Adani drops terminal

The Indian ports operator has put an end to plans to build a container terminal in Myanmar, weeks after applying for a US licence for the project.

“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,” APSEZ said in a statement.

The company is expected to entirely exit the investment between March and June next year, it said.

No violation

Adani said it believed the project didn’t violate US sanctions on Myanmar (formerly Burma), which has seen violence and unrest after a military coup in February that seized power from Aung San Suu Kyi’s elected government.

The ports operator said it asked the United States’ Office of Foreign Assets Control (OFAC) for a licence to operate the Myanmar container terminal in August

In May, Adani said it would abandon the project if “Myanmar is classified as a sanctioned country under the Office of Foreign Assets Control (OFAC), or if OFAC opines that the project violates the current sanctions”.

In April, APSEZ took 100% ownership of Krishnapatnam Port. In March, it’s involvement in the development and operations of West Container Terminal (WCT) at Colombo Port in Sri Lanka was confirmed. The same month it took a minority stake in Gangavaram Port Limited. In February, APSEZ acquired Dighi Port.