S&P to eject Adani Ports from index for Myanmar military ties

Rights groups say Adani pays Myanmar military-linked firm millions to rent land leased for port development.

S&P Dow Jones Indices says it is removing India’s Adani Ports and Special Economic Zone Ltd from its sustainability index due to the firm’s business ties with Myanmar’s military, which is accused of human rights abuses after a coup this year. The company, which is building a $290m port in Yangon on land leased from the military-backed Myanmar Economic Corporation (MEC), did not immediately respond to an emailed request for comment by the Reuters news agency. Adani Group, the ports-to-power plants conglomerate controlled by Indian billionaire Gautam Adani, said late last month it would consult with authorities and stakeholders about the project after human rights groups reported that its ports unit had an agreement to pay millions of dollars in rent to MEC.