On account of links with Myanmar military, Adani Ports removed from S&P index.
S&P Dow Jones Indices removed India’s Adani Ports and Special Economic Zone Ltd. from its sustainability index because of firm’s business links with Myanmar’s military which is charged of human rights abuses after a rebellion this year. Adani, which is India’s largest private multi-port operator, is erecting a $290 Million port in Yangon on land leased from the military-backed Myanmar Economic Corporation (MEC). This removal will be done prior to the open on Thursday, April, 15, as per their statement on Tuesday.
Since February, more than 700 people have been killed in Myanmar after the military rebellion that overthrew an elected government led by Aung San Suu Kyi.
After the report by Human rights groups that its subsidiary had agreed to pay millions of dollars in rent to the military-controlled firm, India’s Adani Group, on March 31, said that it will be consulting authorities and stakeholders on its port project in Myanmar.