Adani Group won approval to develop a new container terminal in Myanmar
Indian multinational conglomerate Adani Group has received approval to develop a new container terminal in Myanmar, reported The Guardian. This is Adani group’s second overseas venture after the Abbot Point terminal in Queensland, Australia. It said the investment does not breach Australian, US, UN or other international sanctions against the Southeast Asian country. “Adani rejects insinuations that this investment is unethical or will compromise human rights,” said the grou. “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. “An Adani Group company, the Adani Yangon International Terminal Co Ltd, 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 investment it is going to make in developing the terminal to receive containers sailing on ships. The investment committed by Adani at $290 million.