Another setback for Adani; Norway’s KLP divests from Adani Ports over links to Myanmar military

Gautam Adani’s troubles are not taking the name of ending. Earlier, the Adani Group companies’ shares fell from their record bull run due to news of account freeze of 3 FPIs investing in the company. Now, Norway’s largest pension fund KLP, which has invested in the Adani Ports and Special Economic Zone (Adani Ports and SEZ), is withdrawing its investment from the company on the grounds of company’s links with the Myanmar military.

Actually, KLP says that the relation and business of Adani Ports is with the military government of Myanmar which is against the company’s policies, hence the company is divesting from Adani Ports.

In February 2021, the same military in Myanmar overthrew the elected government and violently attacked the people who opposed it. Due to this, it has been widely condemned at the international level and many types of restrictions have been imposed on the military regime there.

Let us tell you that India’s largest port operator company Adani Ports and SEZ has taken land on lease from a military-owned businessman there to develop the port in Yangon, Myanmar. For this reason, the company has been under the scrutiny of international investors for the past several months.

The KLP said in its statement that the partnership of Adani Ports with the military there in Myanmar is a violation of our policies and it is not an acceptable risk for us. That’s why we have decided to divest from Adani Ports.

Let us tell you that KLP has invested $ 1.05 million or about Rs 8 crore in Adani Ports. However, no official statement has come out from Adani Ports in this matter yet.

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