Adani may abandon myanmar project: Adani Ports may abandon Myanmar project if found to violate US sanctions: Adani may have to abandon Myanmar’s project, to lose Rs 937 crore
- Adani may have to abandon one of his projects in Myanmar
- They may have to write off the investments made in it
- The company has so far invested about $ 127 million on it.
Adani Ports and Special Economic Zone Ltd, the country’s second-largest company owned by Gautam Adani, said on Tuesday that it may have to abandon one of its projects in Myanmar and make it Investments may have to be written off. If a violation of US sanctions is found in this project, the company may have to abandon it. The company has so far invested about $ 127 million (about Rs 937 crore) on it.
The company said this in an information shared with the exchanges on Tuesday. The company said that if Myanmar is classified as a restricted country under the Office of Foreign Assets Control (OFAC) or if the project is found to be in violation of existing sanctions, the company plans to abandon it and write off the investment To be inserted.
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OFAC is part of the US Treasury Department which imposes economic and trade restrictions based on the country’s foreign policy. A military coup took place in Myanmar on 1 February and attempts are being made to crush widespread protests in the country. Hundreds of people have died in it. This has been criticized all over the world and restrictions have been imposed on Myanmar army officials and military controlled entities.
Adani Ports won the contract to build and operate the Yangon International Terminal last year. The company says that it is an independent project which is wholly owned by the company. A report was released in March by an Australian human rights organization. It claimed, quoting documents, that Adani’s company would pay $ 30 million as land use fees to the Myanmar Economic Corporation for the project. The Myanmar Economic Corporation is one of two companies controlled by the Myanmar military and banned by the US.
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Investment of $ 127 million
Adani’s company said that it has invested $ 127 million on this project. Of this, $ 9 million has been given as an upfront payment for a land lease, as well as about 300–350 people to be hired on site. The company says that it will not make much difference if it write off this amount as it is only 1.3% of the total assets of the company.
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