Irrawaddy-Oct 28, 2021

India’s Adani Ports and Special Economic Zone Limited said it would withdraw its investment in the military-owned Ahlone Port by June next year. On Wednesday, India’s largest port operator said it was abandoning plans to build a container terminal in Myanmar’s commercial capital, Yangon. “The company’s Risk Management Committee, after a review of the situation, has decided to work on a plan on exiting [the] company’s investment in Myanmar, including exploring any divestment opportunities,” said the company in its operational and financial highlights statement.  Adani was granted permission by the Myanmar Investment Commission in April 2019 to develop, operate and maintain Ahlone International Port Terminal 2 on 54 acres (21.85 hectares) of land, with a 630-meter (2,067-foot) jetty owned by the Myanmar Economic Corporation (MEC). MEC is one of the two military-controlled conglomerates sanctioned by the US following the Feb. 1 military coup. Adani’s initial response was to deny the stark evidence of its business relationship with MEC. Read more at: https://www.irrawaddy.com/news/burma/indian-company-drops-plan-to-develop-myanmar-military-owned-port.html