tamil Nadu and Vizinjham port in Kerala. It also has a port in Australia.