Timeline: How Adani Ports Was Removed from S&P Sustainability Index

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Timeline: How Adani Ports Was Removed from S&P Sustainability Index
Credit: © Reuters.

By Aditya Raghunath

Investing.com -- A Reuters report on April 12 said that the US’ S&P Dow Jones Indices has removed Adani Ports and Special Economic Zone Ltd Future (from its sustainability index due to the company’s “business ties with Myanmar's military which is accused of human rights abuses after a coup this year.” APSEZ will be removed from the index prior to the open on Thursday, April 15, according to the S&P statement.

This process for this decision was put into motion over a month back when an Australian environmental campaign group, Market Forces, asked S&P Global (NYSE: SPGI ) to review APSEZ’s status in its Dow Jones Sustainability Index, asking that the company be scrutinized for its business ties with the Myanmar military and role in developing a new thermal coal mine.

A week later, a report was released by the Australian Centre for International Justice and Justice for Myanmar said that leaked documents from the Yangon Region Investment Commission proved the Adani (NS: APSE ) Group was paying $30 million to the Myanmar Economic Corporation in “land lease fees”.

As pressure from the international community grew, the Adani Group denied engaging with the military and said that “In 2019, the government of India hosted the Myanmar general Min Aung Hlaing and Mundra Port was only one such location out of the multiple sites on this visit...”

The Yangon International Terminal project is “fully owned and developed” by APSEZ.

“We are watching the situation in Myanmar carefully and will engage with the relevant authorities and stakeholders to seek their advice...,” the spokesperson added.

On Tuesday, April 12, S&P decided to remove APSEZ from its index.

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  • A K Gamer @A K Gamer
    Adani is sort of new billionaire just like sahara who has not disclosed its 24000 crore rupee investors yet most of them are fake some black to white money is going with adani enterprises
    Like 0

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