NEW DELHI: Adani Ports and Special Economic Zone (APSEZ) may abandon its controversial Myanmar container terminal project and write down the investment if the project is found to fall afoul of sanctions placed by the United States.
“In a scenario wherein Myanmar is classified as a sanctioned country under the Office of Foreign Assets Control (OFAC), or if OFAC opines that the project violates the current sanctions, APSEZ plans to abandon the project and write down the investments,” the company said in a regulatory filing on Tuesday.
It added, “The write-down will not materially impact APSEZ, as it is equivalent to about 1.3 per cent of the total assets.” The development comes a month after the S&P Dow Jones Indices had removed Adani Ports and Special Economic Zone (APSEZ) from its sustainability index following reports of its business ties with Myanmar’s military which had lead a coup against the elected government and carried out violent crackdowns against protestors.
APSEZ reports a 285% growth in profit
APSEZ reported a 285 per cent year-on-year growth in consolidated profit at I1,287.81 crore for the quarter ended March 2021. Its revenue from operations during the quarter grew by 23.5 per cent.