CHENNAI (Reuters) -India's Adani Ports said on Wednesday it was abandoning plans to build a container terminal in Myanmar, weeks after applying for a U.S. licence for the project, saying it believed it did not violate sanctions. A military coup in Myanmar in February and an ensuing crackdown on mass protests in which hundreds have been killed has drawn international condemnation and sanctions on military figures and military-controlled entities. "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," Adani said in a statement, without giving further reasons for the change in plan.
Gautam Adani said that policies to manage and overcome the climate change crisis must be equitable and pragmatic.
"This trade advisory will apply to all terminals operated by (Adani Ports) and including third party terminals at any (company) port till further notice," Adani Ports, which is part of the Adani Group conglomerate, said in a statement. "The port has issued it to the concerned stakeholders," an Adani Group spokesman said without giving any other details. The decision comes weeks after Indian officials seized nearly three tonnes of heroin originating from Afghanistan worth an estimated 200 billion rupees ($2.65 billion) from two containers at western Gujarat's Mundra Port, run by Adani Ports.