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Adani Ports shelves plans to build container terminal in Myanmar

Thursday, 28 Oct 2021

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Adani Ports is abandoning plans to build a container terminal in Myanmar, weeks after applying for US licence for the project.

The company's risk management committee has decided to work on a plan on exiting the company's investment in Myanmar, including exploring any divestment opportunities.

The company is expected to fully exit the investment in the strife-torn south Asian nation between March and June 2022. The company had invested USD 127 million, including USD 90 million upfront payment for leasing land in May 2021.

Adani Ports had in 2020 won the bid to build and operate Yangon International Terminal, which is an independent project fully owned and developed by the company.