New York stock exchange removes Adani Ports from index due to links with Myanmar military

New York-based stock exchange and rating agency S&P Dow Jones has removed Adani Ports and Special Economic Zone Limited from its permanent index due to trade links with Myanmar’s military.

Let us tell you that the Myanmar army is accused of human rights abuses after the coup this year. The country’s largest private multi-port operator is building a $ 290 million port in Yangon on leased land from the military-backed Myanmar Economic Corporation (MEC).

Adani Ports’ tie with Myanmar Army

It will be removed from the index before it opens on Thursday 15 April, a statement was released on Tuesday. More than 700 people have died following a military coup on February 1, which ousted the elected government led by Aung San Suu Kyi. However, the port developer did not respond to emails sent.

Also read: Finance Ministry, NITI Aayog Objections Were Overruled Before Adani Group Won Bids for 6 Out of 6 Airports

The Adani group said it would discuss its port project in Myanmar with officials and stakeholders on 31 March. Human rights groups reported that its subsidiary had agreed to pay millions of dollars in rent to the military-controlled firm.

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