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Thursday, December 9, 2021

Adani Port exited from S & P index, joining Myanmar army cost dear

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The Adani Group has found it expensive to join hands with the Myanmar military due to its trade relations. For this, the Adani port has been excluded from the S&P Jones Index. According to the statement released on Tuesday, before the stock market opens on Thursday, April 15, it will be officially removed from the index.

Myanmar’s military is accused of human rights abuses. More than 700 people were killed after the February 1 military coup, which was ousted by an elected government led by Aung San Suu Kyi. In such a situation, it is not right for the Adani group to join hands with the Myanmar army.

The Adani Group, India’s largest private multi-port operator, is constructing the port for $ 290 million on land leased from Myanmar’s military-backed Economic Corporation (MEC). However, the port developer has not responded to this.

In this regard, the Adani Group had issued an earnest on 31 March saying that they would talk to officials and stakeholders on their port project in Myanmar. At the same time, human rights groups said that the subsidiary had agreed to pay millions of dollars in rent to the military-controlled firm. In such a situation, work on the port will start soon.

Poll was open in the news report

A few days ago, the news of this deal with the Myanmar army of Adani Group was revealed by Australia’s ABC News Channel. According to the channel’s report, the Adani Group of India has signed a deal with the military to build a port in Yangon city. After this deal, the port was to be developed through a lease deal for the Myanmar Economic Corporation. The Adani Group was paying $ 30 million in land lease fees to Myanmar Economic Corporation for the entire project, quoting leaked documents from the Yangon Region Investment Commission. The price of this entire deal is being said to be $ 52 million. Of this, $ 22 million is said to be received later.

Also read: The decision of Indian Railways may shock the common man, traveling in Rajdhani train will be expensive!

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Bhagyashree Soni
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.
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