Adani Group won ap­proval to de­velop a new con­tainer ter­mi­nal in Myan­mar

Mizzima Business Weekly - - BUSINESS ALERTS -

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.

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