Adani Ports To Be Removed From S&P Dow Jones Index Over Business Ties With Myanmar Military

Adani Ports and Special Economic Zone Ltd will be removed from the sustainability index of S&P Dow Jones prior to its opening this Thursday due to the company’s business relations with the Myanmar military. The Tatmadow has been accused of human rights abuses in the country following its coup in February this year.

Apparently, the private multi-port operator is constructing a port at the cost of $290 million on land leased by the neighbouring country’s military-backed Myanmar Economic Corporation (MEC). In fact, the company owes millions of dollars of rent to the MEC.

The industrialist Gautam Adani-owned group had assured last month that it would hold consultations with authorities and stakeholders on this project, Reuters reports. Around 700 people have passed away in the brutal crackdown ensued by the Myanmar military over the course of the last couple of months.

International powers such as the United States (US) and Britain have also issued sanctions to the Myanmar Economic Holdings Public Company Ltd (MEHL), which is one of the conglomerates controlled by the Burmese military.

However, Adani Ports’ shares have remained largely unaffected since the military coup, as it has risen by around 40 per cent since early February onward.